Learning to Think in Smaller Amounts

According to The Conference Board, many CEOs of large corporations are worried about their ability to compete with smaller, more inventive, and entrepreneurially-minded rivals. 87 percent of the 540 organizations polled said that innovation and supporting entrepreneurship were top objectives for their company, with 31 percent saying that this was their "biggest worry."

Big companies are no longer guaranteed contracts and market share because of their size and track record. These CEOs recognize this. Because of this, they know that they face a greater danger to their enterprises than they do from the corporate boardrooms of their biggest rivals.

Compared to their bigger counterparts, which tend to get bogged down in bureaucratic processes and corporate procedures, smaller enterprises tend to be more inventive, flexible, and decisive. Most small businesses aren't run by professional executives who have to spend hours in meetings and go through mountains of paperwork before making a single decision. The founders of the majority of small businesses are in charge, and this is a trait that shows no signs of fading. To lose its entrepreneurial and inventive spirit, a firm must have its founder move aside and be replaced by a team of professional management.

One benefit huge corporations have over smaller ones is a greater pool of available resources and financial support. If the organization is ready to alter internal procedures and attitudes and spend the time, money, and people to make it happen, it is possible to turn a Goliath into a roaring horde of David's.

Because of the lack of differentiation in the marketplace, what must huge corporations do to become more creative and entrepreneurial? To begin, three things must be done: the process must be sped up; red tape must be eliminated; and creative and entrepreneurial thinking must be promoted from the top to the bottom. There will be no success in the company's transformation if the board, CEO, executives, managers, supervisors, and workers are not fully committed to implementing the essential adjustments.

Intensify The Speed Of Your Work

Everything is done by the book in huge corporations, meaning that established processes and procedures are followed. In huge corporations, little gets done without the "Multiples of M." Meetings, memos, and approvals from management are necessary before the matter can be signed off on. It is essential for huge corporations to simplify their decision-making process to a single set of M's: move on or make it happen.

It's time to get rid of the red tape.

In my previous job, I saw first-hand how processes and bureaucracy impeded effective operations. The second bulb in the fixture flickered like a strobe light at a disco (creating memories that we won't explore) when a fluorescent bulb in my office broke. I was under the impression that requesting a replacement bulb would just require a phone call to the facilities office. My presumption was incorrect. In order to have the bulb replaced, I had to fill out a facilities request form and bring it to my supervisor, who had to pop his head in the room in order to verify that the bulb was actually out before signing the document. I suppose this was done to make sure that I wasn't attempting to steal a fluorescent light bulb.

A new bulb had been verified by my supervisor, so I went back to facilities believing they'd offer me a bulb to take back to my office once they signed the paperwork. That would have been too easy. My form had been accepted by the facilities manager, and a maintenance technician would come to my office and replace the bulb for me. "That's fantastic," I said. It will happen at some point.

The guy at the facilities desk said, "I can have someone over there next Tuesday between 12 and 5 p.m." This whole experience has made me feel as if I am dealing with the cable provider. How many employees of a large corporation are needed to replace a light bulb? At that point, I couldn't remember how many.

Boost Creativity and the Spirit of Entrepreneurship.

It's also important to foster a culture that encourages and rewards innovation and entrepreneurialism. You can't expect your workers to share their views and ideas with you if you treat them as if they don't matter.

Another thing that I can tell you from my experience is that innovation, particularly below the management level, is frequently overlooked, mocked and used as a pretext to fire workers. An excellent illustration of this occurred when I brought up a proposal for improving an internal system with my boss and was told, "Knox, you think too much." I'd never heard of this before. I have been accused of not thinking at all and of thinking too little, but never of thinking too much. As a young boy, my father told me, "Son, you'd be deadly if you had a brain." Perhaps my boss was just attempting to get the same idea through to me. I told you to shut up and go to your room/cubicle like a good young boy/company drone before you got on my nerves and were punished/terminated. In the span of a few months, I decided to put my hyperactive brain to use. Considering my company's 10-year track record of success, I believe I made the right choice.

When it comes to spurring new ideas and entrepreneurship, large corporations must teach their employees to think like entrepreneurs and innovators. Assert, demand, and reward this kind of thinking as a business policy. Ask the following questions: (a) What new features or functions would you like to see in our current products and services? (b) What new products and services would you like to see that would enhance our current offerings or even launch a new line? (c) What opportunities in the market do you see that might be worth investigating?

Get the Help of a Third Party

Developing and implementing an innovation strategy is tough for most major firms because they are unwilling to invest the time and money necessary. Furthermore, since most executives have never been entrepreneurs themselves, they are ill-equipped to foster entrepreneurial spirit inside their organizations. The best way to get aid with innovation and entrepreneurship is to bring in someone from the outside to help guide and oversee the endeavor.