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Facilitating Entrepreneurialism In Your Business - 6 Steps To Take Tomorrow

Aug 1, 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 we've put together six easy steps for your business to take that'll pump entrepreneurialism throughout your organisation - from the bartender 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 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

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 entrepreneurialism within your staff, and force them to compete to show they're the best. This is evolution at work. The great workers will thrive in this workplace dynamic, and the poorer workers will feel uncomfortable through being exposed for under-performance.

3. Freedom

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 doing exploring ways to improve Google's existing products and create new ones. This is an innovative way to encourage entrepreneurialism within your organisation.

4. Equity

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

5. Share

Don't just tell your staff how they are doing when it comes to meeting their targets. Let them 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 will be able to rally behind the same common goals.

6. 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, and to make sure you get the team dynamics right.
About the Author
CityLocal are a UK business directory offering franchise opportunities. - www.citylocal.co.uk & www.citylocal.ie
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