Why is fostering entrepreneurship in business managers important?
Through encouraging entrepreneurship, the business will have an increase in innovations and ideas which will grow revenue. Developing innovative ideas internally can be difficult for mature businesses. The more mature a business is, the harder it can be for employees to innovate. This can be due to having a fully developed and mature product or service or having to work around entrenched business processes and bureaucracy not conducive to innovation. When a mature company is able to develop internal entrepreneurship, it is more likely to adapt to market conditions and will work with customers better. Internal entrepreneurship requires a company culture shift to encourage employees to treat the business as their own.
As a business leader, you now understand how important entrepreneurship is to your business. So, how can a business leader encourage managers to become more entrepreneurial?
Ownership over the work
Business managers and employees need to have authority and responsibility over their work and feel their contributions are valued. Foster an entrepreneurial environment where leaders allow employees the freedom to take control of their work and take ownership of that work.
Networking within your organization
Employees and managers from all levels of the organization should network and interact together. When an employee encounters a problem in the future, they should be able to reach out to people they networked with in the organization to help them solve it. Through creating opportunities for employees to network and connect, innovation will result through the act of collaboration.
Communication is key
Communication is essential to creating an empowering environment. Everyone wants to feel that their concerns and ideas are heard and being taken into account. Communicating with your business managers will mean that information flows freely and across all levels. Communicating with your management team about implementing entrepreneurial directives and focusing on innovation will lead to more support for these initiatives.
Entrepreneurship in business is essential. Developing a strategy where innovation is encouraged among business managers is necessary. Creating an environment where each employee has ownership over their work, opportunities to network throughout the organization and where there is open communication, will allow your business managers to become more entrepreneurial.