The most important thing that a company has — that can’t be found anywhere else — is their culture. Companies in the same industries may operate similarly with each other, but the thing that sets each of them apart is the type of environment they foster. Company culture is often one of the things that contribute to a company’s success, hence why companies strive to develop theirs, even if their teams are in hybrid or remote set-ups.
A great type of company culture that’s been gaining support is entrepreneurial culture. It refers to having an environment where employees are motivated to take ownership and risks. This brings a more all-hands-on-deck approach when it comes to growth of the company, similar to how an entrepreneur would handle their own business. Having an entrepreneurial culture cultivates a sense of ownership within your team and encourages collaboration. Like 75% of employees in the U.S, we’re inclined to agree that teamwork and collaboration are crucial to work.
Wondering how you can instill an entrepreneurial culture in your own company? How can you even let your employees adopt the ways of an entrepreneur? Read on to find out some ways you can.
1. Make your employees feel important
Treating your employees well and making them feel heard is essential for that confidence boost to enable great things.
When someone feels like they are an indispensable part of a company, they’ll start to develop responsibility and take on tasks with ease. Engaged employees can show up to 21% greater profitability for your company. All in all, empowering and encouraging employees allows you to maximize their potential.
4. Provide ongoing and constructive feedback
After adopting some employee-led initiatives, do some retrospection and review the results with your employees. Was it a success? Where did it go wrong? Feedback can be both positive or otherwise, but always make it a point to focus on solutions rather than causes. Encourage your team to seek new solutions and refine previous strategies. 75% of employees believe feedback is valuable, but only 30% of them actually receive it. Bridge the gap and give your team insight on some changes and what they can improve.
5. Lead by example
An entrepreneurial culture doesn’t just let the responsibility rest on your employees. Leading a team means leading by example, so you yourself need to take a few risks, see how those ideas materialize, and review results. Show your team that failure is okay, and that they should build upon these experiences as lessons.