Five Entrepreneurial Actions for Every Employee
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Many people aspire to be an entrepreneur. But, the truth is, you already are, whether you know it or not.
If you don’t realize it, you miss out on building the most wonderful of all businesses - YOU!
Even if you are an employee, you are effectively an entrepreneur. The reason is that the nature of the employer/employee relationship has evolved.
Work is increasingly hybrid or remote. There is no corporate paternalism/maternalism. And unless it happens to be truly the case, your firm isn’t your family.
Once you acknowledge that employment is more a compensation structure than anything else, you understand that every employee is an entrepreneur.
What does that mean to you?
Like ownership in a company, your personal brand is an asset. In your efforts to trade your talents for dollars, your brand, or unique value proposition, transcends any single employment or consulting relationship. It has the potential to appreciate over time through continuing education, personal development, and a growing web of interesting and valuable relationships. While few careers are a straight-line journey, aim for consistency in messaging and principles so you can be easily identified as the go-to person for tax advice, revenue generation techniques, or whatever becomes your signature strength.
Entrepreneurs don’t coast. Neither should you. Never become complacent in your day-to-day responsibilities. It may be tempting to ease off the gas and do the minimum amount of work to get a passing grade at work. Instead, strive for excellence and always keep your skills sharp. Take advantage of personal development activities, especially if it’s employer-funded. Obtain that certification and go for that advanced degree. Like an entrepreneur, make investments that you expect will have an attractive return.
A good entrepreneur is outwardly-focused. They are always building the value of their client base. Keep your network active at all times. A big mistake I see people make is getting entangled in their little universe of co-workers and clients and needing to spend more time broadening their network. There are so many ways to do this: industry associations, vendor functions, community and philanthropic organizations, your alma mater, etc. Devote some time each month to attending events where you’ll likely meet new people. Make it a point to reach out to a couple of people each week who you haven’t spoken to in a long time to keep those relationships fresh.
Think like a CEO regarding finances, even if you’re an employee. A good CEO knows there can be both moments of good fortune and tougher times during a business cycle. So they don’t spend those excess revenues but are mindful that there may be moments of feast and famine. Take the same approach to your compensation. How many investment bankers have assumed that whopping annual bonuses continue in perpetuity? The smart ones adopt a lifestyle they can afford over the long haul, not just during the boom times.
A good entrepreneur knows when to cut their losses. They continually re-evaluate their view of the company's prospects instead of being influenced by how long they’ve been involved with the organization. They recognize that all past efforts represent sunk costs and aren’t relevant to future decisions. If you are an employee, you need to continually wear your entrepreneur hat and reassess what you expect in the future. Have industry conditions, like demand and pricing, changed? Has your firm’s competitive advantage eroded? If so, it may be hard to make up that lost ground. Consider whether your employment situation is worth your continued daily investment.
Being an entrepreneur is not just limited to those with their own businesses. As an employee, you can cultivate an entrepreneurial mindset and approach your work with the same dedication and strategic thinking as a CEO. You can create a fulfilling and successful career by building your personal brand, continuously improving your skills, expanding your network, being mindful of your finances, and being willing to reassess your situation. Remember, you are the CEO of your own life, so take ownership of your career and strive for greatness!
Do you or someone you know need help determining what kinds of roles and companies would be great work situations? Conducting an effective job search without endlessly applying online? I coach and advise people 1:1 and in hybrid 1:1/small group settings. Learn more about my career coaching and sign up for a free 30-minute Career Solutions Call.