How to maintain entrepreneurial spirit in an established business

When we first start our business and entrepreneur life, we have a great deal of passion, enthusiasm and motivation to create something amazing. For some, that never goes away,  but for others, enthusiasm about their business can fade over time.

It can be easy to get caught up in the hectic life of a business owner, particularly with all the stress and responsibility that comes with it, but maintaining your passion for business doesn’t have to be difficult. If you’re looking to maintain or expand your business, all while keeping your entrepreneurial spirit, here are some of our top tips.

“Stop telling yourself you don’t know what to do. Yes, you do. Listen to your intuition and trust yourself.” – Katherine Sullivan (former NASA astronaut and current geologist).

Hire employees with an entrepreneurial passion

Sometimes we need other people around us to lift us back up and give us the motivation needed to grow and develop.

It can be easy to get stuck in a rut when you only have yourself to keep you moving forward. That’s why, when it comes to hiring people to join your team, you need to look out for people that have the same entrepreneurial spirit and passion as you. These people might excel in areas that you don’t – they could be more creative or have better problem-solving skills!

Stay involved with the company and employees

Just because you’re the boss doesn’t mean you can step away from the business completely. It is your job, as an entrepreneur, to ensure the business continues to build towards its next big goal.

Your employees are there to help you realise your dreams for your business, so make sure you are on hand to guide them every step of the way. Employees want to be a part of something great. Ensure your goals are aligned with theirs and you’ll find it’s much easier to achieve.

You should also try and be involved with the day-to-day as much as possible. Checking in with your employees (not checking up on them) will, in turn, help your business.

Don’t be afraid to delegate

Of course, there will always come a point when you are simply unable to do everything on your own and that is when it is a good idea to delegate those tasks to someone else. The main areas of delegation tend to be admin jobs like accounting and HR. You could hire an accountant for entrepreneurs to take care of things, leaving you free to work on the business development side of things.

It’s very important to remember, that even though you have delegated something, it does not mean you can wash your hands of it completely. Always keep your finger on the pulse, stay involved and always be thinking of new ways to evolve your business.

Don’t tolerate poor performance

When it comes to nurturing a healthy, exciting business, you need to make sure you weed out any poor performance. Those employees that show laziness, disregard for others in the workplace and are constantly churning out poor work will soon bring the rest of the team down.

It is surprising how demotivating bad employees can be, so ensure you are taking proactive measures to keep this from happening.

If you are an entrepreneur and looking to delegate your finances to a chartered accountant, we have a wealth of experience working with passionate business owners. Get in touch today to see how we can help you.

 

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