Growing the Next Generation of Entrepreneurs
As an entrepreneur, you know how exhausting it is to go it alone so why not develop your team by giving them the space to become your organisation’s next generation of entrepreneurs?
The reasons for becoming an entrepreneur vary – from being unable to get a break to breaking away from a secure but stifling job, from necessity to adventure. If you can inspire your team to develop their entrepreneurial spirit and remain loyal, you will achieve greatness.
Does your team gel as equals or is there a hierarchy of experience dictating to youth? Encouraging a culture of listening to people’s ideas will make team members feel valued. Listening is only half the equation – feedback is necessary too.
Always be ready to listen to new ideas. You can encourage team members to approach you or set aside time for informal group session, or both. Don’t kill an idea from a would-be entrepreneur or it will probably evolve elsewhere; it is best to schedule it for re-evaluation in six months’ time.
Investing in your team will encourage loyalty and innovation. Instigate a monthly mentoring programme within your organisation. For small businesses on limited budgets, mentoring for senior management may be provided via an external source, such as MIERA Consulting, with department managers making time for in-house sessions for their team members. You should notice a sustainable difference in thought, attitude and performance within six months.
Managed well, “growing your own” entrepreneurs can benefit the organisation in a number of ways and lead to rapid expansion. For example:
- an increase in creative thinking, leading to a number of innovative ideas;
- more enthusiasm and synergy, leading to improvements in performance;
- an increase in motivation and improved confidence levels, key factors of success.
As your organisation gains in growth, the aspirations of your entrepreneurs will also grow. To retain their loyalty, rewards for each entrepreneur should be tailored to the individuals; some will want fame, others will want fortune, many will want both and some may be there for the thrill of contributing to the company’s continuing success and being valued.
You won’t be able to stop some of your prodigies leaving your organisation so, when they do, make sure that they leave as allies not enemies.
Contact us (details below) for a no-obligation initial discussion regarding the following opportunities for your business: monthly mentoring, planning, access to funding, leadership workshops and more.