According to the Conference Board “CEOs across the globe cite business growth as the most critical challenge they face.” Growth in core markets is declining, customers are demanding more, competition is intensify, margins are shrinking, there are lower trade barriers and reduced cost of entry.
It is a combination of the external forces shaping business and the impact of those forces on organizations that is stifling innovation and growth.
Internally, organizations have spent the last decade costing cutting and streamlining operations. They created rigid processes and inflexible systems. They stopped investing in new growth and allocated resources to existing projects that were mature or at the end of their life cycle. Employees were asked to do more with less, driving employee engagement to an all time low.
Now CEOs are ready to start investing again, according to the 15th Annual CEO Survey by PwC. The issue is they don’t feel like they have the skills they need to achieve their growth agenda. They are probably right. The skills and capabilities required in the past are not the skills required in the future.
Most executives achieved their success by exploiting the core business not building new ones. The challenge for organizations is finding and developing individuals that know how to do both.
Using the word innovation in job descriptions is not the answer. According to Pete Maulik, “Many companies still struggle to recruit and cultivate innovative talent. What’s the problem? Organizations are not sure what they’re looking for.”
Organizations wind up building a laundry list of competencies to address this issue. What they need to do is identify the key competencies and behaviors required for success in this particular role.
The Corporate Entrepreneur Profile™ was developed to help organizations accelerate this process. It is a success profile designed for and with the assistance of experienced corporate entrepreneurs that have generated millions of dollars for their respective organizations. The profile looks at the competencies and behaviors that enable corporate entrepreneurs be successful inside of an organization.
In most organizations growth and talent are now top priorities but few have adequately looked at the link between the two. As a result, many organizations are missing significant growth opportunities because they are not effectively harnessing the skills and capabilities of their corporate entrepreneurs.
Corporate entrepreneurs help organizations kick-start growth.