Operations

Can entrepreneurship be learned

Can entrepreneurship be learned?

Inspiration, Operations, Reflections

Can entrepreneurship be learned? This is a thread of the timeless argument of nature vs nurture. Can someone be taught how to start and grow their own business, or are entrepreneurs just born this way? A scan of founder bios suggests the latter.

Afterall, Shopify was started by a photographer, a coding guy, and a jock. Also, Airbnb was founded by two industrial designers and a software engineer. Not one business degree between them. But the answer is not so clear-cut. Because though someone may have entrepreneurial qualities in their nature, it is often due to nurturing that they achieve success.

The Entrepreneurial Nature

First, what does it mean to be entrepreneurial, or to have an entrepreneur mindset? Academics have studied what is different about entrepreneurs, and what they all have in common. Many psychologists use the 5-Factor model to explain personality traits.

Usually known by the acronym OCEAN, it’s Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism. The idea is that all personalities can be expressed as a blend of these 5 factors. As shown below, the key behaviours of being an entrepreneur can be explained by the OCEAN model, which supports that the entrepreneurial nature is hard-wired into our personalities.

Risk Taking

All entrepreneurs have a high tolerance for risk. After all, there is never a guarantee of success when putting up cash and capital to build an offering and a team. Being comfortable with a constant level of uncertainty is just part of being a business owner.

According to the OCEAN personality model, this requires a high level of Openness and Agreeableness. Additionally, accepting risk requires a high level of emotional security, which means entrepreneurs tend to score low on Neuroticism.

Self-Motivating

Entrepreneurs make things happen. Especially in the early stages of growth, there is no external force or set of expectations. Businesses are built driven by the motivation of the entrepreneur. This aligns with a high level of Consciousness. Also, with Extraversion, since the process of setting up a business requires getting out there to communicate with new people.

Creative

Most of all, entrepreneurs are creative. After all, entrepreneurship has been defined as “a creative process of identifying and pursuing value-creating opportunities, often in the face of uncertainty and risk.” That involves being curious and coming up with ideas that fill consumer needs and market gaps. As a result, according to the OCEAN personality model, entrepreneurs have a high level of Openness.

Successful Entrepreneurs Who Never Went to Business School

Also making the case for nature vs nurture are the success stories of these entrepreneurs who never went to business school. Clearly, success in business doesn’t require training in business.

Anita Roddick

At one time, she was the wealthiest woman in Britain due to the global success of The Body Shop. Previously, she ran both a hotel and a restaurant. Unsurprisingly, she grew up in an entrepreneurial family. Her mother owned a little cafe in their town, where Anita worked many hours as a teenager.

Martha Stewart

Martha Stewart

Not everyone knows that Martha was a Wall Street broker with a degree in history and architectural history. Her first company was a catering business, and her entrepreneurial nature leveraged her skills in cooking, decor, and design into a global empire. From the first book in 1982, Martha developed a brand identity which is now synonymous with style and good taste.

Jeff Bezos

Back in 1994, Jeff left his career as a hedge-fund manager to open an online bookshop in his garage. Obviously, this grew to become the global marketplace Amazon. While he studied computer science at Princeton University, he clearly had what it takes to be a successful entrepreneur. Particularly, his ability to be creative and tolerate risk. He kept expanding Amazon even though it didn’t make a profit for the first 5 years.

Mentoring and Entrepreneurship

Clearly, it is possible to be successful in business without training in entrepreneurship. However, many high performing entrepreneurs credit mentoring for their success. For example, Y Combinator runs programs which bring expert advice and connections as well as cash to high-potential new businesses. AirBnB, Stripe, and DropBox were once just fledgling startups until the support of Y Combinator nurtured them.

Also, as we’ve seen from shows like Dragon’s Den and Shark Tank, it takes more than cash investment to scale up a business. The input and guidance of someone more experienced can shortcut a path to success. Clearly, mentoring and entrepreneurship go hand in hand. 

Can entrepreneurship be learned?

In my view, entrepreneurship can be learned. Specifically, it can be nurtured and developed. However, there must be a foundation of an entrepreneurial nature and mindset. It’s the same with any set of skills and abilities. For example, a vocal coach can help someone become a better performer, but only if they have a good voice to begin with.

Afterall, even with all the vocal coaching in the world, I can’t carry a tune. Similarly, with training and practise individuals can win Olympic medals or sports championships, but only if they have a baseline of athletic ability. Essentially, any talent can be improved with training. And entrepreneurship is a talent which benefits from mentoring and business coaching.

Can entrepreneurship be learned? Read More »

Examples of Company Culture for Entrepreneurs

Examples of Company Culture for Entrepreneurs

Managing Staff, Operations

It’s well understood that culture influences how we think, what we say, and how we behave. Anyone who has travelled far from home experiences this first hand. And it’s true in business, also. Every company has its own culture, which impacts how employees treat customers, and how they treat each other. What we know for sure is that companies with strong cultures perform well financially. It’s so linked to revenue that when Peter Thiel invested $150m in AirBnB, he told the founders “don’t f&ck up the culture.” No matter what stage of your business growth, it’s never too late to make culture a priority. Read on for examples of company culture for entrepreneurs, and don’t miss tips to use in your small business.

