To Become An Entrepreneur In Someone Else’s Firm by Taking Initiative at Work.
“Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea. They willingly assume responsibility for the success or failure of a venture.”
In simple terms an entrepreneur is a person who is willing to put his/her career and financial security on the line and take risks in the name of an idea, spending time as well as capital on an uncertain venture. It is thus being taken as a process of discovering, evaluating and exploiting opportunities.
The concept of being an entrepreneur in someone else’s firm or taking initiative at work seems hard to understand and one would face difficulty in finding references on paper but in the practical life there exist examples in almost every organization. Where individuals working in someone else’s firm for them and still practice entrepreneurship in their given capacity.
Example of Empowering Employees by Taking Initiative at Work
To understand the concept of the said subject matter let’s take an example of a Bank. A bank has a lot of departments, lets pick one; Sales Department. The Sales Department in the bank has individual Relationship Managers(RM) who are responsible for managing a certain portfolio they perform their duties by bringing in deposit, inter and intra departmental coordination, managing attrition, providing services and cross selling products.
During the study different researchers and scholars have described the phenomenon of Entrepreneurship according to their knowledge and understandings. The concept of and RM being and Entrepreneur can be explained by the combination of these roles of an entrepreneur defined by the researchers with those duties that an RM has to perform.
- Transformation of demand into supply for profits
An RM needs to transform the requirements of the customers to invest his funds according to their need and provide them with quality services. He then converts the customer’s fund investment into profitable business for the bank.
- Bringing together factors of production
The RM utilizes all the resources at hand to facilitate the customer so that the organization benefits from it. He uses his knowledge about different products, god relationship with internal employees, the set ambiance of the Preferred Lounges etc to attract the customer’s attention.
The RM takes ownership of the deposit that he brought in; he manages his portfolio in the manner that he owns all the inflows and the outflows of his portfolio.
- Responsible decision making
The RM needs to be responsible and attend his portfolio and should have enough grip as to when a customer outflow is expected so that an alternative inflow could be arranged where the book size grows and does not deplete.
- Carrying out new combinations
An RM not only manages the funds of the portfolio but offer other bank products that matches the profile of the customer which may include cross selling banc assurance, auto loans, mortgages, credit cards etc.
Hence, an RM is an entrepreneur working for a bank, he takes risk and due diligently scrutinizes the customer profile and means of his funds. His reputation and career is on line as he has to ensure that the customer he is introducing to the bank is not involved in fraudulent activities and that his funds introduced to the bank portfolio would be profitable. At the end of the day, every RM is responsible for the growth of his portfolio, which in turn ultimately benefits the bank as a whole. As a result the organization will also be able to increase employee loyalty among staff.