Keeping your entrepreneurial spirit alive takes extra effort, especially as the years go by. By the time you think you’ve reached your peak and your business becomes more stable, it gets harder to keep that entrepreneurial spirit you had when you first started. However, you should not give into this mindset if you want to be a successful entrepreneur — after all, there’s always room for improvement. Here are tips to keep your entrepreneurial drive running.
Entrepreneurial Spirit | Revitalizing Your Focus
1. Establish Strategic Direction
One of the reasons you feel stagnant is probably due to routinary processes. It’s important to know where your business is going. Set your energy and creativity to the areas of the business that generates the greatest payoff. This way, you can refocus your goals and not fixate on where the business fails.
2. Cultural Shift
— BPI ROK (@rokcreative) August 2, 2017
Engage in an out-of-the-box thinking culture in your workplace. Most employees overlook this, since they are focused on task accomplishment. Involving your employees in company decision making results in better ideas and work productivity. In this way, employees feel empowered and won’t hesitate to bring in fresh ideas.
3. Credit and Incentive Scheme
Giving your employees proper credit and incentivizing their work fosters improved cooperation and deeper insights. Some ideas may be unrealistic, but don’t discourage the employee on the idea. Instead, work on this idea and provide realistic results. This way, you will be able to guide your employees to work and think harder through recognition.
4. Involve Yourself in Innovation
Don’t let operational issues hinder you from innovation. Stagnation starts with being contented and doing nothing. Take note that some of the most successful companies like Apple and Google had seemingly long stretches of stagnation. However, both companies never actually stopped thinking about the future, and this brought their businesses tremendous success.
5. Flexible Work Schedule
Research shows that employees are more productive if you provide them work schedule flexibility. Allowing them to work on flexible schedules, different time shifts, or giving them work from home opportunities makes employees more motivated. This lets them work at their own pace and be more productive without the pressure of time constraints.
6. Internal Interaction
Important messages can sometimes get watered down. It is advisable to practice direct communication to key people in the organization. This will make your employees continue to think creatively and efficiently. Direct communication establishes better understanding and shows you are both on the same page.
7. Be an Example
The company’s management will always be the people its employees will look up to. Be innovative and learn to embrace change, as this will be your employees’ basis on how they work with you. Also, learn to be open to your employees in their ideas and aspirations in life. A motivated employee will certainly bring in better-than-average results.
Learn more about innovation and strategies to stay relevant this video from IESE Business School:
Keeping your employees and business motivated should start with you. Entrepreneurial stagnation starts when you begin to get complacent in your business either because of setbacks or continuous success. It’s always better to innovate and improve employee relations, so you and your employees don’t become stagnant or demotivated.
Do you have other strategies in mind to keep the entrepreneurial spirit alive? Please let us know your thoughts by leaving your comments below.