Understanding Company Culture

One thing to understand about company culture is that it’s deeper than what can be seen and observed. It goes beyond team meetings and staff events. It’s less about what is said, and more about what people think and believe. For example, the leader of one non-profit organization I worked with said all the right things about having a collaborative working environment. The public message was that everyone on the team was empowered to deliver their best.

However, the reality was that every small decision required his approval. Also, key stakeholders were blocked from attending some meetings. This is because the assumptions and values were that each department worked alone as a closed group, with no transparency or communication with the others. For more on the 3 levels of organizational culture, read How to build company culture in a small business.

Examples for entrepreneurs

Many “best of” lists are of huge multinational corporations. And frankly, that isn’t much help for entrepreneurs running their own company. So I’ve collected these few examples and explained exactly what lesson you can use in your small business

Clio

This Canadian technology company provides software for legal firms around the world. They highlight their focus on creating a supportive and inclusive work environment throughout their website. In fact, it’s part of their branding. And clients feel good about working with a company that takes such good care of their team.

After all, engaged and happy employees provide service! What entrepreneurs can learn from this example is that culture comes from the top down.

As a leader in your business, be sure your behaviour and words support and are consistent with the values and culture you want to build. For example, Clio founder Jack Newton wrote a book on The Client Centered Law Firm. No, you don’t have to write a book! The point here is to walk the walk and talk to the talk. For example, don’t complain about customers to your staff and expect them not to do the same.

Zappos

This American clothing and footwear company is a pioneer in creating an outstanding company culture. Way back in 2009, they were ditching old corporate rules to be fully transparent with staff and empower everyone to do the right thing for customers.

They are so passionate about the link between culture and revenue that they offer advice to business owners with their Insights program. What entrepreneurs can learn from Zappos is to embrace the individuality of each employee. A strong team doesn’t have to be clones of each other, with identical personalities and profiles. After all, there is strength in diversity. What matters is that everyone you hire is committed to customer service and sharing the same set of values as the company.

Prezi

This Hungarian software start up transformed how students and businesses created presentations. What is unique about their story is that they created a positive and engaged company culture which adapted to the needs of introverts and extroverts. So instead of making busy and loud company conferences mandatory, they allowed introverts to interact in their own way. What entrepreneurs can learn from Prezi is that building an amazing company culture doesn’t need parties and enforced social interaction. What matters is communicating values and creating a safe space for all employees to thrive and feel fulfilled by their work.

Tips for your small business

Though the companies described above may not look much like your business, they are still great examples of company culture for entrepreneurs. Setting aside the size of the budgets and the team, there are tips for your small business in these examples.

Hire the human, not the resume

Yes, job experience and education matters, especially depending on the business. Obviously, you can’t hire someone with no training to be a vet technician or a plumber. However, it’s also a mistake to focus so much on the resume. After all, it’s the human who is going to be showing up to work, so their outlook, engagement, and communication skills matter. Creating a positive company culture is more than a set of policies. It’s the attitude of the people on the team who can make or break a work environment.

Don’t micromanage

Certainly, policies and procedures are important for maintaining service standards and quality levels. However, it’s a slippery slope because an operating manual can easily turn into a burden that restricts staff from doing the right thing for the customer.

Don’t keep it a secret

If your company culture is thriving and staff are engaged and happy, don’t keep it a secret. First of all, it will help attract more staff, and cut down on recruiting costs. More importantly, it helps gain consumer trust. People love to be part of something good and positive. Also, people love to receive great customer service, and that is more likely when the staff are empowered and committed. So include it on your website, in newsletters, on social media, and in other customer communication.

Be you

These examples of company culture are meant to spark ideas and be aspirational. However, just because something worked for a successful company doesn’t mean it’s a fit for you or your small business. So reflect on what sort of company culture makes sense for you, in your community, with your type of business. Most importantly, feel free to be unique. For example, the founder of Prezi is an introvert, so he made that part of the company culture.

Lessons for entrepreneurs

Overall, there are lots of positive examples of company culture available. Don’t dismiss them because the size and scope of these examples are so different from your own business. Remember that many of these companies started out small, with just 1 or 2 founders working together to build their vision. No business is too small to have a company culture. So be inspired, and be intentional with creating the kind of business environment you want for your company.

Examples of Company Culture for Entrepreneurs Read More »

How to build company culture in a small business

How to build company culture in a small business

Managing Staff, Operations

I recently witnessed an ancient fire ceremony on the banks of the Ganges River, in Varanasi, India. Which got me thinking about how rituals are integrated into culture, in all aspects of life and work. Even when we are not aware of it. And culture is overlooked by many entrepreneurs because they are focused on revenue. However, this is a mistake. All entrepreneurs should understand how to build company culture. Read on to understand why, and learn steps to get started with creating culture in a small business.

