Continuous learning: Adopting this entrepreneurial mindset
Continuous learning and being open to adapting are so necessary for entrepreneurship.
As a founder and advisor, I believe it would be really beneficial to see the same mindset applied to other structures and sectors.
Fellow entrepreneur Daniel Lewis and I chatted about the differences in mindset between founders and entrepreneurs compared to some larger organizations and corporations:
From our experiences, we’ve seen that entrepreneurs often have a willingness to learn, admitting what they don’t know while seeking out solutions, with a focus on moving things forward — while corporate settings and structures can limit individual contributions.
Smaller companies tend to have a higher rate of continuous learning and skills development programs, which encourages a culture of innovation and quick adaptation to market changes.
Whether governments or Fortune 500 companies, there are some big organizations that could benefit from adopting more entrepreneurial approaches and opening up structures for more innovative thinking.
There are some innovative leaders and “intrapreneurs” within big organizations, of course, we’re not making definitive statements here.
What does the data show?
84% of executives in large companies believe innovation is crucial for growth, but only 6% are satisfied with their innovation performance, according to a McKinsey & Company report. In contrast, smaller companies often display higher innovation intensity, measured as R&D expenditure relative to sales, due to more agile structures and the necessity to differentiate in the market.
Smaller organizations make decisions 25% faster than their larger counterparts, a study by the Boston Consulting Group found. This is attributed to fewer layers of hierarchy and more direct communication channels. Larger organizations often have more complex decision-making processes, with multiple layers of approval and a greater emphasis on risk management.
Then when it comes to teams, in large organizations, only 30% of employees feel highly engaged, partly due to bureaucratic barriers that limit individual influence on outcomes. Research from Gallup shows that employee engagement is higher in smaller companies, where individuals feel their contributions are more directly impactful.
The key is to create a culture where everyone can both learn and contribute to driving the organization forward.
I’m here to help. For support with your business, visit DanielDoes.co.
For training for non-organizations and social purpose businesses, visit The Good Growth Company.
