Millennials vs Innovation: Entrepreneurial Culture is Key
Innovation does not happen overnight. It involves identifying and gathering the right building blocks that not only support each other, but also complement each other. It has been indicated numerous times that people and entrepreneurial environment is key to creating that circumstance, where innovation is a result.
In our previous blog, we talked about why and how companies should create an entrepreneurial company culture to enable employees to thrive.
In this blog, let’s put a magnifying glass over the people aspect in innovation and intrapreneurship.
*Millennial Survey by Deloitte
- Innovation is considered to be one of the top three ‘purposes’ of business and just as important as profit
- 78% of Millennials believe that innovation is essential for business growth and 87% believe the success of a business should be measured by more than just financial performance
- Only 26% believe that their own organisation’s leadership encourages idea generation and sharing regardless of seniority
Entrepreneurial Culture is Key
According to an article on millennials from Forbes, by 2020, 40% of the global work force will be dominated by millennials. Your company is essentially dependent on them and they are critical to the success and sustainability of your business. If they don’t want to work for you, your organisation will die, says Louis Efron. If you start looking at how the millennials are reshaping workplaces, you will find that it is key to create an entrepreneurial environment. Millennial employees especially do not necessarily look for career advancement, but rather the chance to foster change to be the force for an entrepreneurial culture.
Why is it important to infuse corporate entrepreneurship into your millennials workforce
72% of Millennials would like to be their own boss. Being your own boss usually means you can work when, where and how you like as long as you are delivering results. It is also a phenomenon we started to see now, that bosses are getting younger and younger. Let’s take a closer look on how corporate management should make changes to foster millennials, where entrepreneurial culture is key.
Cut bureaucracy – Millennials want freedom
Being an entrepreneur offers freedom, flexibility and eliminates the need for conversations around the dead notion of work/life balance. With current technology, work and life today are fungible – they look the same. Being your own boss is a lifestyle, not a job. It also means taking ownership on what you do.
Therefore, it is essential to understand how your workforce works, are they looking for a space that will allow them to innovate within your company? Identify the talents and then provide them the environment to thrive and innovate. You don’t want to be the dinosaur company that no one wants to work for.
We have established that people and environment are both equally important for innovation. We have been able to identify the similar characteristics among successful entrepreneurs. Hopefully this will also help you identify the entrepreneurs within your company. We welcome you take take our intrapreneurship DNA test here.
The top characteristics of millennials that possess entrepreneurial qualities are:
1. Learn from Experience -> Problem solving
Understands complex ideas, learns quickly from experience, develops plans, and overcomes obstacles by reasoning
2. Like to Analyse Data -> Intellectual disposition
Creates innovative and unconventional approaches and ideas to solve difficult problems, gathers and analyzes data and information to improving performance.
3. Build Strategic Relationships -> Compliance
Courteous tactful. Keeping others adequately informed consulted despite pressing deadlines. Builds long-term strategic relationships with difficult people.
4. Assume Responsibility -> Self-regard
Accepts criticism and feedback (and looks for it), remains positive through obstacles, and takes responsibility for their actions and errors.
5. Highly Adaptable -> Experiential disposition
Highly adaptable, learns and applies new skills, initiates enhancements and integrates them well into existing plans and procedures.
6. Good Interacting with people -> Social intelligence
Understands people and social cues leading them to be more effective interacting with other people.
*Our test is developed with Neil D. Christiansen, Ph.D., an expert in the areas of employment testing and psychological measurement at Central Michigan University. He has worked extensively with corporations to improve their hiring process and help them identify the most talented job candidates. The test has received the following awards.
Having identified the building blocks for corporate entrepreneurship, you can now structure the blueprint to implement the process. Identifying that will help you create a sustainable intrapreneurship program with higher success rate.
ENJOY THE RIDE!
In the spirit of moving forward and helping each other understand what works and what doesn’t, please leave your comments and questions. I hope that this article will encourage discussion and the sharing of best practices and learnings.