Understanding company culture

First of all, to explain what company culture really is. Our understanding of it can be traced to the groundbreaking work of Edgar Schein at MIT. He introduced a model for organizational culture which has influenced business leaders for generations. This 3-level framework is shown as a 3 level pyramid.

Assumptions are at the base, which demonstrates that these unconscious patterns drive the perception, thinking, and behaviour of people in the company.

Next is Values, which are the reasons and rationalizations for how people in a business behave the way they do at work.

At the top is Artefacts, which is the visible, physical aspects of a company. For example, the dress code, technology choices, office layout, and employee handbook.

Scheins model of company culture

Why company culture matters

It’s not unusual for an entrepreneur to make deliberate choices about the artefacts of their business. Which is important. Because not only does it build a sense of teamwork, but the customer-facing stuff contributes to brand building.

However, as shown in Schein’s Model of Company Culture, that is just the tip of the iceberg. Er, pyramid. Why company culture matters is found in the deeper layers. The feelings and perceptions of employees influences their mindset and behaviour. For example, when company culture is positive and customer-focused, then staff will be patient with customers and do their best to resolve any issues. However, if the culture is negative, staff may do the bare minimum required and not be invested in customer satisfaction.

Basically, weak company culture means low loyalty and engagement, and the consequences of this for an entrepreneur is:

  • Poorly engaged staff
  • High staff turnover
  • Less attention to detail
  • More mistakes
  • Higher absenteeism

And all of this negatively impacts KPIs for quality, customer satisfaction, referrals, and retention – all of which means less revenue. To see examples of KPIs for different business sectors, read What are KPIs or watch the video on YouTube.

Steps for how to build company culture in a small business

Clearly, culture matters. And though the topic of organizational culture is complex and nuanced, it doesn’t have to be for an entrepreneur. Just follow these steps for how to build company culture in a small business.

1. Commit

Company culture isn’t a set it and forget it thing. It’s an ongoing process of evaluation, awareness, and communication. So the business owner and leadership team must be willing to make time for it when making business plans and decisions. Furthermore, to commit resources to implement projects that will build company culture. For example, if an employee feedback survey is introduced, be sure there is a budget for the time and money to do something with the results.

2. Evaluate current culture

Make no mistake – every small business has a culture. Because rituals, values, and assumptions form any time people interact. So the next step is to become aware of what the current culture is. Use a simple 3 column table to note artefacts, values, and assumptions. Use anonymous feedback surveys to learn how staff feel about their job, customers, and manager. 

3. Find a Role Model

Next, pick a company to be a role model. Ideally, this is a business in the same sector. But it doesn’t have to be. Look in your local community and to larger national companies. Find a business that you’d like to model your own after. This gives some specific ideas and targets for what to incorporate into your own company.

4. Review and decide

In many ways, entrepreneurship is like cooking. And just like a great meal doesn’t come from dumping everything from the fridge into a pot and hoping for the best – a great company isn’t built by throwing all the great ideas at it. Therefore, take time to review and decide. How to build company culture is a process of strategic decisions that are sustainable for the business. For example, deciding that every employee should get a paid holiday on their birthday with a gift card to a spa may seem like a great idea. And this may work for a large corporation like Google who has the budget and the resources to cover workload. However, for a small business, this may be a costly perk that doesn’t actually contribute to employee engagement.

5. Plan and implement

Furthermore, now that there is a list of initiatives and projects to build company culture, plan how these will be rolled out. Work within the reasonable limits of available time and money. And don’t overwhelm the team with a dozen changes and announcements in a week. Introduce one thing, and let everyone get used to it. Be open to feedback, and measure what impact it is having on KPIs and the overall vibe of the workplace. 

Company culture ideas for entrepreneurs

These ideas won’t be a fit for every business. Each entrepreneur gets to choose what suits their vision for their company, and what is appropriate for their sector and business model. Here are just some ideas for inspiration for how to build company culture:

  • Staff performance management to support their training and career development
  • Posting all new jobs internally
  • Transparent communication with staff about strategic business decisions
  • Leading by example to demonstrate values (ie, positive outlook, own mistakes, be accountable, creative problem solving)
  • Open plan office space
  • Staff newsletter 
  • Acknowledging staff birthdays
  • New employee orientation and onboarding processes to share company history, org chart, vision for the future

Entrepreneurship and company culture

As shown above, company culture impacts quality, customer satisfaction, profits, and sales. Having a strong team of loyal staff matters to every small business, no matter what size. The steps for how to build company culture doesn’t have to be a massive project. Having an ongoing awareness and intention to create a positive workplace is the first step. Then going forward, make it part of the business planning and decision making process. The effort and investment will certainly pay off in better performance and bigger revenue. For more inspiration, see Examples of Company Culture for Entrepreneurs.

How to build company culture in a small business Read More »

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