By Blake DuBose and Mike DuBose
Most people think of “entrepreneurs” as being exclusively associated with the business world. Although this is the most common definition (and the one given by Webster’s Dictionary), we have seen many entrepreneurs in other sectors like government, education, and charities.
Entrepreneurs thrive on generating ideas and then seeing those thoughts come alive in the business world (and other realms). They love to win and thrive on success. Entrepreneurism is almost like an obsession! When researching the word “entrepreneur,” we found that Webster’s Dictionary referenced Joseph Schumpeter, a noted economist in the early 20thcentury. Schumpeter argued that growth in a private enterprise economy was caused by “daring entrepreneurs” who hoped to make large profits. Thus, the word “entrepreneur” was popularized (however, it does not appear in Mike’s 1968 high school Webster’s Dictionary). But even before they had a name, entrepreneurs existed—as long as there was a buck to be made or an idea to be chased, there you would find us!
Entrepreneurs love the thrill of taking a concept from start to finish, like assembling a puzzle or winning a chess game—with the added bonus of making money. Although certain aspects of entrepreneurism can be learned, we believe that most entrepreneurs are born, not created. In our experience working with and counseling hundreds of successful entrepreneurs, we have found that it is almost like we have a genetic inclination to take our businesses and ideas to the limit. Like the crew of Star Trek, we “boldly go where no man [or woman] has gone before!” We find success that others thought impossible and niches that they overlooked.
Many organizations are scared of entrepreneurs because they can be all over the place with their thoughts. Without others to rein them in, entrepreneurs’ fervent attachment to their ideas can prevent them from seeing see dangers and threats—a hazard, given the already-difficult climate in which many businesses already struggle. According to the US Small Business Administration (SBA), only one-third of small businesses survive for ten years or more!
International research firm Cripps Sears conducted a study with Kingston University and found that many corporate executives had a negative view of entrepreneurs as a “breed apart from others working in the corporate environment.” Some may express hostility toward innovators because they are always “rocking the boat” with new ideas, and, conversely, entrepreneurs get irritated with those who fail to see their vision. Therefore, entrepreneurism can create friction in an organization if the organization lacks a variety of personality types in its employees.
Even amongst our 50 outstanding employees in four companies, only a few merit the title of “entrepreneur.” Rarer still is an entrepreneur with leadership and organization skills. If you find a person like this, hire him or her on the spot!
We define entrepreneurs as visionaries who are full of ideas, energetic, positive, driven by passion, can see around corners, and can visualize the future. Entrepreneurs see opportunities for future success in disappointments and can assemble thoughts from many people to create an idea that works. Like Henry Ford and Thomas Edison, we view failure and mistakes as teachers and pathways to success. We simply see things that others don’t and then we take risks to make them work. As one of our companies’ slogans states, “We turn dreams into reality!”
But how do leaders promote entrepreneurism in the workplace? What is its value? How will it promote the business and, above all, enhance the bottom line?
Many businesses continue doing what they have always done and expect continued success despite a changing world. Rhodes Furniture was a good example. Before the 100-year-old company went bankrupt and was forced to sell off its assets in a liquidation sale, store managers were crying out that the company needed to be reinvented. Entrepreneurs within the business knew that the furniture market was changing and there was an urgent need for the company to focus on new markets. However, executives in Atlanta, Georgia never asked for opinions, advice, and ideas, nor did they visit the 10 store locations nearby. They failed to reinvent their business or solicit ideas to boost sales, and under they went.
The 3M Corporation, on the other hand, listens intently to its employees, allowing many to spend 15% of their work time focusing on maturing an individual idea. By doing this, the company promotes entrepreneurism, innovation, and creativity, often to great results: during his “fun time,” one engineer pioneered the “sticky note” to help organize his choir hymnbook. 3M invested in its entrepreneurs and it paid off with a billion-dollar idea!
