Business Development
ENTREPRENEURIAL
BY DUNCAN CHEATLE
Over eleven years of working with over 1,000 entrepreneurs, I can confidently say that they are a unique breed and some of the most passionate, inspiring and gutsy business people I have met.
Whether you believe entrepreneurialism is nature or nurture, the ability to tackle problems with innovation, to overcome adversity and turn it into advantage are vital assets in any business.
But how do you encourage and maintain this mentality within a large organisation? This is a challenge even entrepreneurial firms face as they go through the ‘growing pains’ of scaling and it becomes even more difficult in corporate environments, wherein the sheer size of the business, established structures and bureaucracy can hamper entrepreneurial thinking.
I founded a members club for entrepreneurs called The Supper Club in 2003, representing over 350 CEOs and founders of high-growth businesses across the UK. The wealth of knowledge they have and the insight into the approaches they take can be of enormous value to big businesses.
In 2012, as one of the UK’s most prized high-street music stores was facing huge revenue losses, its Chairman and MD came to The Supper Club to discuss its challenges with a select group of our members, who candidly offered insights at how to possibly turn things around. Sadly although a follow up was planned the medicine was a little too late. In other cases, our members have shared experiences around driving innovation in a business to senior managers in the NHS.
Although there is no patented recipe for entrepreneurial success, there are recognisable traits and characteristics of entrepreneurs that any business leader should keep in mind. Here are a few takeaways that I feel can be applied across the board.
Put creativity to use
Entrepreneurs rarely come across insurmountable hurdles - for them, there is no such thing as impossible and creative problem solving is second nature.
But in practical terms creativity can also negate the need for big spend. Corporate organisations all too often rely on large budgets to deliver ideas but working on a shoestring and using the talents and assets of your team, rather than simply spending the money available can offer untold benefits.
One Supper Club member struggling to find reliable sales staff instead hired freelance actors who he found to be quick to learn a sales script, used to the rejection of cold calling (all those unsuccessful auditions) and importantly for an early stage business, cheap.
This type of lateral thinking that working on a shoestring demands can unlock groundbreaking ideas, but it will also instil an ideas driven culture in business. It demonstrates that you value creative thinking and input from your staff.
If people see the value they are putting into the business, they will be more engaged. It does require a move away from a culture of holding onto and growing budgets as a sign of seniority and success. ROI should be the key measure of success not how much can you spend.
Passion and purpose
The most inspiring thing about working in entrepreneurial businesses is that they are built on passion and have a clear vision.
mission of the business.
The vision and values of a business are its backbone and they should be clear from day one.
44 | TRAINING MAGAZINE EUROPE FEB 2015
SPIRIT