To be a successful entrepreneur, it’s imperative for one to understand and comprehend the deep meaning of the word ‘ownership’.
According to the dictionary, ‘Ownership’ is defined as; “the act, state, or right of possessing something”. In the current context it is much more than the definition.
Entrepreneurs exercise this ‘right of possession’ over their businesses and the development and growth of people that they employ in their businesses. The best entrepreneurs exhibit ownership in all that they do. Ownership does not simply translate to taking responsibility of one’s actions, in an entrepreneur’s life, ownership encapsulates a much broader definition of things.
Entrepreneurs occupy various different functional roles in an organization. The responsibility bestowed on them is much than the responsibility that’s bestowed on an ordinary employee. Hence, this special position that they occupy in an organization makes it all the more important for entrepreneurs to understand the true meaning of the word ‘ownership’.
Entrepreneurs need to take ownership of three main things:
Ownership of finding ways to ‘Success’
An entrepreneur has to take ownership of the destination and the journey too, be it successful milestones and even the temporary failures. Taking ownership of a problem means that you take ownership of finding a solution for the problem as well as the possible difficulties that may arise on account of this problem. It’s important to understand that ownership is a two-way street. Entrepreneurs are required to be bold and face problems, their consequences and find ways to convert these problems into matters of success. One of the biggest Ownership for an entrepreneur is to convert the temporary problems into a stepping stone for a bigger leap!!! Do what it takes to find a way to Succeed!!!
Ownership of leading by example
Entrepreneurs generally occupy the highest positions in their organizations. They set down the business values and goals. Hence, it’s their responsibility to see that what it is that they have laid down for their company is followed by themselves before their employees. A successful entrepreneur is more than just a business tycoon, he or she is role model for the company’s employees to look at. An employee always looks up to the leader and an entrepreneur should leave no stone unturned to be a great example.
Ownership of fulfilling one’s social responsibilities
Entrepreneurship has to be about more than just earning profits for your business. The end long-term objective of every entrepreneurial enterprise has to be contribute to the social betterment of their community. Entrepreneurs have to cultivate this mentality and take ownership of this responsibility that’s bestowed on their shoulder right from the very start of their entrepreneurial journey. One of the responsibility is craft a great life for people who are part of the family. A true Entrepreneur at the highest level of Ownership takes genuine interest in the development of their team members. They look at all as their family members and themselves as the one who brought the family together, there is genuine love here!
Taking complete ownership of oneself and the business can have a number of benefits to an entrepreneur’s personal development. These benefits can be felt almost immediately.
Some of these precise benefits are elaborated on below:
It redefines ‘work’
With complete ownership of one’s work and employees, work suddenly becomes a lot more than just work. It becomes a way of life. Many entrepreneurs consider their business to be their baby and such devotion, dedication and feelings can only arise when you take full ownership of your creation. Suddenly, your office is no longer an office. It feels like an extended room of your own home. You become more relaxed and comfortable at work and as a whole, such a change in mindset positively impacts your contributions to the business.
‘Failure’ is no longer a negative word
Until you take complete ownership of yourself, your business and your employees, failure will always be a scary prospect. However, with ownership comes a change in mindset. This change in mindset allows you to adopt a long-term view of failures. You are resolved to overcome failures because now you can fully comprehend the impact and importance of overcoming these little failures. It’s precisely the failures that become the real stepping stones to your success. With such a level of bonding and ownership ‘giving up’ is not an option anymore.
Changes one’s perspective of things
The biggest benefit of taking ownership of yourself and your business is that it brings about a complete change in your mindset and a result, it crucially alters your perspective on things. Instead of shying away from responsibilities, you begin to yearn for responsibilities. Instead of just wanting things, you suddenly realise the importance of giving. Pressure doesn’t invite stress rather it stimulates adrenaline as adventure activities do. And most importantly, you begin to realise the importance of your employees and teamwork. The word ‘team’ replaces itself with ‘family’ and that makes all the difference.
To all entrepreneurs; ‘Ownership’ is not an attribute or a quality, it’s a way of LIFE!!!