Think Like an Entrepreneur to Propel Enterprise Success
Thinking Like a Business Owner, Even If You Don’t Own the Business, Propels Enterprise Success
Some time ago, I shifted from being a business owner to becoming an employee within a large enterprise. It didn't take long for me to realize that despite the differences in working within a corporate structure, much of what I had learned while building and expanding my own business seamlessly applied to my new environment.
One particular asset from my entrepreneurial days I found to be invaluable in the corporate setting was my ownership mindset. Even though I didn't own the enterprise, approaching my work with the same level of dedication and responsibility as I did with my own business proved to be highly advantageous for both the organization and myself.
Now, after many years of working within enterprises, I still rely heavily on this ownership mindset to drive my success. In fact, it's one of the primary factors behind my consistently strong performance. Here are a few ways in which I apply this mindset to my daily activities.
Value Every Dollar as if it's Your Own
As an entrepreneur, your commitment to your venture is tangible—you've invested your own capital. This personal stake prompts careful consideration in every financial decision. Discerning where to allocate resources hinges on maximizing returns.
This principle should extend to corporate environments. Even without personal financial risk, every expenditure should undergo the same level of scrutiny. Emphasizing return on investment remains essential. Avoiding frivolous spending on non-essential items and pet projects is paramount. Encouraging wise investment practices among colleagues is a top priority.
“View every dollar as your own, making investments with care and intelligence. Aim to do more with less, establishing a lean and efficient operational framework. Prioritize outcomes over efforts to ensure value is consistently delivered.”
Think Lean To Do More With Less
For many business owners, splurging on premium technology and resources isn't always feasible. Rather than shelling out hefty sums for top-tier products and services, savvy entrepreneurs seek alternative methods to achieve comparable results at a fraction of the cost.
Remember, higher price tags don't necessarily equate to superior quality. By delving into cost-effective alternatives and weighing them against their premium counterparts, you'll likely discover budget-friendly options that perfectly suit your requirements without draining your finances.
Prioritize Outcomes Over Efforts
For business owners, outcomes are paramount. While building your business is exciting, the key is to consistently deliver results; otherwise, you risk going under.
For employees within a corporate structure, it's tempting to immerse oneself solely in tasks that bring personal satisfaction. However, to evade this potential pitfall, it’s imperative to establish clear objectives and timelines. Commit to focusing on priorities, achieve target outcomes, and move forward to the next critical task for growth.
By consistently delivering outcomes you not only ensure ongoing progress but also unlock new challenges to tackle, keeping work dynamic and enjoyable.
See Challenges as Opportunities
In the realm of service-based industries, clients' challenges represent openings for entrepreneurs to offer assistance and deliver value. Without these challenges, the potential for business growth would be limited.
Similarly, within an enterprise context, challenges should be perceived through a constructive lens. Rather than being seen as bothersome or frustrating, each challenge presents an opportunity for learning and demonstrating alternative methods of adding value within the organization.
Think Beyond Your Function And Role
Consider the broader perspective beyond your specific role and responsibilities. In small businesses, the impact of decisions is unmistakable. Each choice, whether beneficial or detrimental, sends ripples throughout various functions, directly impacting the business's performance. This prompts business owners to develop a keen understanding of how their decisions affect different facets of the business.
In larger enterprises, the interconnectedness of decisions across functions may not always be readily apparent. However, similar ripple effects occur, contributing to the organization's trajectory. To ensure favorable outcomes, it's essential to evaluate the consequences of your decisions beyond the scope of your individual function and role.
Prioritize Serving Existing Clients
Fostering strong relationships with existing clients is paramount, even amidst the excitement of acquiring new ones. As a business owner, I've come to realize that nurturing the clients you already know by name not only strengthens revenue streams but also cultivates repeat business, often outpacing the time it takes to onboard new clients.
In the pursuit of business growth, it's essential to strike a balance: continue to serve and support your existing client base while actively seeking out new opportunities. Always remember, the clients you've already established relationships with are your most valuable assets in sustaining and expanding your business.
In Conclusion
Embracing an ownership mentality can significantly enhance success in corporate settings. Acting as if you have a personal stake, even without actual financial investment, can lead to positive outcomes for both you and the organization. This mindset doesn't necessitate prior experience in business ownership but rather the adoption of key principles.
View every dollar as your own, making investments with care and intelligence. Aim to do more with less, establishing a lean and efficient operational framework. Prioritize outcomes over efforts to ensure value is consistently delivered. Treat challenges as chances to highlight your contributions and problem-solving skills. Extend your vision beyond your designated role, aiming for the broadest positive impact. Regard current clients as if they were your most valuable, strengthening loyalty and enhancing financial results.
Incorporating these vital principles can lead to significant accomplishments within your organization.
About John Fildes
I grow the top line by connecting marketing to business strategy. By leveraging powerful positioning, content marketing, and client insights, I help organizations drive qualitative and quantitative results at scale.
I've built an amazing network of incredibly talented people over the years. What I've appreciated most is those who have invested in me, mentored me, and helped me become the talented professional I am today. I pay it forward by doing the same for other high performing professionals and entrepreneurs.
Learn More: Marketing Leader | Adept Entrepreneur | People Developer
All views are my own and not those of my current or prior employers.
