If you want to be at the top of your field in any industry being a business owner, thinking as one is the best way to increase productivity each time.
If you are feeling trapped by an unsatisfying or limiting job as a professional in the business world I encourage you to examine your interests as well as your level of ownership to help you improve your professional career or expanding your business. Personally, I’ve been an employee for large corporations in addition to being taking part in ventures that were new which I found as having more opportunities in terms of satisfaction.
Today, many business professionals such as Howard Schultz, didn’t start their businesses that they’re now famous for. Instead, they have made it to in the ranks of corporate leadership using the idea of ownership. Some, like Jeff Bezos, spent time within a large company or two prior to separating to create their own.
There are numerous components to the ownership-based strategy but these are the most important ones that I have observed in my personal experience as a mentor, advisor and coach to entrepreneurs who are aspiring and entrepreneurs:
1. Are willing to take risks that can lead to long-term prosperity.
Many people want instant satisfaction and get stressed from every chance. The smart business owners know that there is no guarantee of success without the risk of investment. High-performing employees are always looking at new opportunities and they are willing to weigh the risk-reward possibilities.
2. Consider business performance to determine your personal development.
Some people think that it’s just a job. But when you think of ownership, the health of your business is the most important indicator of your own personal growth as well as growth. Instead of being focused on the salary and benefits the focus should be on revenue, customers as well as operations. The goal of your personal life is to achieve success in company.
3. Look for a bigger reason for business, and then live the mission.
Businesses whose primary goal is just a quick profit have a difficult time finding satisfaction and joy. It is better to become the boss of your own business or promote an issue you’re committed to, like helping those in need or decreasing the detrimental effects on the environment caused by the climate changes.
In this case, for example, the founder Blake Mycoskie, the founder of TOMS shoes, was a source of inspiration for all by clearly conveying the purpose of aiding the poor through the donation of a pair shoes for each pair that was sold. It was a great return on investment and the customer satisfaction was higher than the price.
4. Enjoy the thrill of innovating and creating the future of your business.
Being an employee, you are accountable for what your bosses dictate, even if you like the challenge of changing requirements and feedback from customers. If you think in terms of ownership it is possible to enjoy the learning process and development of innovative business models as well as more effective processes as well as existing customers that remain loyal because of your efforts.
Jeff Bezos credits much of Amazon’s success and growth with encouraging the company to conduct innovative company “experiments.” Bezos believes that by doubling the number of tests every year, you’ll expand your horizons, which will allow you to grow your business faster.
5. Motivate employees to be engaged and responsibility.
Success in business, as well as yours, depends on cooperation and accountability at all levels, which includes partners, vendors and all other parties. Your focus should be on fostering an environment of collaboration as well as continuous education and continuous change in order in order to adapt to new trends in the market and customers.
6. A greater number of new, returning and loyal customers mean job success.
solving customer issues as a top priority is essential to achieving ownership. Thinking about employees is about more money and less effort for each customer. My experience is that the degree of focus on customer service throughout the team can be a great indicator of the general performance, health and the their culture.
7. Utilize metrics and other data sources to measure improvement and return.
Thinking about ownership involves tracking performance and obtaining feedback regarding the performance. However, attempting to continue to operate without collecting data from the business or tracking customer performance measures is the recipe for disaster. I would recommend a focus on the satisfaction of customers as well as financial indicators to monitor the health of your business.
8. Do not rely on micromanagement to improve effectiveness in your business.
A successful approach to ownership is based on the ability to manage and train others rather than having the dictating degree of micro-management. The business and you both benefit when everybody takes full responsibility of their behavior, which results to increased efficiency, greater customers’ satisfaction and greater return on investment.
If your goal is getting at the very top in your existing firm, or you’re looking forward to working on your own company I suggest that you develop your leadership capabilities by using the methods that are described here and the closely related strategies. Do not risk your health or the long-term happiness of your life by working more and more on the improper work aspects, while not enjoying the work as much.