THE READY BUSINESS PODCAST: Maintain your Founder's Mentality if you want your business to succeed
Only 9% of businesses achieve profitable and sustainable growth over ten years, so what are the barriers to profitable growth? This was what American business writer, Chris Zook, wanted to find out and the result is his book, The Founder’s Mentality.
In Ireland for a recent Irish Management Institute master class series, Chris explained to Brian Purcell the three elements of the Founder’s Mentality that are necessary for a business to succeed:
1. Have a sharp, clear, insurgent mission – if you lose that then you just become another company. What is it that makes your company be different and insurgent?
2. Frontline obsession – the great founders have attention and curiosity of the details.
3. Owner’s mind-set – the urgency of the founder to take responsibility and create an organisation that gives trust and responsibility to employees. You don’t shift decision-making to the corporate centre.
Most companies fail, not because of external factors, but because of internal ones, explains Zook.
“It’s about the inner game of strategy,” he says. “And the businesses that retain the founder’s influence and still have a founder involved are more likely to be successful in the long-term.”
“The three elements of the Founder’s Mentality are all measurable and observable and businesses should be internally measuring itself against these on an ongoing basis.”
You can check out the full Ready Business Podcast series here.