In a world beset by the Great Resignation and Quiet Quitting, your employees will feel empowered and valued when you actively pursue a culture of intrapreneurship or entrepreneurial mindsets. It can help boost morale and retention rates and foster a culture of innovativeness, thereby improving employee engagement and benefiting your company in countless ways. When employees feel motivated to take ownership of their tasks and responsibilities, delegation becomes easier, and the company can grow faster.
Active promotion of entrepreneurism and intrapreneurs have long been a staple strategy of large, blue-chip corporations. Of late, even governments have become interested in walking the extra mile to support entrepreneurism. And that’s not only by way of funding and loans. For instance, on 7 July 2022, the Khaleej Times reported that in a pathbreaking initiative, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, had launched a program to allow public sector workers to apply for a 1-year sabbatical to launch their own businesses. During this period, they will be on half pay and not lose their jobs. It is indeed a pioneering and visionary step that can significantly increase the economic strength of the UAE.
Employees with entrepreneurial mindsets consistently look for ways to improve the business enterprise and create value for customers. They are highly engaged and are marked by creativity, risk-taking, passion, determination, and focus on opportunities. Creativity helps them to come up with new ideas to solve problems. A risk-taking attitude enables them to put those creative ideas into practice. Passion makes them love what they do. Determination gives them tenacity, and they do not give up easily. While a focus on opportunities makes them constantly see the potential for gain in every situation.
To encourage a culture of entrepreneurship, you need to provide appropriate training and financial incentives to those who want to start their own businesses, offer mentorship, ensure access to resources, and celebrate successes and the learnings from failures. Entrepreneurial thinking can help employees to be more adaptable to change. They become self-motivated and tend to take the initiative, and ultimately, they become responsible leaders ready to steer their companies to new heights. It is rightly said that a company is only as good as the people who run it, and a company run by a team of entrepreneurs becomes a market force to reckon with.
