It means shifting one's approach. The term "entrepreneurialize" we coined refers to adopting a different mindset. It means moving your business or organization from within its administrative focus to one that embraces a more opportunity-driven dynamic.
A new management methodology is needed. In a time when once 'friendly bankers' no longer exist, and recent economic woes have seen customers and suppliers disappear, I recommend that you "entrepreneurialize"!
The difference: In an administratively run company, the main focus is efficiently managing existing resources. The management team typically oversees and optimizes physical, financial, and human resources to achieve predetermined results. This approach is often characterized by a risk-averse management style that only operates within the limitations of existing capabilities and resources. To 'entrepreneurialize' is to reach beyond these limitations.
An entrepreneurially run organization takes on a more proactive and innovative stance. Regardless of the lack of resources or deemed limitations, an organization run in this manner centers its attention on pursuing the inherent or perceived, yet validated, possibilities. The goal is to develop each of these – as a collective opportunity – not merely manage what exists. Instead of being restricted by limited resources, which is a constant to any small to midsize business, an entrepreneurial organization aims to muster what is required. It will seek to identify the wherewithal with which to capitalize not only on what exists but also on what is externally available, thereby further shaping the initiative.
Entrepreneurializing a business (in my view) involves cultivating a culture that fosters creativity, risk mitigation (versus risk-taking) and adaptability. It means embracing ideas such as inter-industry-member collaboration or reaching outside the industry to find a complement. It involves experimenting with approaches that overcome shortcomings (such as shared facilities), capitalizing on strengths (joint ventures), and taking calculated risks (adding products or services) to achieve desired outcomes.
This approach is frequently linked with an adaptable organizational structure, where the emphasis lies on fostering innovation, resolving problems and taking advantage of opportunities as they present themselves, not merely presiding over currently held bells, toys and whistles.
In essence, 'to entrepreneurialize' signifies shifting from a model that primarily focuses on administration and resource management to one that thrives on identifying viable prospects, driving innovation, and actively pursuing goals, all in the presence of limited resources.
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