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How to make your business more entrepreneurial

Bdaily has entrepreneurship in the spotlight in our latest focus week. Malcolm Gallagher, CEO of The Executive Scorecard Company, offers his insight into entrepreneurship.

Why is it that too many people think that entrepreneurism is solely for start-ups? Established businesses need to be entrepreneurial too! Here are some thoughts on how to do it.

The first question before you start is to ask if you really want or need to be entrepreneurial?

You may own a successful, profit and cash generating business in which case “business as usual” may be the answer. But, if that is the case and just before you stop reading, do consider that with our challenging economy it may soon be “business NOT as usual”!

You are probably faced with two ways to maintain and grow your business.

The first is to be innovative and ground-breaking with products or services that truly draw the attention of your existing and potential customers.

The other way is to take market share from your competitors which likely mean you will get into a tough and unprofitable battle.

So is it the first option then? If it is then to take your business to that next level then the first thing is you’ll have to stop being a “doer” and start working “on” your business rather than in it. It’s often a difficult transition to make.

Now is always the ideal time to start the change and so coming up is a “summer cocktail” of tips to help you make the transition.

What should I be doing and thinking?

1. YOU come first. I mean YOU have to really want to stop turning the daily handle and take your business up that level. You’ll have to get out of your comfort zone and unlearn as well as learn.

2. How’s your DELEGATION? Next up is that you need free time to be able to work on the business and deliver that entrepreneurial change. The hardest part is accepting that some of the things you delegate will not be done as well as you could have done them yourself! Ready for that?

3. You need proper FEEDBACK so ask yourself if are surrounded by YES people? If you have people that tell you the truth (can you name them) are you prepared to listen and take it? As you take your journey to the next level you need to know that people are with you on a common cause. Oh and is there anyone working for you that you would be happy to see quit before you get started on your entrepreneurial journey?

4. What’s happening when you are AWAY growing the business? Let me ask this a different way. Have you got standards and systems in place that will ensure if you are not “hands on” then consistency is maintained and your company’s reputation and customer satisfaction levels are kept high.

If you address the above four “starter” elements and feel comfortable about them, you have laid the right and firm foundations to drive your business forward. Now start looking for unexploited opportunities, new products, markets and alliances.

This was posted in Bdaily's Members' News section by Malcolm Gallagher .