This is the third video of my intrepreneur video series. If you haven’t checked out the first video, which is all about what an entrepreneur is, and the second video about the difference between an Intrepreneur and an Entrepreneur and the similarities, please do so. This video will talk about what companies can do to have that entrepreneurial culture and have your employees feel comfortable enough to venture into becoming one.
I work in a company with that entrepreneurial culture, and they are always advocating for their employees to be one. And so I want to share with you what I’ve learned from being in this company, as well as what I learned when I was doing my MBA and was learning about companies like Pixar, which fantastic company, and as well as LEGO, hopefully, this video is helpful for you.
And as I said before, one thing is, is that you can start off as an entrepreneur to get those skills and also have the safety net of your company while branching into becoming an entrepreneur. So if you haven’t subscribed, please do so now hit the notifications. So there’ll be deemed every time there is a new video, and also please sign up for the newsletter and let’s go ahead and start talking about what companies can do to have an entrepreneurial culture in their company.
Have an Open Environment
The first one is self-explanatory, which is being open and transparent with your employees. One thing that you don’t want to have is a company. That’s all about the hierarchical organizational structure. Oh, you can’t speak to this person before you talk to this person, those companies, you’re never going to have that entrepreneurial culture flatten the structure in a way that if this person who is reporting to this person, and then that person is reporting that person, this person can go ahead and directly talk to this person without the person in the middle of feeling offended, especially if they’re just trying to get questions answered that maybe they seen what this person appear has been able to achieve.
And so the person wants to know, Hey, how did you do that? What can I do to achieve that? So definitely have your company be flatter and not feel like they can’t go to someone higher up. Even if it’s the CEO, you want to have your employees feel comfortable enough to go to whoever they want to get their questions, answers, have that rapport, or whatever they want to do. So I definitely think that that is the first step; it’s just being open and just have a culture where anybody can go to anyone. So then one person doesn’t feel like they’re stepping on their toes or feeling having that person feels like the fear that if this person finds out that they went to that person, they’re going to get fired. So definitely have that open atmosphere in your company.
Give Your Employees Time to Innovate
A second tip is to give your employees time to build those side hustles that will benefit your company. Companies like Google give 20% to their employees to do whatever they want with it. And that is a way to have them build whatever they want to build, create what they want to create without feeling like, Oh, if I work on this, I’m going to get in trouble. So I think that it’s really nice is having the time to do that because you don’t know what that person’s life is outside of the 40-hour workweek, they could have a family, they could be caring for an elderly parent. They could have a hobby that is very important to them. Giving them time within the work schedule will help them feel comfortable and happy to be able to get those creative energies going and create something that will benefit them and the company.
Don’t Punish Failure
The third tip is don’t punish failure. Everyone is going to fail. So those companies that have that environment, where if someone makes a mistake, are not punished mercilessly for it. It is the companies that will have those creative people and probably will have less employee turnover. That is one thing that, yeah, if, if a person makes a mistake or just mentors them and helps them see what they learned from the experience. So they can apply it to future ones instead of making them feel like crap about it. My fourth tip is recognition. Make sure to recognize those employees who are trying to build something for themselves in the company. Even if they have a misstep here or there, you still want to recognize what they’re trying to achieve. Make sure that you do that because it doesn’t matter how young or how old you are.
Recognize the Intrapreneurs in Your Company
You always want to have a level of appreciation and know that the people around you appreciate your efforts. So make sure that you’re doing that, and you make them know that you’re you appreciate what they’re doing. And lastly, make sure that you are training your employees. There are classes on having that Intrapreneurial spirit or even being an entrepreneur. I know my, the school that I went to, where I got my MBA, there was actually an innovation MBA. That’s for people who want to be entrepreneurs. And I know that there are just classes, and I believe there are also bachelor’s degrees about that. Make sure that you are all about someone learning, bring a training consultant to come in, and train people interested in it, but definitely offer training because sometimes someone can have a great idea, but they don’t know where to start.
Provide Intrapreneurial Training
So having someone who has gone through it train that person will go a long way. So definitely offer training as much as possible and that’s with anything. I always think that training is always essential. And so make sure that you’re offering training to your employees. Well, I hope that this series was helpful. Please let me know what questions you have about being an entrepreneur. I will answer them. And if I can’t answer them, then I will do the research, talk to people who do, and get back to you with the answer. But I hope that you have a wonderful week here. It’s finally sunny, and it’s not cold and snowing and ice. So I am already happy about that. So everybody, have a good rest of your February. I’ll talk to you soon. Bye.