Try this–if you’re handling a team, cultivate Intrapreneurs: employees that act like an entrepreneur within the organization.
This means, given enough liberty, they would be able to function and expand your business like real entrepreneurs. They would spearhead innovation of different processes, products, pricing etc. making it better for both the company and the customers. They are generally hardcore-committed to the success of their area of responsibility. Taken together, this would, do REAL wonders for your business.
But creating a team of intrapreneurs isn’t at all easy. Aside from the need to let go of a significant level of control, you should be ready to handle and support their failures.
It needs a certain level of trust from both parties. The company should trust their ability to make decisions on its behalf. At the same time, they should feel that the company has their back for them to make bigger and bolder steps.
Needless to say, it takes a certain working environment to both attract and retain these “extraordinary intrepreneurs.”
Here are some “necessities” to be able to attract top notch intrapreneurs:
Loosen the Leash
Give them targets, not actual next steps. Allow them to experiment and be creative. Do not judge their actions at face value but try and understand the rationale behind them.
Share the Equity
Knowing that they are not just an employee makes them feel more committed to the success of the organization.
Make Them Feel That They Are Doing It for Themselves and Not Just for the Company
Make education part of the company culture–constantly challenge them.
Compensate Them Well
If you expect them to shine, you can’t pay them loose change.
Allow Them to Make Mistakes (but Don’t Tolerate Them Doing It Again)
Mistakes come with taking risks. You would rather they do it and potentially strike gold, versus them doing everything in the manual.
Allow Them to Redeem Themselves
When they make mistakes, give them a chance to make up for it. Furthermore, give them regular feedback.
Allow Them to Have Fun
Think of it this way, if you prefer that they think of work most of the time, wouldn’t it be better that they have fun at it?
Give them credit when they succeed.
Set Clear Boundaries
Don’t give them liberty only to take it back. Draw the line early on.
Give Them the Tools They Need to Succeed
If it means giving them a new laptop or hiring someone beneath them–if justified–be open to it.
Have an Extraordinary Vision for Your Company
Nothing excites them more than knowing they are part of something great and progressive.