The genuine values that drives an entrepreneur’s passion is also etched in the entrepreneur’s creed. The values deliver lasting meaning over to the people and leaves an enduring impression in their lives.
Studies indicate that the key predictor of entrepreneurial success in ventures is a vision, that driving and sustaining force behind the growth and vitality of an entrepreneurial venture. Vision stands out in the entrepreneur’s creed. For Jack Stack and the other employee owners of Springfield Remanufacturing Corporation (SRC) in Springfield Missouri, who took over a struggling company burdened with a labour versus management mindset, an atmosphere of doubt and uncertainty, their simple vision was couched as follows: “Don’t run out of cash and don’t destroy from within.” This compelling and energising vision became the instigator of a culture of education, open information about all financials, ownership, teamwork and performance, that elevated the fortunes of the company.
Vision galvanizes organisational energy by enlivening individual behaviour, sharpening direction and catalysing change.
The vision of Timothy Hoeksema was to stand an airline that would provide “the best care in the air.” He believed that an airline operating on the principle of providing unparalleled service of superior quality could be successful. He ensured that the employees of Midwest Express, the company he founded, were customer-oriented by training and signing of commitment pledges outlining what they will do for their customers and themselves. Consumer reports ranked Midwest Express the nation’s best airline in terms of customer satisfaction from 1992 to 1999.
A leader’s sincere belief in a vision means that his messages about the vision are consistent. This empowering attitude motivates the people into coherent behaviour for sake of actualizing the vision.
True entrepreneurs seek to build a different kind of company founded on a fundamental set of values that draws in true fulfilment. A culture of humanness and compassionate care is often seen as a spinoff from this mindset.
The genuine values that drive entrepreneurs’ passion are also etched in the entrepreneur’s creed. The values deliver lasting meaning over to the people and leave an enduring impression in their lives. This was aptly demonstrated by the former employees of Marion Laboratories who left and formed an alumni association after their company was sold to Merrill Dow in 1989, to celebrate what their old company had meant to them.
By defining and articulating the company’s and their own core purpose and values, by getting their people to understand the basic rules of the company and buy into them, by inspiring through words and actions and by entrenching a shared sense of the values of their organisation, entrepreneurs put themselves to the path of success. Ariba, the internal procurement process developer, has the following rules: Truth and integrity; there are no bad ideas; raise the standards of performance; team first; functional specialist second; and hire the best people even if they are better than you are. Their shared sense of values prompts them to refer to themselves as “Aribians.”
Entrepreneurs create meaning and inspire others by effectively demonstrating through their own example, the values that they stand for.