Thinking Like an Entrepreneur - It's About Survival

A lot of discussions in my profession revolve around several themes: innovation, problem solving, business opportunities, professional opportunities, coaching/mentoring, technical work, etc. However recently I have been involved in numerous discussions about entrepreneurialism. To be more specific, how entrepreneurial spirit is absolutely necessary not to simply just a start-up but to employees within an organization.

Let me start off by saying that anyone in business knows how fast things change. However business leaders tend to be far more in tune with this viewpoint than standard employees. One of the key reasons for this happens to be the fact that most top tier business leaders think and act like owners. So from this frame of reference they see how their customers change, their market evolves, how competitors are emerging and why they are different/appealing, keeping costs in line, finding additional market opportunities, growing profitability, connecting with their customers, etc. This is not the typical mindset that an employee comes from. They see daily tasks, operational imperatives, things to get done for the day before they rush home to spend time with family and friends, they do not look forward to the endless justifications for what they do, and complain at the constantly changing requirements. Fundamentally most employees are very disconnected from the ownership mentality of their leaders.

Now this is not always the case. Certain companies such as Toyota, Apple, Facebook, and many others spend a great deal of time investing in the acquisition, training and continual work necessary to instill the proper level of perspective into their employees that everything they do matters. For example, many high tech companies like Apple and Facebook have publicly mentioned that they want employees who believe in changing the world, making customers happy, etc. This is not different than Toyota. They just have different directions and different ways of approaching the same perspective. 

It is also irrelevant of the type of employees. For example Apple retail employees are very passionate about what they do. I daresay they are far more passionate than any of their competitors. A very similar level of passion can be seen in Toyota dealerships. Their employees are equally passionate about delivering quality experiences for their customers. Obviously they are very different in what they provide to their customers and how they go about, but it is clear to the customer that they are being treated very well. 

In today's marketplace which is still clawing itself out of the latest recession, I am constantly consulted by both employers and employees about their workforce. From the employer side there are concerns about retention and attraction. From the employee side, there are concerns about doing meaningful and career-enhancing work. In my experience the issue is really about the core perspective about being an owner or not.

In my consultations and mentoring of professionals I always start off with core values: passion, belief, commitment, flexibility, integrity. These are the same as an business owner. Throw in some other entrepreneurial viewpoints such as valuing every dollar, seeng offerings in terms of products and services that you are delivering as a business, and the like really help instill in professionals traits that resonate with like-minded business leaders but they also enhance their value to the organization and others. Someone that loves their work, loves their customers, and wants to make meaning, is not at odds with an organization who at the very core wants the same thing. What typically happens is that the two sides tackle the problems very differently and fail to recognize that they are actually on the same side.

Being more like an entrepreneur does not mean that everyone will "get it right" for themselves immediately nor should they. It is a journey and experience that every individual works through. However most entrepreneurs know when they are successful or not based on a mix of growth, profitability, satisfaction ratings, and customer engagement for their products and services.

In the high technology sector, entrepreneurial spirit is an essential ingredient to success. It is taught in many of the local schools and colleges not because it is an aspiration but that even in pursuing a position within an established company, many of the leading edge companies are looking for professionals that embody more qualities than what they did a few years ago such as initiative taking, risk analysis, problem solving, dynamic planning, critical thinking, innovation and creativity, to name a few. Many of these skills are very much lacking in the more experienced workforce, who simply find it challenging to adapt.

No where else can this be seen than in the local Silicon Valley job market. It has been noted that hiring is indeed on the rise and that the hiring will only increase. Many of the fundamental reasons are steeped long in the history of the local markets, and one of those fundamentals happens to be that the region fosters the necessary professional talent that is a highly desirable blend of technology, innovation, creativity, vision, commitment, passion and confidence that is not just marked by a handful of people but by whole generations of individuals. The increase in demand for such individuals amid a huge workforce across the region, the state, and the country is in my opinion a clear indicator of how the market has changed and what many organizations now consider absolutely critical to have in order to compete now and in the future.

Business professionals know all too well how things can change. However in my experience addressing the change is not just merely picking up a new language, learning a new management technique, or the like. It is fundamentally understanding that every one of us has to be a little more like a business owner and entrepreneur and start to act like one.