Entrepreneurs in Corporate America
Entrepreneur's have gained a lot of momentum over the last few years. Everywhere you turn someone is starting a business, creating multiple streams of income and seeking freedom from the mundane 9-5. What most non-entrepreneurs don't see is that independent contractors and business owners work more hours than 9-5. What they enjoy, that those of us in traditional corporate America don't, is control of their schedule, time and income.
I am an entrepreneur by heart. I love the idea of creating something new, being in control of my time and income as well as being my own boss. I have been a business owner, worked with different multi-level marketing companies and made crafts to sell for additional income on the side. I have been on (what I am starting to consider is) a never-ending quest to become a part of the entrepreneur circle. I imagine that a lot us who work a "job" seek the same thing.
With that being said, I do enjoy the stability of my corporate job. I like what I do, where I work and who I work with. This is the norm right......or perhaps my scenario is the illusive unicorn! There is a responsibility in corporate America to attract, recruit and retain top talent. A responsibility to find dreamers and achievers who want to be a part of something bigger than themselves. Corporate America needs entrepreneurs!
That sounds great you say......well, IT IS! The challenge is how to not only find entrepreneurial thinkers who are committed to corporate America but to also create a culture that supports this type of environment.
1. Encourage Failing Forward
Many companies just want people who do what they are told. They don't provide coaching and feedback for improvement. This type of environment does not promote being a risk taker. It does not promote thinking outside the box and acting instead of waiting for approval or to be told what to do. Everyone is afraid of making mistakes because that mistake could cost them their job. I am not suggesting that you want an office/company full of people who just mess up with no consequences. No. What I am suggesting is that when team members aren't afraid of making a mistake they are more likely to take control of a situation, look to find resolutions on their own, test different theories or methods and become focused on solutions rather than problems. If they get it wrong, they know their manager will review the situation and provide coaching on how to do it better next time. This provides freedom of thoughts and actions instead of being a hamster running circles on a wheel.
2. Eliminate the red tape
I despise jumping through hoops. Things simply can't be that complicated right? The amount of red tape you have to work through to get something started, approved, moving, or even just heard can be defeating, demoralizing, discouraging, distracting and just plain dumb! Entrepreneurs don't wait around and work through red tape to get an idea going or to make a move happen. Their time is precious and they know it. Any delay on their part and the next person has moved forward with the idea they were holding on to. Imagine what it would look like if the process of implementing and approving new systems didn't have to work up the chain through multiple layers. What positive impact could that have on your customer and your bottom line? How much faster could your company grow? How many new ideas would you discover if the process of sharing those ideas and putting the good ones into place was easier? We don't want an office full of renegades but we also don't want to wait for Congress to pass the act! Streamline your culture and remember sometimes it is better to just do it......and ask for forgiveness later.
3. Brainstorm and strategize with ALL team members......not just management.
Good ideas don't only come from the top. Think about those you have in management. They didn't start there. They worked their way up the corporate ladder because at some point before, their work, contribution and ideas were recognized. Including everyone on your team, your department or even in a different department can open up new ways of thinking and ideas that may have never been heard. Everyone comes to the table with a different perspective, circumstance, background and experience. To be able to glean from others is crucial for any companies longevity. Not only that, when everyone feels a part, when they know that their opinions, ideas and contributions matter, they are more likely to perform at a higher level and remain engaged much longer.
4. Reward top performance (equal playing field).
Income control is a huge benefit for entrepreneurs. The harder they work, the more time they put into their business or their product, the greater the return can be. Salaried employees work longer hours, evenings and weekends but their pay doesn't go up. In fact, it goes down! People want to be rewarded for what they do. Reward programs can make all the difference for employees. A bonus may be paid to management but if the hourly as well as the salaried team member is unable to reap the benefits, they begin to resent the work. Every person plays a part in the companies financial success or loss. The person who answers the phone, enters the data, greets the customer, etc. should have the ability to reap from company profits. I don't mind working longer hours when I know my efforts will be rewarded. Being able to impact your income in a positive way causes you to perform higher and increases accountability. Companies that embrace and provide financial bonuses are more likely to keep the full attention of those who otherwise seek additional income from second jobs. Most Americans need on average an additional $300-500 a month. A second job requires working 10-20 hours a week. What impact does a second job have on overall performance of a full time employee? How does it impact their ability to think clearly, be engaged and remain committed? How differently would it look if they were able to benefit beyond their hourly/monthly pay at their full time job?
5. Encourage personal and professional growth.
Everything you know up to this point has gotten you as far as you are going to get. In order to be better, grow and develop your skills, you have to personally and professionally grow. Entrepreneurs know this and seek wisdom and guidance from others. They constantly look to improve because this is instrumental to their success. Top talent stays when they are challenged to be better and given an opportunity to grow. Top talent is developed when they are challenged to be better and given an opportunity to grow. Companies that invest in the education of their employees both personally and professionally are able to influence the culture of the company and in turn develop a pipeline of leaders to come.
Create a culture of dreamers, thinkers and doers. The entrepreneur does exist in corporate America.
