“Allow room for failure - the key is to fail fast, learn from it and move on”

Amit Jatia, Vice Chairman, Westlife Development on five ways to foster an entrepreneurial culture

Published 5 years ago on Sep 19, 2019 1 minute Read
Faisal Magray

Cultivate sense of ownership: Create a strong sense of belonging and ownership towards the organisation, in your employees. Inspire every employee to feel as if it is their own capital that is employed and that they are equal partners in growth.

Encourage risk-taking: Organisations thrive on innovation and there is no innovation without experimentation. Encourage experimentation even if it involves a calculated risk. Don’t penalise risk-taking as long as it is backed by research and conviction. Allow room for failure — the key is to fail fast, learn from it and move on. Make new mistakes, but do not repeat the same ones. 

Empower people: Allow decision-making across various organisational levels. Of course, you need to complement authority with equal measure of accountability. But employees need to feel they can make decisions. Even if they don’t get the desired outcome, it counts as long as it is well thought of. 

Stay agile: In today’s business environment, speed is critical. All advantage is transient. An entrepreneurial culture allows an organisation to stay agile. Build a culture of speed before perfection. Processes are important, but not the end-all, as long as there are checks and balances in place. 

Define the larger cause: Align your people with a larger cause that is beyond the balance sheet. Define a compelling mission for the organisation and inspire employees to rally for that.