As an entrepreneur, you will always have a need to act as a manager. On the other side, as a manager, you will also need to act as an entrepreneur. Yes, this type of management that I call it as entrepreneurial management you will need to implement in both small and large businesses. So, you will need to implement entrepreneurial management in your company at some stage in the future.
The problem comes in large corporations where there is a need for the entrepreneurial spirit to fight with bureaucratic things in the enterprise. After some period when the startup business goes to the next levels of a business life cycle the growth of a company is necessary. Because of that, there is a need for management.
Entrepreneurs are persons associated with words like risk, change, short time, dreamers, luck… These words are contrary from the managerial principles.
The Journey of an Entrepreneur
Let’s cross quickly through an entrepreneurial journey:
- Business Startup – Entrepreneur. At this stage, entrepreneurs are risk takers, innovators, dreamers, change stimulators… They don’t have time for formalization and planning every next step that they will need to take. The only thing that they worried is a success of their idea – the business. They don’t have time to manage their and activities of their employees because they want to change the look of the world with their ideas.
- Small Business Growth – Entrepreneurial Manager. This is a period when the startup stage end and business start to grow quickly. Now, they are still dreamers, risk takers, change stimulators and innovators. However, at the same time, they must be managers. They have more and more employees, and because of that, there is a need for management. But, this is the situation where an entrepreneur can control all activities of their businesses. This is something that I call entrepreneurial management. So, at this stage of your small business growth, you will need specific managerial skills.
- Large Scale Growth of the Business – Manager. At this stage of your business growth, you can not control the growth only as an entrepreneur. Now, you will need to manage your business. The importance of innovation is not reduced, but an entrepreneur cannot innovate all things in the company and manage at the same time. This situation is something that I call the entrepreneurial dilemma because you as an entrepreneur must pick between different roads for your business development.
Indicators That Will Tell You When You Need to Implement Entrepreneurial Management
The real time to start with management in your business as an addition to the entrepreneurial spirit is when some of this indicators appear:
- Your small business begins to grow quickly.
- The company increases the number of employees.
- You see that there is a need for motivation.
- The company requires efficient controlling system.
- There is a need for specific rules.
- You need to work more and more on staffing.
- There is a need for organizing.
If one or more of these indicators become true, then you must start to think about implementing entrepreneurial management in your company.
10 Steps to Implement Entrepreneurial Management
Here are ten steps that you need to take to implement entrepreneurial management in your small business:
- Step 1: Discover real time to start with managing.
- Step 2: Start with delegating tasks that were not necessary for business growth.
- Step 3: Start thinking like a manager.
- Step 4: Make rule books.
- Step 5: Start with organizing.
- Step 6: Make a controlling system.
- Step 7: Measure efficiency and effectiveness.
- Step 8: Stimulate innovation not only from you but also from all employees.
- Step 9: Think about strategies and plans.
- Step 10: Focus on changing and managing at the same time.