10 WAYS TO CREATE AND ENCOURAGE ENTREPRENEURIAL BEHAVIOUR IN LARGE COMPANIES

In large companies, creating, or even maintaining the entrepreneurial culture that established the company in the first place is becoming increasingly hard to do. Large companies are built around structure and process and this is not the best environment to encourage innovation and entrepreneurship. Large companies are good at identifying and managing risk, something they have legal and moral responsibility to do. However, can developing and promoting a risk management culture result in killing the entrepreneurial culture that needs to thrive in any company to ensure that it grows and takes advantage of the constantly changing market environment in which it operates? Here are 10 Ways to Create and Encourage Entrepreneurial Behaviour in a Large Company:

  1. Ensure a commitment to entrepreneurship is made at the highest level within a company.
  2. Establish the ‘Encouragement of Entrepreneurial Behaviours’ as a fundamental value within a company.
  3. Ensure that the resources and processes are in place within the company to enable new ideas and new corporate ventures to be established.
  4. Create policies and guidelines on risk taking to help balance all the existing policies and procedures on risk management.
  5. Create a balanced Senior Executive Management team, between those are who risk managers and those who are risk takers.
  6. Ensure that HR processes are in place to recognise potential entrepreneurial talent within the company at all levels.
  7. Include entrepreneurship training in the personal development plans of these individuals.
  8. Create informal groups that link together the energy and enthusiasm of young creative talent with the Senior Executive Management who are considered more risk takers.
  9. Put money and resources into innovative ideas that come from within the business.
  10. Create innovative reward schemes for the people in the company that are able to take it beyond where it is today – don’t be frightened to create ‘in-company millionaires’.

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