October 31, 2007 - The entrepreneurial urge: Satisfying great employees who want
more independence
Don't ever underestimate the entrepreneurial urge of your employees. Employees with
this urge are most likely the people you don't want to see moving on to other places.
These are people you want to keep! They often leave to start their own companies, to
pursue their entrepreneurial dreams, and in some cases, to become your competitors.
In my experience, I dread competing with former employees. It's like battling the Borg.
Our skills were assimilated during the time we worked together (resistance was futile).
And now I find myself competing with these smart people, who know all my methods -
and new methods they've developed since leaving our company.
Unlike the Borg, these former employees don't have any robotic weapons appended to
their bodies (that I'm aware of). Most are fabulous people with whom I wish I still
worked. I've often pondered what I could have done differently to keep them working
alongside us while fueling their entrepreneurial spirit. In the past few years, I've come
across some solutions that seem to work.
One entrepreneurial colleague is a great example. He has a super job with a growing
company and his own parking spot; he also lives in one of North America's more
desirable cities. Once you get to know him, you appreciate his entrepreneurial spirit and
wonder how his company manages to keep him:
- He runs a basement electronics lab developing gadgets unrelated to his day job.
- He works like crazy renovating his house so he can rent out the basement suite.
- He is always looking for properties to buy as investments.
Luckily, his employer recognizes his entrepreneurial traits and handles it well. For
example, they offer him a tailored profit sharing option to keep him motivated.
Many companies resign themselves to the idea that they will eventually lose a great
business-minded employee and don't do anything about it. Yet my friend has stayed with
his company longer than he ever planned and has made huge contributions to their
success.
People like him might already exist within your company, or could potentially join the
crew. What you need to do is identify these business-minded types and consider how best
to recognize them for their abilities while offering them the flexibility they need.
For example, at the start of my current company, when we were looking for someone to
manage our finances, the option of paying someone full-time wasn't feasible. A better
option practically dropped into my lap: an experienced CA who was looking for a parttime
contract. The end result was great news for both him and our company. He could
work at other companies, teach at a local university and even have time to help his wife
home-school their kids. We got an experienced finance guy without having to pay the
price of a full-time person. It's often better to have a person with 10 years' experience for
three days a week than a junior person full-time.
Part-time or casual employees should not be treated as lesser employees. Give them a
sense of company ownership: a proper title, a spot on the management team and a real
office. Talk to them about "our company" versus "my company." Use your imagination to
keep them easily connected to you: pay some of their home Internet or Blackberry costs,
issue them a computer, or whatever else it takes. You want their services, so make sure
they feel connected to the company.
Please remember that the majority of your employees may not have entrepreneurial
desires, but they need to be treated with care as well. Countless books exist to give you
ideas on how to do this.
But getting back to the entrepreneurial few: watch for signs. Their performance doesn't
always show their state of mind. If they are working long hours and are fired up about
their work, that doesn't necessarily mean they have the urge to run their own business.
But if they are buying real estate or working the stock markets, take note. Profitable
business interests outside of the workplace are clear indicators.
Sometimes, the signs are more direct. In my experience, if an employee says they hate
"working for the man," brace yourself, because I've only ever heard this from friends who
ended up leaving their company. "The man" doesn't actually exist but nebulously refers to
their dislike of having to work for someone else. Probably the biggest lesson I've learned
is to avoid making your employees feel like you're "the man." Make them feel like you're
their business partner. Give them some shares in your company (at least) and above all,
make sure they know that when the company succeeds, they will also succeed.
Mike Wakim is president of Fidus Systems, an Ottawa-based electronic product
development company. Fidus specializes in electronic product development for the
communications, aerospace, defense, transportation, automotive, storage and memory,
consumer products, biomedical instrumentation and industrial control markets.
