Attracting the New Entrepreneurs
The technology industry has been pushing business ‘norms’ for years. Many tech execs shy away from keeping a rigid corporate structure and rely heavily on hiring the most talented people they can find, regardless of age or gender. Corporate bureaucracy slows down the pace of innovation, though it does allow for stronger quality controls. Controls that are not needed if the right people are hired and retained.
That is why many people are turning to being in business for themselves. So-called “solopreneurs” are relying on cloud computing and social networks to build businesses where they only have to rely on themselves. In fact, MBO Partners believe that a majority of Americans will be solopreneurs by the year 2020. While this seems like it is a bit soon for the trend to fully materialize, it does speak to the growing sense of independence among younger generations that should be forming the future of business.
So what does the entrepreneurial trend mean for large businesses around the world? As the existing boards and executive teams near retirement, there will be a smaller pool of talented individuals to backfill their roles. Talent discovery is undoubtedly going to become more expensive and could possibly cause a talent crisis for businesses around the world. That is, of course, if we don’t take action now to find and cultivate that ‘solopreneur’ spirit in our businesses now. We can at the very least mitigate the future impact by taking action now.
So why are solopreneurs choosing to stay away from traditional big business? The answers could very well be what your business can adopt and foster in order to succeed for generations to come.
Many entrepreneurs and solopreneurs begin because they want a more flexible schedule. We know that there is no such thing as a 9 to 5 salary job anymore, and many businesses are expecting their management team to be spending 50-70 hours a week in the office. This simply doesn’t work for everyone. There is an increased focus on family time, and that kind of schedule is nearly impossible to keep while keeping a family intact. But that doesn’t mean that entrepreneurs and solopreneurs aren’t putting in that amount of time. The flexibility of their schedule allows them to work for a while, do homework with the kids or eat dinner with their spouse, and then get back to work at night – sometimes until two or three in the morning! They are allowed to work on the schedule that works for them.
Another major draw to staying away from big business is the fact that entrepreneurs and solopreneurs are empowered to make decisions and take decisive action. They don’t have formal policies and procedures that they must follow. Less red tape means that more can be done in a shorter amount of time. If done correctly, empowerment can lead to greater efficiencies.
There is also a growing trend around the world for people to start businesses that have a deeper purpose. Topics like sustainability, environment, and helping the poor are all problems that we are using our businesses to solve.
If we want our businesses to continue to grow and be competitive in attracting a shrinking pool of talent, your business can adopt programs around these ideas to pull talent back into the mix. No longer are big businesses only competing with one another, they are now competing with the individuals who are working for themselves. Rather than competing against those progressive minds, look to make your company attractive enough for those competitive minds to join you. The future of your business could rely on it.