Mid-Market Outlook: How Entrepreneurial Behavior Can Help Companies Grow
Mid-market perspectives blog: Growth enterprise services
Posted by Tom McGee on November 30, 2012
We’ve all heard stories about entrepreneurs who started out working in their garages and turned a brainstorm into the next big thing, but apparently entrepreneurial behavior is not just reserved for startups.
Our recent survey of 652 mid-market executives included a focus on entrepreneurial behavior in an effort to measure its impact on companies in this segment. What did we find? We learned that companies which identify themselves as being more entrepreneurial are succeeding at a faster pace.
There are lessons mid-market executives can take away as they plan for growth. First, it’s clear that entrepreneurial behavior matters – and any company can behave in entrepreneurial ways. But that behavior needs to be driven by action from the C-suite, not just words.
Second, according to the executives in our survey, the greatest contributor to their companies’ success was a dedicated and committed workforce – in other words, people matter. To promote growth, an organization should have a strategy for attracting and retaining the best talent.
Our report details a number of questions successful companies should ask themselves to stay on track:
- Does your organization have an entrepreneurial culture, driven by actions from the C-suite?
- Do you have a strategy for attracting and retaining the best talent to propel your organization forward?
- Are you constantly positioning your organization to improve and to grow?
- Is your organization taking the financial steps necessary to be successful, regardless of the broader economic trends?
In conjunction with the survey, we interviewed a number of companies. Virtually all of the executives we interviewed emphasized the importance of innovation, whether through new markets, new or refined products, or improved processes. Case studies describe how Taphandles moved into adjacent markets, RF IDeas completely redesigned its product, Proto Labs is methodically establishing operations in new countries, and Tough Mudder is constantly refining its obstacle courses while entering new markets.
For mid-market companies looking to grow fast and strong, the old adage that “actions speak louder than words” still rings true.
I invite you to read the full report, Mid-market perspectives: America’s economic engine - why entrepreneurs matter, and encourage you to share your comments on this important topic.