12 Entrepreneurial Culture Elements That Should Be Integrated Into Corporate Culture
Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses. Twelve entrepreneurs share which elements of their entrepreneurial culture they would insist on taking with them to a corporate job if they were to give up their position.
1. Performance-Based Compensation and Ownership
I know that performance-based compensation is very popular in certain companies, particularly for sales jobs. But I would take it a step further and want to have some equity as a partner and share in the overall success of the organization. If I am going to put my heart and soul into a company like I try to do, I want to be rewarded in the big picture like in any startup atmosphere.
I define success as freedom, and freedom is the choice for me of how I spend my time. It’s one of the primary reasons I’ve strayed from the corporate world and relished in the lifestyle of being an entrepreneur (challenges and all). Were I to go corporate, I’d need to be able to keep my freedom, working whenever and from wherever I choose, so long as my goals are met.
3. Measurement of Performance
When I worked in the corporate world, my biggest pet peeve was the insistence on certain rules that had no impact on my actual performance. As an entrepreneur, I enjoy the fact that my compensation relates directly to my skills, efforts and performance. If I were to rejoin the corporate world, I would insist on having compensation that is focused on results rather than just procedures.
As a small company, we innovate a lot internally. We call this intrapreneurship. All our employees can feel like business owners, and can all create and develop new ideas internally. This culture can help large corporations continue to innovate and empower their employees to have freedom to create internally maintaining the freedom of entrepreneurship. This keeps a large company feeling small.
5. Work-Life Balance
Sometimes the work-life balance goes out the window in a corporate culture but is a natural element in entrepreneurship because you are the master of your own destiny when you work for yourself. I wouldn’t want to lose that at all because I need to balance how much I work with plenty of time for myself and family.
6. No Meetings
I would can the formal meeting process and work in a more collaborative fashion through apps and small group sessions rather than to have review meetings with agendas. It always feels like a lot of time wasted in the corporate space so I’d like to ensure that value placed on time would continue.
7. Hunger to Learn
It is important to remain humble and hungry for knowledge. Constant learning will create new opportunities and a corporate culture that supports education will continually evolve.
I believe that no matter how “corporate” a company is, it should be unified and integrated across the board. No one or no group should be operating on a project in a silo. Strategies should be fully harmonized so the companies values and brand is seen in every aspect of its output,
9. Performance Recognition
Learning how to give feedback to my team and get the best out of them has been a big part of my role here. Building a culture of performance is all about consistency and face time and less about being the “boss”. Encouraging teammates to give each other feedback and recognize work efforts has been a huge gamechanger for us as well.
10. Shared Leadership
At my startup, leadership isn’t something handed to you after you’ve earned seniority. If you’re willing to take the initiative, leadership is there for the taking as well. Since leaving my startup would make me a former entrepreneur turned employee, I don’t think I could go a day – not even a first-day – without at least the promise of owning a project born of my own solution-hacking initiative.
11. Nap Opportunities
It is unrealistic for anyone to work a fully focused eight or 10-hour stretch. Breaks are crucial for anyone to recharge and function at their best since there are marginal returns for working at full-speed all the time. That said, if I were to be an employee again, I would love to join a company that created spaces for and encouraged nap time.
12. Entrepreneurial Spirit
Corporate culture built to thrive in this era needs to have entrepreneurial employees. Corporations need to have employees who innovate as well as follow policies and processes. People who have and foster new ideas is how big businesses will compete in this new environment.