The U.S. Small Business Administration published a report that showed that 62 percent of all businesses have less than five employees. Other data from The Kauffman Index indicated that at least 500,000 adults founded businesses each month in 2014. This goes to show that small businesses are increasingly gaining traction and with this growth in their number comes stiff competition. To stand out as a startup, and to retain the competitive advantage, can prove difficult in an environment where there is a proliferation of similar businesses. All these businesses share a common trait, which is building a culture of growth.
A culture of growth can be defined as a mindset that focuses on developing limitless potential. With such a mindset, an entrepreneur welcomes challenges and setbacks as fodder to develop, learn, and grow. This translates to a passion for experimenting, discovering, and stretching to reach what is deemed impossible. A business that is looking to achieve a culture of growth should consider implementing the following ideas.
Prioritize learning over talent
You might assume this means talent is not vital in the process of building a business, but working with employees who have diverse skillsets and able to learn new techniques speeds up the growth process. Experts like Grace Lever cite that ability to understand new concepts and apply them accordingly is a vital part of entrepreneurship that cannot be overlooked because the market changes with each new day. You need people who are not going to be comfortable with their status quo.
Everyone is fallible and adding assumptions in the management process could further raise the risk of making costly mistakes. Every step you make should be backed by facts and verifiable information. While constructing a new marketing model that can raise profitability, it is necessary to revisit the feedback received from the market to know exactly what needs to be changed to improve products. You also need to measure the size of your market well to understand the scope within which you can market products.
Create room for experimentation
If you are looking to prioritize growth within the culture of your business, you should give it time to flourish. A good number of startups have achieved growth through unexpected means that you could apply as well. For example, Airbnb managed to tap a larger market by leveraging Craigslist’s code. Employees also need to be freed from mountains of work or burn out because this space allows them to come up with creative solutions that can enhance growth.
Whenever mistakes happen, some entrepreneurs spend a lot of their time apportioning blame, which in reality eats up productivity. You need to understand that mistakes happen and in most cases what happens is not deliberate or foreseeable. It feels painful to take blame for screw-ups, so allowing blame to overcome you could discourage some of your employees from undertaking some tasks. Blaming your employees could also block the sharing of ideas because they will not have the confidence to approach you.