The Signs Your Business May Be Lacking Entrepreneurialism
Entrepreneurialism is as much about innovation as anything else. If your business constantly has a beady eye on your competitors, and you are only introducing ideas that work for them, then this is probably a great indication that it’s time to get back to the drawing board.
Is your business heading places? Many companies are too focused on their day-to-day operations and office politics to consider their businesses DNA. This article will help your business identify the signs that you’re lacking in entrepreneurialism,
and it should also give you ideas on how you can inject this into your business.
Penny Pinching
When you are less focused on entrepreneurialism and growth, you may find that your business spends its days trying to decrease expenses and bump-up margins. This is certainly something that’s worthwhile doing, but when this is your businesses core focus, it’s usually a sign that the business has less than exciting plans ahead.
When you are reducing expenses make sure they aren’t ones that are going to stutter your business progress. If you find that your spending money on an advertisement and it’s not performing well, then this is an expense you should cut. But, you should probably re-invest that money back into advertising and growing the business – rather than simply counting it as a penny saved.
Unwilling To Innovate
Entrepreneurialism is as much about innovation as anything else. If your business constantly has a beady eye on your competitors, and you are only introducing ideas that work for them, then this is probably a great indication that it’s time to get back to the drawing board. Companies that are constantly innovating tend to be perceived better within their market – they get first player advantage, they can often make their innovation defensible, and they build up brand equity through positioning themselves as a market leader.
If you are not doing this at the moment, you could be. Entrepreneurialism doesn’t grow on trees, and that’s why you need to employ experts who are able to think creatively. Where do you see your industry in ten years time? You want to be the business that defines where your industry is going.
Although you should aim for industry-defining innovation, it’s easy to make small changes that make a big difference. You could be the first business to move your call centres back to the UK; the first business in your industry to start a corporate blog; the first business to switch to a free phone telephone number; or you could gain heaps of PR through being positioned as the best employer in your industry. Google introduced free meals for their staff, and that worked a treat. What could you do?
Your Brand Is Lacking In Personality
Entrepreneurialism may be rife within your organisation at a product level, but what about at a brand level? What’s your brand doing to stand out from the crowd? Some businesses have developed their brand through delivering a quality product over a sustained period – The New York Times, Morgan Stanley and Burberry. Some businesses brand identity will suggest that they are quirky, funny, ethical or even cheap. Once you have decided what you want your brand to say about your business, it is then your turn to augment that impression in the eyes of consumers. If you and your staff don’t know what your brand is about, how can consumers?
