Sunday, August 21st, 2016
Intrepreneurship is in again. Large companies want the best of entrepreneurial skills to work in a corporate environment. So they think.
It sound so good from afar. Entrepreneurs are creative and think outside of the darn box and invent things and make things happen—-easily. That is the fantasy when looking at entrepreneurs from the outside.
Here’s what it’s like inside the life of the entrepreneur as told by top 500 Fastest Growing Company CEO’s in INC magazine
CHAOTIC–Everybody is doing everything. There are lots of mistakes and hurried attempts to fix things. There is duplication and frustration and irritation
NO CONTROLS–there is no fixed strategic plan or budget in most cases. Money comes and goes without awareness.
SURVIVAL IS THE PRIMARY GOAL–Most entrepreneurs said survival was the top goal and doing anything to survive often caused problems later. Fear of failure is a constant thought.
INSANE–Most entrpreneurs had an idea or stumble on an idea that excited them and they wanted to bring it to fruition. And so they are fierce and nuts to do it. Work never stops and is the top priority of their lives.
LUCK MATTERS–Many businesses got started by a chance meeting of a possible partner or a chance opportunity.
CONTACTS HELP–Most entrpreneurs mentioned someone who gave support, mostly of money to help them start
TIMING IS THE DIFFERENCE–Catching the wave of a new trend or market need made all the difference in success. Good ideas late, fail.
PARTNERS ARE INTIMATE FRIENDS–There seemed to be a very close relationship between the CEO and one other business partner. This is what kept things going in tough times and gave meaning to the work. And great pain if there was a falling out.
FASTEST GROWING DOES NOT ALWAYS WIN–Forget the title of the INC article. Managing the pace of growth with the needed resources was a primary issue in success. Most would say, “don’t get out ahead of what you can sustain.”
WORRIES–Retention of talent in a high risk endeavor is top on the worry list followed by cash flow and then beating back domestic competition
In summary these three traits are held in common by the top 500 entrepreneurs:
-Tireless work ethic
Now, how does this relate to your company? What parts do you want? Can you have just part of the entrepreneur spirit in your business? What would happen if your business created this kind of fierceness (and wildness)?