It helps to surround yourself with folks who are also driven by some of the same forces you are, and create a work environment that attracts, fosters, and rewards the entrepreneurial spirit.
The entrepreneurial spirit is alive and well. Always has been. All through our lives, we are taught that one of the only paths to true economic success, true wealth, is by owning (wholly or partially) some type of income-generating asset or business.
Or, finding and joining forces with others who share your passion and drive to establish your own enterprise. You would be hard-pressed to find anyone who never once dreamed of going into business for themselves.
Some do it - start their own business- after leaving the security and comfort of corporate life.
Others jump right into the proverbial deep end. Some even go out and buy existing businesses with their life savings, or funds pulled together from friends and family or get a loan.
No matter how you do it: get into business for yourself/be your own boss, It helps to surround yourself with folks who are also driven by the same forces you are and create a work environment that attracts, fosters, and rewards the entrepreneurial spirit. So how do you do this? Well, I am sure different folks have different ideas out there to that end.
I, however, have found that these three steps, at the very least, can serve as some kind of launchpad.
Here is an obvious point. But keep in mind that as your startup grows up to become a "real company", some of the very elements that paved the way for your success will start to dissipate. Tasks become repetitive, folks are more focused on market penetration than on innovation, and so on.
All these are part of the process. Nevertheless, You must go above a beyond to try to maintain some semblance of your organization's origin story. Its early days and the energy it once had.
Google, for example, had a "20% rule". Engineers were encouraged to work on side projects outside of their daily responsibilities.
“We encourage our employees, in addition to their regular projects, to spend 20% of their time working on what they think will most benefit Google,” - Sergey Brin and Larry Page.
Some of the company's most innovative products come out of this program.
You will not find this tip on any of the various tips out there that talk about this topic. Most business strategists will hesitate to counsel you to do this but I can tell you that, once you start to assemble the folks you hope to help you run your business.
Especially if yours is a brand new company with new innovative products and with tremendous growth potential, this is one sure way to motivate the folks within your organization to come in day after day and give the company 100% effort. Find a way to reward folks on your team with shares in the company.
Have an Exit plan
This brings us to the next tip: Have a clear, scheduled, realistic exit strategy. And, be sure to explain your expected growth trajectory to your team.
Doing both of these things will help place greater emphasis on the future value of your firm and the subsequent value of your team's personal portfolios based on the award you have made.
Imagine if the good folks on your team know that once you hit 1,2,3 million dollars in annual revenue, you will start to look for investment bankers to take your company public on the ahem! Nasdaq Capital Market.
These men and women will naturally be more inclined to drive growth at your firm since doing so will help unlock wealth for them as well.