I was fortunate to recently deliver a keynote address to a top accounting firm about creating an entrepreneurship culture inside their organization.
The idea was to help them think through what it takes to deepen their client relationships by developing new services and business models. I drove home the point that startups have an advantage because they are creating new business models that can drive unique (differentiated) value.
Established companies can use entrepreneurial approaches to do the same and avoid commoditization. Of course, established companies have to keep things running, improving what they already have in place. But by adding business model invention to the improvement part of what they do, they can find paths to differentiation.
With business model invention, I layered in the themes of “capacity for iteration”, “importance of versatility” and “resilience in the face of failure”. Each of these themes seemed to resonate with the leaders in some way. So I gave them this formula for establishing their entrepreneurship culture: