Weekly Business Insights from Top Ten Business Magazines | Week 308 | Leading & Managing Section | 2

Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 308 | August 4 – 10, 2023

How To Instill An Entrepreneurial Spirit And Empower Employees

By Cheri Beranek | Forbes Magazine | August 7, 2023

Listen to the Extractive Summary of the Article

Entrepreneurs need the unbridled curiosity of a child who is trying to learn how to walk—to view the world with that first-time wonder and stay open to solving new problems. The more people on their teams capable of doing the same, the more competitive the company.

Leaders who encourage team members to approach their jobs with an entrepreneurial spirit uncover more opportunities to do each job better. A company can test drive new tools and technology more effectively, with every team member exploring how they best apply it to their role. By embedding the following as part of their culture, leaders can empower their people with an entrepreneurial spirit that drives their companies.  

1. Keep Them Curious.  Technology is changing how we do business regularly, and entrepreneurs need to be willing to take risks, find the next big solution and stay ahead of the curve. Tapping into that constant curiosity allows them to observe and respond to uncertainty more confidently or recognize and address mistakes sooner. With more time to scrutinize those anomalies, they can apply rational thinking to implement creative solutions that correct or adapt to them before they can have any negative impacts.
2. Make Mistakes Safe.  Entrepreneurs need to explore uncharted territory to stay innovative and ahead of the competition, but for employees to do the same, they need some assurance. Asking employees to view their jobs as entrepreneurs means they need to feel safe seeking improvements, taking risks to implement them, and failing so they can learn, try again, and hone in on the best approach. When leadership makes it clear they support these efforts, employees are more willing to go out on a limb and achieve their greatest potential.
3. Encourage Independent Thinking.  Entrepreneurs must be independent thinkers who challenge popular opinions and discover new solutions for greater efficiency, savings and more streamlined operations—especially in the tech space. Communicate a clear vision to guide independent thinking: If the vision is to be a more customer-centric company, they can feel comfortable challenging accepted approaches to find new ways to achieve that outcome. 

3 key takeaways from the article

1. Entrepreneurs need the unbridled curiosity of a child who is trying to learn how to walk—to view the world with that first-time wonder and stay open to solving new problems. The more people on their teams capable of doing the same, the more competitive the company.
2. Leaders who encourage team members to approach their jobs with an entrepreneurial spirit uncover more opportunities to do each job better. A company can test drive new tools and technology more effectively, with every team member exploring how they best apply it to their role. 
3. By making curiosity and independent thinking safe, leaders can empower their people with an entrepreneurial spirit that drives their companies.

Full Article

(Copyright)

Topics:  Leadership, Decision-making, Critical Thinking