In today’s more competitive world organizations can’t achieve their higher objectives without the right talent – Entrepreneurs. Many business ventures of today have achieved huge success because of the popularity of Entrepreneurs. We see a huge innovation in Face book consistently and it is because of coders and engineers who are given a platform to create and develop ideas. Google is a company that embraces Entrepreneurship by offering their workforce a 20 per cent timeframe on developing personal projects relating to the business. New start-ups like Mind tree is also well known for promoting Entrepreneurship. A big question arises how to promote the concept of Entrepreneurship in business organizations? It must be understood that Entrepreneurs can come from any business area like marketing, supply chain, operations, finance, and more. Those sound employees may be found innovative, curious, insightful, doggedly determined and strategically agile. They are always best contributing towards the success of an organization.
It is not so difficult but some simple and smart strategies can achieve wonders for any business venture. Entrepreneurial teams must be treated as profit centers rather than as cost centers. Organizations must encourage employees to be creative and to look for new ways to improve their current way of doing business. They must allow team members a variety of options in jobs, in innovation efforts, alliances, and exchanges. They must also integrate Human Resource (HR) and Engagement strategy with the business strategy and grant Entrepreneurs something akin to ownership rights. Organisations need to encourage high involvement throughout the company by insisting on truth and honesty in marketing and marketplace feedback. Employees should be developed through rich training programs and there must be strong brand awareness among employees.Leaders in the organizations have a greater role and they must become role models, living and breathing the brand. Business organizations must integrate the personal brand with the corporate brand. They must ensure that employees have a strong sense of their own branding. Moreover they must recognize brand advocates and make heroes out of those who bring the brand to life. Using the social media at the work place is a debatable issue but at the end what must count with the organization is the productivity of an employee. Business organizations must leverage social media and provide social platforms for employees to connect with not just other employees but with people on the outside. Any business organization in order to be a business leader need to innovate or be ready to be a follower and far from success. Change or die is rightly said and it is equally applicable to any kind of a business organization. Entrepreneurship must be recognized as a permanent function of a successful business organization.
(The author an Assistant Professor, ITM University Gwalior, Educator at Unacademy and Editor in Chief at startupdailytips.com. Views are his own)
