According to the American BLS (Bureau of Labor Statistics), only 25% of businesses make it to 15 years and more. Entrepreneurship is not an easy road. Issues constantly hurdle you, and you also have to deal with customers, sales, and employees. Here are some entrepreneurship facts that businesses could benefit from learning about entrepreneurship.
Each Member Is An Individual
When hiring employees, most organizations only look at the skills and fit into the position available. However, as an employer, you need to go beyond that. Even if you want to maintain a certain level of professionalism, you should know your employees as people. What do they love doing? Maybe their hobby can positively affect your business. Even if the extra information does not come in handy with your business, employees will love the treatment. Do not stereotype everyone into a category because people are different. This improves the efficiency of your team.
Using Money As The Only Source Of Motivation
There is nothing wrong with being financially motivated. Money helps you pay bills and rent, and sponsors your vacations. It is also nice to have a new pair of shoes every once in a while. However, treating employees like money-making machines is doing them a disservice. Nowadays, employees prefer lower-paying jobs with health benefits and flexibility. Yes, money is essential, and people need proper wages. However, remember other benefits are just as important. Highly motivated employees lead to higher productivity and better revenue.
Not Sharing Your Long-Term Goals
One of the essential pillars in entrepreneurship is having a vision, mission, and values. An organization should know the direction it is headed. If employees have a vision, then they will work towards it. Let your workers know how their work promotes the organization's mission and success. Accept ideas that align with your goals to engage a positive culture of customers and employees. After hiring an employee, the first thing to do is tell them why you started your business and what change you want to bring.
You cannot change the world alone. Some entrepreneurs struggle with delegating work to their employees. Employees are skilled, and that's why you hired them in the first place. Inadequate delegation can hamper growth, and by assigning tasks, you can focus on the big picture goals and ideas for the organization. If you are busy dealing with minor tasks, you will never have time to think about the company's future. When delegating work, ensure to specify what you want to the smallest details to ensure that your task is done proficiently.
Being Available and Actively Involved is Key
You do not need to do all the tasks, but you have to be reachable. Regular one-on-one meetings that happen once a month is great. However, you need to be available for emergencies and spontaneous questions. Delegate your tasks and be actively involved. Communication is crucial when running a business because it makes employees feel valued. You can practice an open door policy where an employee freely approaches you when they have a question or problem.
In a nutshell, understanding the primary elements of entrepreneurship can be the difference between a successful and mediocre entrepreneur. The above list is certainly a great place to start if you are looking to improve your entrepreneurship skills.
Fundid is on a mission to get women owned business the capital they need to grow so that we can all close the business wealth gap. While 42% of business in the US are owned by women, they only account for 4% of revenue generated by private businesses. We spend our time at Fundid thinking about what the world would look like if women also generated 42% of revenue and how to get them the capital they need to make that happen. Fundid is a challenger business bank, business lender, and grant marketplace built on from the feedback of women entrepreneurs.