Why Traditional Businesses Should Promote An Entrepreneurial Environment

05 May Why Traditional Businesses Should Promote An Entrepreneurial Environment

It seems like every job positing these days includes the phrase “must have an entrepreneurial spirit.” Traditional businesses are realizing the value that employees with entrepreneurial mindsets bring to the table and are actively seeking them out. Not every employee has entrepreneurial inclinations will venture out on their own and that can be big win for organizations that create environments that these individuals can thrive in.  Here are some ways conventional businesses can retain their Entrepreneurial-Inclined Employees (EIEs) and bring out the best in them by leveraging the same strategies that make starting your own company so attractive.

Trust Leads to Productivity

Many entrepreneurs pay their employees a salary, even if they’re working a production line.  Rick Krska, the founder of a successful ink-cartridge re-manufacturing company called Laser Cycle Inc., captured it best: “We expect that any adult employee who has to leave work for two hours to renew a driver’s license knows enough to make up the time to get the job done.” All traditional business should be hiring responsible adults and then proceed to treat them as though they are trustworthy.  If an employee is not trustworthy, it’s good to find out and let them go elsewhere. The best EIEs know how to manage their time and do what it takes to get the job done.

Value Innovation to Increase Profits

Entrepreneurs love to solve problems and the smartest companies let them.  Organizations see increased profits when they openly invite their Entrepreneurial-Inclined  Employees to help solve customer problems.  Solicit ideas and implement the best ones and let your EIE’s own the results. EIEs are natural problem solvers and want to know that they are contributing to real solutions. You’ll be surprised how quickly and effectively the issues are resolved and how many creative business ideas that are introduced.

Reward productivity Instead of Time Served

At Laser Cycle, Krska can’t stand to pay someone just for sitting in the office for 8 hours. When he has a highly productive EIE, he gives them a raise before they ask for it.  His employees respond with continued great work.  These people are at the heart of Krska’s successful business, and proactively recognizing their value keep them energized.  Compare that to a company where the staff has to watch ineffective managers collect bonus checks for being with the company for an arbitrary amount of time, and it’s easy to see why an EIE would take the leap and start their own business.

Simply hiring employees with entrepreneurial spirits is not enough. Companies have to be willing to create environments where EIEs feel at home. Entrepreneurial-Inclined Employees have what it takes to help traditional business soar but only if they feel their talents are being leveraged effectively.

What steps is your company taking to create an entrepreneurial environment?