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Encouraging Entrepreneurialism in Your Business - 6 Steps to Take Now

Jul 15, 2008
If your business is lacking in entrepreneurialism then you could be losing customers, losing sales, and losing ground to your competitors. That's not something any business wants to do without a fight. That's why I have put together six easy steps for your business to take that'll pump energy throughout your organisation - from the cleaner to the boardroom.

1. Incentivize

As a business owner, you should look for ways to motivate your employees. Offering them bonuses, especially when they are closely tied to performance in their job, will likely benefit your staff and in turn your business. Entrepreneurialism is something that's only ever truly harnessed when a person is exploring ways to improve their own wealth and achievements.

2. Track Performance

You can tell how successful your business has been by taking a look at your P&L. As a member of staff within your business, especially the lower down the ladder you go, the less a person's performance is tied to the profit of your business. Incentivising your staff to perform is one thing; however you should also ensure you track your staff and show them how they perform against their co-workers. This will unlock hidden energies within your staff, and make them compete with one another. This is evolution at work. The great workers will thrive in this workplace dynamic and the poorer workers will need some training to help them catch up.

3. Freedom of Thought

Entrepreneurialism needs freedom to flourish. That's why you should give your staff room to explore their ideas, and contribute meaningful things to your business. Google give their staff 20% time, which means that their staff are allowed to spend 20% of their working hours exploring ways to improve Google's existing products and create new ones. This is an innovative way to encourage loyalty within your organisation.

4. Personal Stake

Nothing encourages entrepreneurialism like equity. Just ask Warren Buffet, Bill Gates, Steve Jobs and all the other famous business leaders that have made their mark. Although their passion and knowledge got them so far, they probably performed better because they had a share in the game. Consider offering your staff stock options. If you are a smaller firm, this can be particularly meaningful.

5. Share Information

Don't just tell your staff only how they are doing when it comes to meeting their own targets. Let them also know how the broader business is doing too. Your staff likes to know if sales are up or down, and if the business is going places. If you let them know how things are working out, they might have great ideas to contribute. Not only that, but when people know what the business is aiming for, everyone might rally behind the same common goals.

6. Strong Team

If entrepreneurialism exists within parts of your organization, and you actively encourage it, then it should spread throughout your business. In order to ensure this happens, and that the best staff influence everyone else, you need to ensure you have a strong team. Don't be afraid to invest in team building exercises to make sure you get the dynamics right for everybody.
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