Entrepreneurship has undergone a renaissance in recent years. Once considered an endeavour for the fit but few, today about a third of millennials aspire to some form of entrepreneurial venture.
It's not just the younger generation getting into the entrepreneurial spirit. Entrepreneurial thinking is catching on in the enterprise world as executives strive to match the high-performance innovation coming out of the startup community.
It's an interesting turnaround. Five years ago, entrepreneurs and corporate suits were viewed at opposite ends of the risk spectrum: the first willing to withstand significant risks for the thrill of a business opportunity, the other more conservatively focused on long-term leadership goals such as a secure five-year plan and strong fiscal and management practices.
Thanks to disruption, the agenda of an ASX 200 CEO now looks strikingly similar to that of a startup founder: drive fast growth, attract and retain talent, and identify new global revenue streams.
Entrepreneurs are often identified by their passion, perseverance, creativity, tolerance for risk and, most importantly, their relentless problem-solving ability. Today, the same mindset is required within the corporate arena.
The good news is that an entrepreneurial mindset can be taught and developed over time. Here are three ways to introduce that mindset within enterprise:
1. Embrace uncertainty
High-growth startup CEOs have a strong vision and an inspiring mission which attracts the best talent in the world. While thinking big, they own up to the fact that they alone don't have a precise map of how to achieve their vision. Most also understand the world will have changed considerably before they get there.
In a flip on the old paradigm of knowledge is power, the most successful leaders embrace the uncertainty of a disrupted world and are never shy about asking for help from their talented team and those outside the business.
When focusing on new growth opportunities, admit your knowledge and skills gaps and where you need your best people to collaborate to help you take advantage of opportunities. This gives you the freedom to dream big and creates opportunities to emotionally and intellectually engage your best talent to help you get there.
2. Change your view on failure
In the world of a successful entrepreneur there is no failure, only new knowledge for future opportunities. If you're investing in servicing the needs of a strategically important customer segment and your first attempt isn't getting the results you've hoped for, the best approach is to celebrate that you have learnt a lot about what "doesn't work" and hit your second attempt at high speed, much better equipped.
The focus inside high-growth startups is to ask staff, "What did we learn?" rather than making an example out of them for not getting traction first time around. Without this open and risk-rewarding environment, we inhibit our teams from sharing their ideas or participating in risky new initiatives.
3. Be authentic and partner for value
High-growth startup leaders have a strong sense of who they are, what they know and who they know – and from this strong foundation they exploit their unique advantages. By deeply understanding your capabilities as a leader and as a business, you can generate powerful partnership possibilities.
On one hand, you can identify other existing businesses that can enhance your existing capabilities to better your existing business model. On the other hand, you can lend your capabilities to other businesses to improve theirs and share in the rewards. You can't do it all yourself, and by not partnering you're simply missing out.
Peter Bradd is the CEO of The Beanstalk Factory. He was founding director and the first CEO of ScribblePics, Fishburners and StartupAUS.
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AFR Contributor