Teamwork makes the dream work as the old-age saying goes. Today’s business climate is tough, competitive, and volatile. Policy changes have a global impact and given the current pandemic, nothing is certain except the need for the entrepreneurial mindset in the workplace.
We are in a new era and the business environment has to adapt as well. Whilst the old models of management in many corporate entities were sufficient, today’s businesses require that employees and business leaders take practical steps in business development.
According to this post by the Hult International Business School, investing in entrepreneurship training for your staff has enormous benefits for the company as a whole.
We all know that employees are hired to fulfill a certain role in the business but we need to move beyond that. We need to start fostering an environment that will bring forth new ideas, methods, and problem-solving skills from the employee.
This is the new model for business development that is currently being erroneously ignored. It is time to do things differently.
A case for Entrepreneurship
The top reason why businesses fail is that there is a significant reduction in the market need. Based on research done by CBInsights, 42% of businesses fail due to this. The second reason for failure is the lack of capital, which affects about 29% of businesses. The last 23% is affected by a lack of teamwork within the company.
Entrepreneurship training across the board can help mitigate this disaster.
Benefits of Entrepreneurial training for your staff
Traditional organizational culture is very stand-offish and disengaged. Yes, there might be some members of your staff that are incentivized to find solutions and solve problems but can we say the same about the rest of your workforce? Do your administrative or management staff have a vested interest in their contribution to the business? Do they know the impact that they have on the direction and output of the company?
These pertinent questions need to be asked.
Below we have listed down a few advantages of entrepreneurship training:
- Training employees on the entrepreneurial mindset encourages your people to take more ownership over their work.
- You encourage employees to create fresh ideas to solve problems. This way of operating could become the norm instead of the exception.
- When a problem or opportunity arises, the first reaction of your people will be to take action in a smart way. The ‘wait-for-the-manager’ syndrome will be erased. People will be more inclined to lean into micro-decision making.
- Resources are utilized more efficiently to better serve current clients.
- Employees will no longer be confined to their job description. Big-picture thinking and future forecasts could come from anywhere within the organization. How exciting is that?
Entrepreneurship is not without risks, but rather than stunting the growth of bright ideas, it is up to corporate management to harness and nurture such skills within their organizations.
The bottom line is this; a stagnant business is a dying business. Investing in entrepreneurship training for your organization is essential for the complete overhaul of your corporate culture. These new unchartered waters need us to have new ways of conducting business.