No matter how big a business gets, keeping that spirit of entrepreneurship strong is always important. That’s something my Dad taught me, and I think that it’s at the heart of every family business. As Palmetto Infusion has grown from strength to strength and as we invest in healthcare companies in the Carolinas with The Carolus Company, there is still that spirit of entrepreneurship that drives me – that prospect of building and growing something that can change the lives of many people is an excellent reason to get up in the morning.
A leader’s job
As our leadership team at The Carolus Company continues to seek investment in new business ventures, we aim to provide the financial support and management know-how to emerging companies, but we also need to get out of the way when steering the ship. This must be done by the founders, who have the passion and the vision to see their business dream become a reality.
So, what does it mean to have an entrepreneurial spirit? An article in Forbes suggests that an entrepreneurial spirit has much to do with feeling empowered and taking the initiative to find solutions to problems. Not only that, but it’s also about seeing opportunities that aren’t evident yet and making them a reality. I have built a few businesses with my incredible colleagues and teams, and there is nothing more motivating than to see a fledgling business grow and prosper.
Empower employees
Research shows that companies with an entrepreneurial spirit are more innovative in their approach to their products and services, and there is plenty of evidence of this in many start-ups. We don’t need to look far for examples of companies that saw a need and went for it. It’s easy to lose sight of that entrepreneurial spirit along the various stages of growing businesses as the organization expands and the workforce increases.
Having an entrepreneurial spirit means empowering employees to be free to explore creative ways to solve problems, even if it sometimes challenges conventional wisdom. This approach encourages greater employee satisfaction and retention and cultivates a positive business image over time.
Hire wisely
Hiring the best entrepreneurial minds starts with recognizing their talents and nurturing these, so they don’t lose sight of the end goal. You run the risk that they might run off and start their own thing, but in my book, the more people out there creating jobs and making a difference, the better we will all be.
Though small companies are better at being entrepreneurial because they have to be lean and mean, larger companies can and MUST remain entrepreneurial. To remain entrepreneurial, the focus should be on collaboration, the sharing of ideas, and the fact that no idea is bad, and no team member is more important than the rest in this process. Remember that culture is also a significant component of employee retention. Teach your employees to become intrapreneurs.
Reward employees for reaching targets
Setting goals is another way of encouraging an entrepreneurial spirit within a company, and we do this all the time at Palmetto Infusion Services. We created the Chairman’s Club to recognize how our team members go above and beyond to live out our core company values every day. It’s also something we will work to implement in the companies we invest in through The Carolus Company.
This spirit can be eroded as businesses grow and become more risk-averse and bureaucratic until complacency and stagnation sets in. And that’s the real danger zone, in my book.
Losing the entrepreneurial spirit can be costly to the work culture as creative, smart, and dynamic individuals walk out of the door. It can result in a less fun place to work, which in turn demoralizes those who stay.
Attracting and keeping those entrepreneurial spirits who will drive your business’s energy into the future means allowing employees to have some authority to make decisions. That’s where business leaders need to learn to let go and champion the ideas that come from employees as if they were their own. In my book, that’s the only way to build a business.
0 Comments