27 Aug

Intrepreneurship Your Business To Success

Intrepreneurship; Businesses successfully meet the daily challenges of operations because of it.  They solve problems, grow and become successful because of it.  Yet some, too many, don’t embrace it enough to make their business what they dreamed it would be.  As a result, they become mediocre at best, or part of the 85%-95% that ultimately fail.  Intreprenuership is the product of a excellent workforce.

Intrepreneurship, unlike entrepreneurship, is a concept that says you have the resources in your employees to solve most of your business challenges.  It is more than just the concept, it is the execution of actions and activities that increase productivity and profitability within a company.  These are not the founder of the company.  These are the people who, unlike an entrepreneur, focus internally on the business.  The entrepreneur focuses externally.  Yet the two are very linked. 

Intrepreneurs drive innovation in the company.  It is through them that problems are skillfully solved and solutions to the complexities and subtleties of the marketplace are developed. 

Creating a culture of Intrepreneurship is the first step in developing and then harnessing this powerful tool for business success.  It is the entrepreneur, the leader of the business who envisions this culture and then promotes it.  Some things to do to create this environment are:

Trust your employees – If you want your employees to help build your business then you have to trust them with information about your company.  Financial data, customer issues and other key measurable areas of your business should be shared.  This allows you to get appropriate feedback and ideas in order to overcome obstacles and challenges. 

Reward the right behaviors – You want your employees to take the initiative, to be proactive instead of reactive.  As a result, you cannot micro-manage and you should get out of their way so that they can do their job.  Those who successfully innovate and solve problems that add value to the business should be rewarded.  This reinforces not only their responsibility in the process but also your trust in them. 

Fix the issues today – When issues surface do not put them off.  The old adage “If I ignore it then it will go away” means literally that if you ignore your issues your business will go away.  The longer these issues remain the more disruption they cause to your business and the more disruption and stress your employees feel.  Fixing things as they become known reinforces trust and removes unnecessary stress from your business. 

Exploit good competitive spirit – Everybody wants to excel.  While teams win together, intrepreneurs often provide individual wins.  Let us be honest, everyone likes to win and as a result, they want something to win for.  Healthy competition that capitalizes on the talents of your employees while keeping them together is a great way to develop your intrepreneurial spirit.  However, it is important that everyone who contributes understands their parts were also important. 

Developing this culture, and standing by it, is critical to entrepreneurial success.  In fact, this Intrepreneurship could even lead to an expansion of the business that allows these intrepreneurs to potentially run their own business or even a part of yours. 

When developing and supporting your intrepreneurs you have to remember a couple of points: 

Allow them autonomy and independenceIntrepreneurs solve problems through investigation and experimentation.  Allowing them to do this, without you hovering over them as they do, helps ensure that ideas become solutions and solutions make your business more productive and profitable. 

Help them grow – Growth is important to Intrepreneurs.  Not only do they want to increase their skills and experience, they want to learn new things.  Showing them what you know, giving them the opportunity for educational and personal development is critical to fostering a strong environment for Intrepreneurship.  A great example of this is the creation of Velcro.  In 1948, George de Mestral went hiking in the woods with his dog. Arriving back at his home, he saw the burrs that clung his dog and to his clothes. Looking at a burr under a microscope he saw that they were covered in tiny hooks, which allowed them to grab onto clothes and fur that brushed in passing. After more than eight years of research and work, he created Velcro.  

Companies and business leaders who understand the tremendous value of Intrepreneurship will be the business stars of the future.  Tapping into this incredibly powerful and profit-making concept will help your business on its journey to success and sustainable growth and profitability. 

 

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