Instill ownership in employees: I am a strong believer of the player/coach model. In my experience, a coach who has the ability to roll up his sleeves and get into the playing field when needed, tends to be the most effective. Making employees feel that they are as much a part of the business as the top leadership, instills a great sense of ownership.
Look for creative minds: Creativity is the first step towards innovation and the foundation of an entrepreneurial mindset. People who are creative and passionate about doing things differently foster the entrepreneurial culture in the organisation and provide that competitive edge.
Welcome new ideas and concepts: New ideas keep a business going. To cultivate the entrepreneurial culture, it is essential to welcome fresh ideas and newer ways of doing business. This instills faith in people that they are creating impact, helps them evolve professionally, and inspires them to be a lot more proactive.
Provide timely feedback: Often, organisations have long-drawn hierarchical processes that kill entrepreneurial spirit. Do not rush ahead with new ideas, build a system that ensures prompt feedback on new proposals. Doing so, reinforces the sense of urgency.
Be accepting of the occasional failure: Failures are not necessarily fallbacks but opportunities to learn and rise stronger. The fear of failing often derails employees from taking chances, but having faith in them allows them to deliver amazing results. Accepting risks, failing and coming out stronger are all traits of a successful entrepreneur, and organisations should be open to it.