Entrepreneurism in the workplace does not happen magically. It grows in innovative companies through practices like the following:
Attracting Entrepreneurs: When wording ads, tailor their content to appeal to entrepreneurial thinkers. We describe our companies as innovative, financially secure, exciting, caring, and friendly. In fact, leaders and employees defined our culture in a written document that helps job candidates clearly visualize not only the job description, but our philosophies as well. By explaining the kind of culture we promote at our companies, we attract people with the mindset we desire. The document also serves as a guide for staff and leaders on how to behave.
Hiring the Right People: There are three types of employees in organizations: leaders, entrepreneurs, and workers (those who execute). A business filled with entrepreneurs is almost certain to fail. At one time, our companies were filled with entrepreneurial “idea people” who were constantly thinking of new ideas. We were amongst them: if someone gave us one idea, we would send four back! Ideas were floating all over the place; however, few things were accomplished. Then, we spent two days with Larry Bossidy, author of the bestseller Execution, and learned the importance of simply “getting things done!” We changed our philosophy to doing fewer things really well and getting them done (versus doing a lot of things fairly well). Like the entrepreneurial Apple corporation, which consistently delivers innovative products, we ensure that the the idea people and the people who execute are all on the same page!
The Cripps Sears study found that the corporate decision-makers recognized the need to balance entrepreneurs’ “‘sparks of creativity’ and leadership to drive change […] against maverick and hard-to-handle behaviors.” Therefore, you need several types of people in an organization: leaders who can orchestrate talent, prioritize ideas, and delegate tasks; entrepreneurs to experiment, “think outside the box,” and generate ideas; task-oriented team members to execute the ideas; and marketing professionals to sell it all to the customer. When hiring, look for some individuals who are high-energy, full of ideas during the interview process, and able to challenge the status quo in a professional manner. We also have our job applicants take personality, leadership, creativity, and vocational assessments so we can pinpoint both entrepreneurs and others who can execute and get the job done. This helps balance our work environments with the right amounts of innovation and execution.
Promoting an Open, Transparent Work Setting: Entrepreneurs thrive in environments where they can openly share their ideas. Our leaders debate as a “think tank” to obtain different perspectives and also solicit input from their teams. Some ideas are implemented immediately, others are studied and integrated into future plans, and some are placed on a lower priority list to be studied later. We believe that “there are no stupid ideas,” and, as Kim Inman, VP of our Columbia Conference Center, noted, “You need to go through nine ideas that don’t work before you reach that tenth successful one!” You must continue experimenting without betting the whole farm.
We regularly ask our team members how we can do things more effectively and efficiently, and we seek out ideas with high success potential, and we allow employees to experiment with their thoughts. We conduct annual, confidential online surveys where staff can voice their opinions about our companies, staff, leadership, and other activities. The president of the companies annually interviews each staff member face-to-face to solicit ideas and potential improvements. The most important thing is for leaders to show staff that we hear them and will act on some of their thoughts! These efforts create workers who are engaged and excited about steering their future, something that many businesses have trouble achieving. It is necessary to build ownership amongst staff, as unengaged workers are less productive and often perform at the minimal level.
Creating a Fun, Relaxing Office Culture: This seems to be the juice that promotes entrepreneurism in our companies. We dress casually, decrease stress whenever possible, make time to play games, socialize after work hours, and take company-sponsored trips together. While we promote reasonable structure, we despise bureaucracy. Above all, we have fun! In a recent survey of all employees, 100% rated their job satisfaction between 8 and 9 (10 = extremely satisfied and happy).
Promoting Personal and Professional Development: Entrepreneurs love to learn new ideas from others, build things, and discover new approaches to making things work. We created a “Live and Learn Book Club” where employees and leaders meet every six weeks to discuss bestsellers. They earn monetary rewards and get to know each other, since group members change with each book.
Giving Credit: When someone comes up with an idea, goes the extra mile, or helps the organization succeed, we recognize them, both privately and publicly.
Promoting entrepreneurism within small and large companies takes a lot of thought and is the result of many small things that leaders do. Energizing your staff can be done and is well worth the effort!
