Thinking and acting like an entrepreneur isn’t only reserved for small businesses and startups. Large corporations also benefit from their employees, sales networks and even customers taking an entrepreneurial approach. It creates more engagement, excitement and innovation that in turn drives greater results. This latest installment from my Umbrella Collection stories, The Corporate Entrepreneur, follows the main character, Joe, as he discovers the value in acting like a small company, even when you’re not. I invite you to reach out if you have feedback or would like us to add any colleagues to our mailing list.
In The Corporate Entrepreneur, Joe talks with an old friend who is an entrepreneur and owner of a small business. He soon realizes the intensity and excitement he and his team were lacking and learns some valuable lessons along the way:
Focus on flexibility—it’s not how big a company is, it’s how quickly it can respond. Larger corporations are often less nimble than smaller, entrepreneurially run businesses. When they need to implement a change, it can take valuable time and makes them vulnerable to more flexible competitors who can pounce and take away market share before they’re able to act.
Regularly engage all employees by communicating and celebrating together. In the day-to-day running of a business, it can be easy to gloss over successes without stopping to celebrate. Don’t miss giving others the opportunity to stand up, describe what was done and take ownership of their good ideas. It will build a sense of purpose and pride among your team and encourage them to think and act like owners.
The less “numb” an organization is to failure or success, the more dynamic it can be. Feeling the pain of a defeat or the elation of a success can drive tremendous learnings and progress. Fully engaged teams that share in the good and the bad will learn from one another and become more cohesive.
I hope you take a moment to read The Corporate Entrepreneur and are inspired by its message. Acting like an entrepreneur, no matter how large your company becomes, brings innumerable advantages. Please feel free to reach out and share any comments you have.
Please Answer One Short Question
Would you say your company is focused first on its loyal customers?
Barry LaBov is founder and CEO of LABOV Marketing Communications and Training. He is a two-time Ernst & Young Entrepreneur of the Year recipient and author of numerous business books, including the upcoming book The Power of Differentiation. Since 1981, LABOV has differentiated and launched products and brands around the world.