In Jeffrey Immelt’s letter to shareholders in GE’s latest Annual Report, he talks about how being entrepreneurial can cut through the bureaucracy and arrogance that can often characterize large organizations.
We thought it was worth sharing, because we think there’s valuable advice here for people in companies of all sizes. “Entrepreneurs simplify everything. They are purpose-driven. They focus on customers, people and solving problems. They do fewer things, but with bigger impact. They don’t delegate important decisions; rather, they position decision-makers close to the action. There is no headquarters, no layer of ‘checkers.’ They use judgment, they move fast, and they are accountable.”
In reading it, here are six things that occur to us:
Entrepreneurs simplify everything. The businesses you – and we – deal with are complicated. Entrepreneurs have an uncanny ability to make the complex simple, or appear to be. Helping clients do just that is our mantra, and our reason for being.
They are purpose-driven. Without purpose, process is aimless. Without the eye squarely on the prize, people simply go through the motions.
They focus on customers, people and solving problems. Think about it; arguably, everything else is a distraction. When it comes to problems, contemplating them and ruminating doesn’t cut it. Acting, fixing and moving on – that’s the MO that works.
They do fewer things, but with bigger impact. Entrepreneurs concentrate on those things that really matter. Steve Case says the art of good management is “trying to set the priorities and assemble a team so you wake up in the morning and actually have nothing to do.” 1 That way you can wake up tomorrow and tackle the important issues.
They don’t delegate important decisions; rather, they position decision-makers close to the action. They make the big calls and know when to delegate. This means getting the right people and putting them in charge of what stretches them to their limit of capability – no more, no less.
They use judgment, move fast, and are accountable. These three attributes can be at odds. Staying levelheaded while in motion and living with the result – that’s the hallmark of an entrepreneur and something all of us can aspire to.
Being an entrepreneur is a state of mind. Even though many of our clients have worldwide scale, the best of them are nimble, bold and can-do. Which makes them great to work with because, well, that’s our mindset too.
1The New York Times, May 4, 2013
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