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O P I N I O N
“Entrepreneurs are not unique to the ownership group of small, privately-held companies. They can also be found working as employees in larger organizations.” Finding and keeping more intrapreneurs
W hat distinguishes an entrepreneurial venture from just a regular small business? While there are many definitions one could cite, I prefer that of “value creation” (if you can forgive the cliché)! The entrepreneurial business owner can see beyond just making a profit and understands that if you do the right things, you can also create a business that has value that can be realized upon exit.
Mark Zweig
Contrary to conventional wisdom, entrepreneurs are not unique to the ownership group of small, privately-held companies. They can also be found working as employees in larger organizations – even publicly-traded companies. These “intrapreneurs” are very valuable to their organizations because they help make their companies more valuable. Here are some things you should be doing to attract and retain more intrapreneurs to your organization: ❚ ❚ Get their involvement with creation of the business plan. You want your people to feel that your business is THEIR business. One of the best ways to do that is to allow them to fully participate in the business planning process. That means more
than just letting them observe – instead you have to actively listen and respond to them – and hopefully incorporate their ideas. ❚ ❚ Share the numbers – all of them. Open book management works for all companies of all types and sizes. I first witnessed this in action at Federal Express Corporation in 1983. They posted their key performance indicators (KPIs) on the walls of every room and in every hallway so everyone who worked there could see how the company was doing. Doing this helps create psychological ownership in your most motivated employees. ❚ ❚ Share the rewards. Again – if you want your people to act like entrepreneurial firm owners even when they are not actual owners, treat them as such. If
See MARK ZWEIG, page 4
THE ZWEIG LETTER October 28, 2019, ISSUE 1318
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