Entrepreneurs are special! They are smart, knowledgeable, passionate and extremely driven individuals. They visualize and create things that most people in the world couldn’t even imagine! And yet it is a troubling fact that within 3 years, close to 90% of the companies founded by these visionary entrepreneurs fail. Read more to learn why and what we can do about it.
Contemplating how best to engage your millennial workforce? Implement reverse mentoring, break down barriers within the organization, and provide them with regular, honest, and authentic feedback. Read on for more useful tips!
"Millennials want frequent real-time feedback to keep learning and progressing quickly. They even place training, mentoring, and flexible work arrangements as priorities above financial benefits – and mentoring is well and above their preferred way of learning. In fact, 75% see mentorship as crucial to their success. Yet only 51% of Gen Y women surveyed by LinkedIn said they have had a mentor."
A failed founder is without question one of the most experienced people to go after in the job market. They have shown that they will take risks, work long hours to achieve success, communicate with customers, and blend all of the different pieces of a company's operations into one. Most importantly, their previous failures give them an insatiable hunger for success - and it’s your company that will benefit.
Employees have an incredible impact on top- and bottom-lines, and a happy workforce through engagement will drive both to success. Engagement is no longer a luxury, but rather a necessity. True leaders know that they are never done motivating and engaging their staff; in fact, those who think they’ve done all they can do have already lost the battle.
In order to ensure that you are on the right track, you must absorb and process all feedback, good and bad. Many founders have shipwrecked their companies simply because of their resistance to hearing bad news, despite warning signs during initial meetings with friends, family, colleagues, and business associates. Keeping an open mind is necessary for entrepreneurs to build products and services that address an actual market.
For many, “meeting” is an evil word. Meetings can suck the life from you and your staff, particularly your millennial workforce, by distracting from the critical day-to-day actions that are needed to keep a business afloat. Poorly-run meetings waste more time and money than any other facet of corporate life, a problem to which startups are especially susceptible.
On the other hand, well-run organizations properly hire and train managers who can keep meetings short and to the point, with an outline and an accurate list of who needs to be in the room. This frees top performers to continue their winning streak, rather than find themselves stuck in an office-wide meeting that has no bearing on their work.
There are hundreds of attributes that make up successful individuals, but the seven in this article play the most important role in defining the success trajectory of a company. While everyone might experience setbacks here and there, it’s the founders who consider the health of the entire team and modify their behavior accordingly who make history.
Founders that refuse to address their tendency to micro-manage can cost their company time, talent, and future deals. Our advice to founders: micro-manage the hiring process, but once you’ve made a decision, trust your hire. Give them the tools they need to succeed, then give them a chance to do so.
With 50% of the workforce now consisting of millennials, it’s time to reconsider traditional models of career advancement and employee engagement. This white paper will provide an overview on the changing workplace demographics, new expectations of employers, and best practices for harnessing the innovation and passion of this increasingly powerful generation.