8 Ways to Make Your Employees Feel Like Entrepreneurs

The following is an excerpt from my FREE Workplace Intelligence Insider Newsletter. You can access the full article in the Newsletter Archives. And don't forget to subscribe so you receive the new edition every Monday morning. 

According to Google, “how to start a business” was a more popular search term this year than “how to get a job.” With everyone from CEOs to receptionists feeling fatigued by the 21-month long pandemic, it’s no surprise that people want to take more control of their lives by working for themselves. In October 2021, nearly 6% of workers were self-employed; an eleven-year high.

This trend, coupled with the Great Resignation where 65% of workers are seeking a new job, is responsible for the current state in which many employers find themselves—witnessing their most talented employees depart for higher pay elsewhere. In fact, the latest data from the U.S. Bureau of Labor Statistics reveals that 4.5 million people voluntarily left their jobs in November. That number is up from 4.2 million in October.

If your business is struggling to retain talent right now, I know just how challenging and disheartening this situation is. While there are many job factors you can improve to prevent people from quitting, in this article I want to focus on the importance of autonomy. My suggestion? Give your employees the independence that comes with working for themselves. Do so, and your workers will enjoy the freedom of entrepreneurship without its inherent risks and challenges.

I left my own job over a decade ago to become an entrepreneur, and it hasn’t been easy. Looking back, I might have taken a much different path had there been more opportunities for me to feel like an entrepreneur within the mainstream corporate world. Too often, when employees show entrepreneurial initiative, it’s quashed. Initiative sometimes makes others on the team bristle. “How does he get to break the rules?” jealous co-workers may ask.

An insecure boss might even do everything possible to stamp out entrepreneurial drive. But, if you make entrepreneurial risk-taking part of the culture by rewarding it, you will encourage breakthrough ideas within your company. And more importantly, your most talented employees will actually want to stick around.

In this week’s article, I describe 8 ways to make your employees feel like entrepreneurs.

Want to read the full article? You can access it in the Workplace Intelligence Insider Archives. To receive the new edition every Monday morning, subscribe for free.

And don’t forget to join the conversation below—let me know if you’ve found creative ways to encourage an entrepreneurial mindset at your organization.