ENTREPRENEURSHIP. Small practices make a big impact

When it comes to translating a company’s vision and mission into results, there is no denying the importance of first-level entrepreneurs.

Successful entrepreneurs today are ones who challenge a number of assumptions. “Magical entrepreneurs” who climb out of every situation and succeed instantly are a myth. Experience and management competencies do matter as much as small factors such as management styles, networking abilities and ability to take charge. Delegating, thinking strategically, communicating well might all sound like management mantras for success, but new entrepreneurs often take these skills for granted.

Entrepreneurs’ functional background, management experiences and competencies usually determine how they take charge of the situation and how effectively they implement changes in the organisation. Important determinants of good entrepreneurs include new manager experiences, need of a turnaround in a business, personal style of management and relationship with important staff.

A number of factors affect how entrepreneurs progress through different stages and how successfully they take charge of the situation. We are referring to a process of learning and taking action that an entrepreneur goes through till he has mastered his field of work in sufficient depth to help him run business as well as manage scarce resources.

A ‘taking charge’ process follows five stages:

Taking hold An entrepreneur is taking hold of the new business scenario

Immersion An entrepreneur runs the organisation in an informed fashion

Reshaping Entrepreneurial learning continues in a more routine fashion

Consolidation This stage involves consolidation of results from previous stages

Refinement A period of little organisational change where executives take charge and their learning and action focus on refinement of operations or looking for new opportunities in the market place

After an entrepreneur takes charge he may face numerous ups and downs in the course of his business. Looking confident even when not feeling confident is a challenge all entrepreneurs face at some point. Charismatic entrepreneurs always project confidence, inspire and energise their teams.

Right entrepreneurial behaviour is what psychologists call “operant behaviour”. It is this type of behaviour that enables a person with good academic abilities to discover problems and opportunities, initiate action and attain desired results.

Successful entrepreneurs commonly focus on goals rather than just activities. This is because activities can be accomplished very quickly but achieving goals is a long drawn process that takes planning and time. Entrepreneurs should help their teams think strategically by asking for timely goals and supportive activities.

It is very difficult to develop successful entrepreneurs through standard procedures and training practices. Anyone who is disconnected from the reality of the business environment cannot be a good entrepreneur.

It is very important for good leaders and entrepreneurs to connect with people. This, coupled with the right leadership ability and ambition can contribute to growth and reputation of an entrepreneur.

The writer is CEO, Mancer Consulting

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