As entrepreneurship relates to a way of thinking rather than a set of skills, entrepreneurial thinking is applicable in any workplace. Experts have argued that traditional business skills tend to provide guidance for mitigating risk whereas entrepreneurial thinking tends to embrace it for the sake of developing new solutions. Here are some ways you can apply entrepreneurial thinking to your business.
Adopting aspects of a macro-management leadership style grants greater autonomy to your employees. It encourages individuality in the way employees manage their work and develop new solutions. Delegating responsibilities to your employees can free up time for managers to focus on the business’ overall strategy or areas of innovation. By encouraging leadership and independence, your employees will also recognise problems earlier and have the opportunity to develop creative and individual ways to resolve them.
Focus on your customer:
Successful entrepreneurs recognise the value of the customer and are able to directly identify how their product or service can meet their needs. By changing the way you frame your business – i.e. seeing your business as an enabler to enrich the lives of your customers – it will encourage you to embrace change in how you produce or deliver your products or services. When the customer can truly appreciate the value of your business’ product or service, the price of it can become secondary. Rather than focusing on better features or performance, thinking like your customer and perceiving their issues, will encourage you to frame and develop your own product or service more effectively.
Risk taking and managing uncertainty:
Managers should ensure they provide an environment that encourages and supports innovation. If your business supports a culture that fears failure, consider that your employees will not be challenged to tap into their imaginations to provide innovative solutions. How does your business encourage experimentation?