What Exactly is Entrepreneurial Spirit?
After start-up companies have grown and matured, they often lose sight of the original entrepreneurial spirit, essence or soul they used to possess in their early days. As a result, they become less energizing and attractive for employees, customers and other stakeholders and then less creative, innovative and less successful.
But what exactly is this “entrepreneurial spirit” or “entrepreneurial mindset” you hear people talking about quite regularly?
Interestingly, according to research by Prof. Ranjay Gulati, the term entrepreneurial soul (spirit) is comprised of three elements:
1. Business Intent (strategic purpose)
2. Customer Connection (clear focus on customers and their needs)
3. Employee Experience (a feeling of belonging and loyalty making them identify intensively with the company)
Source: Ranjay Gulati, “The Soul of a Start-Up”, HBR Jul-Aug 2019, pp. 84-91