By Daniel Hunter
FileMaker, the leader in easy-to-use database software, has interviewed a number of the UK’s leading entrepreneurs to identify three shared characteristics that enable them to be successful.
The RainMakers report, which investigates what drives entrepreneurship and innovation in the UK, explores how the attitude and behaviour of entrepreneurs can be replicated in even the largest of organisations.
The report is a collaboration between FileMaker and Guy Rigby, Head of Entrepreneurial Services at Smith & Williamson, an accountancy and investment management group that champions the cause of entrepreneurs.
As part of the research, Rigby interviewed the leaders of some of the UK’s most innovative young companies, including: a monetary exchange start-up; Europe’s leader in search retargeting; an R&D tax credits specialist; an immigration logistics provider and a turbo-boosted antimicrobial honey producer.
The research has identified three recurring characteristics that enable entrepreneurs to drive innovation and, furthermore, inspire a culture of “intrapreneurship” amongst their teams. These are:
· “Focused freedom” – giving team members free rein to use their unique skills to negotiate problems in their “own way” in achieving a clearly specified goal. Removing barriers to this focused freedom empowers individuals to use their skills to really make an impact in the company.
· “Minimising minutiae” – liberating teams from the mundane and allowing them to create and see through their own ideas. Entrepreneurs interviewed identify their role as “coach, rather than boss” and strongly believe in introducing automation and enabling processes.
· “Talented teams” – building the right team and tapping into members’ specific talents. Despite having differing approaches to hiring these teams, all the entrepreneurs agreed that a balance of skills and an understanding of and investment in company values was vital.
Tony Speakman, director, Northern Europe, FileMaker, comments: “At FileMaker we come into contact with many entrepreneurs and leaders of high growth businesses. We wanted to explore how these “RainMakers” are able to develop and ingrain the culture of intrapreneurship that drives their businesses forward, and continue to innovate even as they become consumed by managing a growing business, recruiting teams, raising funding, or moving on to other projects.
"In doing so, we wanted to identify common traits that would be useful to understand - and potentially emulate - for those already on the entrepreneurial journey or who are considering creating their own future.”
Guy Rigby, Head of Entrepreneurial Services at Smith & Williamson, comments: “By interviewing a range of entrepreneurial leaders we have been able to tap into the traits that differentiate them, gaining real insights into how others can adopt aspects of this winning formula to improve their businesses.”
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