A big part of growing a successful business is to work with like-minded people who share the same passion and vision for the future. However, that alone will not necessarily create an entrepreneurial culture.
In a recent interview, Vasco de Castro, the Business Development Director at Fruitful Office, said the key to creating an entrepreneurial culture in his business was giving the team the tools they needed to be heard and really make a difference. By empowering people to make suggestions and take action, staff became more motivated and the business flourished.
Empowering employees, giving them a voice and implementing their ideas is crucial, but there are also a number of other steps business owners can take to foster an entrepreneurial culture…
Hire aspiring entrepreneurs
You do not necessarily need to have a successful business to think like an entrepreneur. There are a huge number of aspiring entrepreneurs out there who want to gain experience in new markets and industries. The real boon for business owners is that this type of person is naturally attracted to the fast-paced, exciting and unpredictable world of start-ups. Bringing them in and giving them the tools they need to flex their muscles can boost the entrepreneurial culture of your business.
Be open to failures
It’s trite to say that success is often born from failure, but the reason it’s so clichéd is because it’s true. Here are just a few examples. To create an entrepreneurial culture in a business, it’s essential to encourage employees to take risks, which means there’s a very real chance it could go wrong. Of course, the risks and rewards should be weighed up carefully before decisions are made, but if staff are afraid to take risks, your business will not grow as quickly as it could.
Recognition of a success goes a long way, but if you really want employees to go the extra mile to help you grow your business, it’s essential you put reward schemes in place. Possible incentives for employees that impact your business positively include bonuses, share options, promotions and raises. Don’t incentivise entrepreneurial employees properly and they’ll soon go elsewhere.
Create a safe place to share ideas
Employees will only feel they can share their creative and innovative ideas if they can do so without being shut down. Every employee must feel as if they can contribute, but it’s important to appreciate that not every employee will contribute in the same way. It is often the loudest and not the most creative people that dominate ‘brainstorming’ sessions, so make sure there are a number of different ways employees can make themselves heard.
Give employees ownership
To create an entrepreneurial culture, you must give employees ownership of the ideas they have come up with. Simply taking the idea and running with it yourself, without the involvement of the individual, is only likely to lead to a sense of disenfranchisement, particularly if there is no scheme in place to reward them for their work.
What are your top tips for creating an entrepreneurial culture in your business? Please share your thoughts in the comments section below.