Much is made of the importance of being enterprising and entrepreneurial, especially in today’s economic climate, where budgets are ever-tightening and there is a recognised skills shortage across many areas of industry. However, do you truly understand what these words mean – and how they can relate to improved performance within your business or organisation?
At its essence, being entrepreneurial means identifying an unexploited opportunity and making the most of it. Or in other words, identifying a gap in the market and finding the right solution to fill it. However, it’s not always about introducing something new, it can also be about improving existing business practices and processes to introduce improved results, from increased efficiency to improved budgeting.
As this week is Global Entrepreneurship Week, it is a good time to look at some of the skills and competencies that are intrinsic to an enterprising or entrepreneurial spirit, and how they link to commercialisation. Honing many of these attributes will also enhance your leadership skills too.
At its heart, commercial awareness is fundamental to being entrepreneurial. Understanding it makes good business sense and acting on it will lead to overall improved business performance.
Creative and innovative thinking
Although not obviously the first words you think of in relation to business, by being a creative and innovative thinker, you can see how doing something differently might lead to the results you are looking for.
Problem solving and analytical skills
More naturally associated with a business mind, problem solving and analytical skills will enable you to identify the issues and look for trends associated with it.
Ability to influence
This skill is vital when looking to introduce something new. Without the ability to negotiate, persuade and sell-in a new idea, you will not get the buy-in you require to implement change.
Being able to be adaptable and flexible to changing needs and requirements is essential. A high level of resilience is also crucial as change brings many challenges.
Implementing change requires strong leadership, and as a leader it is also important that you are driven and results-oriented, so that you can ‘be the change you want to see in the world’.
Against a backdrop of high expectations from customers and rising demand for services, the need to reduce costs, deliver efficiencies and supplement traditional income streams has never been higher. Adopting and driving forward a coherent commercial strategy as one means of achieving this is more important than ever.
At C.Co we have developed a commercial strategy framework to help define what success looks like in relation to your organisation and then what the specific objectives of your commercial strategy should be in the short, medium and long term, considering the implications and any risks at every stage. Following this framework will assist in articulating and developing a bespoke commercial strategy that will work for your organisation, supporting your objectives, outcomes and aims.
Please contact us if you would like to discuss our framework approach.