Why is an entrepreneurial mindset so necessary in the business world? This guide will teach you how to lead transformation in the business world through entrepreneurship.
In today’s business world, there is no such thing as smooth sailing. The waves of rapid technological and societal change, disruption and the constant need for growth leave no room for companies to sit idly by or cruise along based on past momentum.
Just like startups, successful companies need to think like entrepreneurs, ready to jump upon good opportunities, with one eye on the present and another on the future, anticipating storms before they happen — or perhaps even figuring out a way to cause them. And if businesses are only as good as the talent they have, this also makes the entrepreneurial mindset a key trait to possess as a successful employee.
“The leadership that really counts is the leadership that keeps a company changing in an incremental, continuous fashion” – Lou Gerstner, Former CEO of IBM
How to create change from within?
While the need for innovation within companies is evident, how to go about doing it is not as straightforward. A study by McKinsey suggests that while 84% of global executives believe innovation is extremely important, only 6% are satisfied with innovation performance.
“The entrepreneurial mindset helps old companies to remain young, alive, fresh, agile and alert even in a mature market” – Peter Bryant, Professor of Entrepreneurship at IE Business School
Once fostered, the entrepreneurial mindset requires coming up with or spotting great ideas that can be turned into opportunities. According to Nathan Marston, Chief Digital Officer for the McKinsey consulting firm, there are three areas of innovation within a company that can transform businesses.
First, there are product or service innovations — shiny, new products or services that address the needs of the clients. Secondly, there are process innovations, which change the company’s ability to deliver its product or service at a radically lower cost, or provide a better experience. Finally, there is business model revolution, which changes the company’s source of income or value chain in general.—