April 04, 2017 @ 01:15 PM

April 04, 2017 @ 01:15 PM

K. J. Somaiya Institute of Management Studies and Research, Mumbai

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The Entrepreneurial Mind Set

The origin of the word “Entrepreneur” is from the French word entreprendre. French for "to undertake". It should be noticed that the word accentuate on an attempt to act, and not on the end product of that action.  

Every manager of an organization should think like an entrepreneur and act like a leader by making every employee feel like a business partner as it will motivate them to do their best. It will not only bestow upon them a sense of ownership in the organization, but will make them feel as an indispensible part of the organization and you will have the most valuable asset of your organization performing their level best for the benefit of the organization. 
Encouraging an entrepreneurial mindset goes beyond profits and benefits. It’s a motivating attitude instilled in others by you, the manager. A manager with an entrepreneurial mind set is a great strategist and a master at getting others excited about helping him grow the business. He should make each and every member of his team an entrepreneur who activates his intuitions and sees the entire task as a whole responsibility, who can understand the entirety of the task assigned, the oneness of it and the integrated unity of it as opposed to merely their own assigned parts to perform. 
In today’s competitive and swiftly changing work environment, employees should know far more about the tasks and projects than just how to do their specific jobs. So the manager must help his team members in understanding the entire task or project and its completion process, so that they could gain a clearer perspective of how the organization operates, learn what the competition is doing and develop the ability to take intelligent risks and to be creative at the same time. By doing so, the manager helps his employees feel a sense of ownership and pride in their work and a sense of commitment to the organization and its goals.
Some more useful ways by which a manager could instill an entrepreneurial mind set in his team could be:
•To Experiment – The manager should challenge his team members to push a project forward, without analyzing it himself. And protect his team from those who may question this approach.
•By Broadcasting Results – He should share the results of this experimental project with other leaders in his company and encourage them to support the project. This will also popularize this method in the organization and other leaders and managers will also start following the pioneer. 
•By Managing it closely - The manager should also observe the process throughout to ensure that the costs never exceed the organization's acceptable budget, so the team can clearly see the upside of acting fast. 
When the manager helps his employees think in terms of the big picture and understand the domino effect of every action they take, he put the seed of an entrepreneurial mindset in them which creates a winning and motivated team and a successful organization as a consequence. 
Entrepreneurial mind set can help the employees of, virtually, any field or profession. The currently available products and services in the area of expertise of the organization, despite of doing well, always have possibility of improvement to serve the customers better. 
A true leader only can instill the entrepreneurial mind set in his team. There are some key characteristic of a true leader like he is driven to succeed, a self-starter and go-getter, i.e., he is so motivated to achieve his goals that he takes initiatives rather than waiting for someone to issue instructions. He always sees opportunities where others can see problems. He bears responsibility for his own actions, instead of playing the blame-game. He thrives on change and welcomes it. 
When an organization survives and thrives, it’s generally because the managers and leaders of that organization know how to change with changing scenario. And sometimes they even keep ahead of the changes around them. That’s certainly so when they allow or even encourage innovative thinking among their employees. That means that managers need to help their employees feel motivated for developing out-of-the-box thinking. 
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