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How To Find the Entrepreneur in Residence Bandwagon?

How To Find the Entrepreneur in Residence Bandwagon?

What used to be a job created by venture capital firms to give them something worthy of investment has turned into a hot a new trend in business. The position of entrepreneur in residence is growing in popularity. If you want to start an entrepreneur in residence studio, you need to understand the trend.

What Is Entrepreneurs in Residence?

Entrepreneurs in residence used to be temporary positions for startup companies who could help venture capital firms that had a high-level strategy. You would introduce other entrepreneurs and potential new deals to the companies’ owners. Entrepreneurs in residence were given a salary when they weren’t inventing or launching a company. Then, they got an investment in the next big thing.

However, the trend is that venture capital firms are changing what entrepreneurs do. They now run a project that engineers don’t want to do. Besides venture capital firms, entrepreneurs in residence are found at universities. Colleges employ entrepreneurs in residence as advisers to help students and faculty make the most of their innovations so they can turn them into businesses.

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Corporate America is the best place for entrepreneurs in residence. They connect entrepreneurs to the corporate world to shape the changes in industry. In other words, entrepreneurs in residence are looking for the product that will launch the company into the hottest trend, giving them the sales and direction of the future. Companies with entrepreneurs in residence are poised to win consumers on what the next hot ticket is.

Why Do Companies Need Entrepreneurs in Residence?

If your business is to deal with entrepreneurs, then, you would be smart to hire an entrepreneur in residence. For technology companies, it helps to talk to the people who use your products to find out how they use it.

Small business and startups don’t have information technology experts on hand. They also don’t have chief information officers. They don’t think about speeds and feeds. You need to talk the language of entrepreneurs, of the benefits of the products to reach that audience. Entrepreneurs can talk to entrepreneurs.

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Part of the trend that’s happening right now is more companies are willing to share their experts. Not too long ago, they held their employees and carefully guarded secrets under lock and key. Large corporations can’t remain profitable if they don’t remain innovative. Entrepreneurs become the innovators.

How to Find Good Entrepreneurs in Residence

To be effective, you should hire an entrepreneur in residence who actually served as an entrepreneur in the real world. You want someone who has built and sold a number of companies in a number of industries. They would understand the startup market and the needs of entrepreneurs. At the same time, they show that they are credible with a track record to the corporate big-wigs. To gain knowledge of the startup market, you can use a startup studio program that teaches about the nuances of startups.

Besides experience, entrepreneurs in residence have to be able to communicate in both directions. They have to listen and instill knowledge to customers and corporate employers.

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They have to have passion to make things happen. They are charged with creating transformational change to ordinary corporate structures and cultures. Because of these challenges, they have to believe 100 percent in their mission. They have to believe it matters.

  • A robust network of contacts to bring in new deals and expedite current projects.
  • Startup experience that involves knowing what it takes to be successful.
  • A fixer or someone who can solve problems as they occur

Entrepreneurs in residence are turning the tide on corporate America. They are allowing innovation to be alive and strong. The trend to hire entrepreneurs in training is growing quickly. Those who embrace innovation are crushing the competition in their industries and being the first on the market with a new item. Being first is always important because corporations can gain market share before copycats enter the arena.

You should consider hopping on the entrepreneurs in residence bandwagon before the trend disappears. You will benefit from having new ideas brought to market and being more profitable.

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Featured photo credit: Entrepreneur in Residence Bandwagon via lifehack.org

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Last Updated on August 20, 2019

How to Find New Growth Opportunities at Work

How to Find New Growth Opportunities at Work

Career advancement is an enticement that today’s companies use to lure job candidates. But to truly uncover growth opportunities within a company, it’s up to you to take the initiative to move up.

You can’t rely on recruiter promises that your company will largely hire from within. Even assurances you heard from your direct supervisor during the interviewing process may not pan out. But if you begin a job knowing that you’re ultimately responsible for getting yourself noticed, you will be starting one step ahead.

Accomplished entrepreneur and LinkedIn Co-Founder Reid Hoffman said,

“If you’re not moving forward, you’re moving backward.”

It’s important to recognize that taking charge of your own career advancement, and then mapping out the steps you need to succeed, is key to moving forward on your trajectory.

Make a Point of Positioning Yourself as a Rising Star

As an employee looking for growth opportunities within your current company, you have many avenues to position yourself as a rising star.

As an insider, you’re able to glean insights on company strategies and apply your expertise where it’s most needed. Scout out any skills gaps, then make a point to acquire and apply them. And, when you have creative ideas to offer, make it your mission to gain the ear of those in the organization who can put your ideas to the test.

Valiant shows of commitment and enterprise make managers perk up and take notice, keeping you ahead of both internal and external competitors.

Employ these other useful tips to let your rising star qualities shine:

1. Promote Your Successes to Your Higher-Ups

When your boss casually asks how you’re doing, use this valuable moment to position yourself as indispensable: “I’m floating on clouds because three clients have already commented on how well they like my redesign of the company website.”

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Tell your supervisors about any and all successes. Securing a new contract or signing a new customer should be a cause for celebration. Be sure to let your bosses know.

2. Cultivate Excellent Listening Skills

Listen well, and ask great questions. Realize that people love to talk about themselves.

But if you’re a superb listener, others will confide in you, and you’ll learn from what they share. You may even find out something valuable about your own prospects in the company.

If others view you as even-minded and thoughtful, they’ll respect your ideas and, in turn, listen to what you have to say.

Check out these important listening skills: 13 Powerful Listening Skills to Improve Your Life at Work and at Home

3. Go to All Office Networking Events

Never skip the office Christmas party, your coworker’s retirement party, or any office birthday parties, wedding showers, or congratulatory parties for colleagues.

If others see you as a team player, it will help you rise in your company. These on-site parties will also help you mingle with co-workers whom you might not ordinarily have the chance to see. For special points, help organize one or two of these get-togethers.

Take the Extra Step to Show Your Value to the Company

Managers and HR staff know that it can be less risky – and a lot less costly — to promote from within. As internal staff, you likely have a good grasp of the authority structure and talent pool in the company, and know how to best navigate these networks in achieving both the company’s goals and your own.

The late Nobel-Prize winning economist, Gary Becker, coined the term “firm-specific,” which describes the unique skills required to excel in an individual organization. You, as a current employee, have likely tapped into these specific skills, while external hires may take a year or more to master their nuances.

Know that your experience within the company already provides value, then find ways to add even more value, using these tips:

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4. Show Initiative

Commit yourself to whatever task you’re given, and make a point of going above and beyond.

Position yourself so that you’re ready to take on any growth opportunities that present themselves. If you believe you have skills that have gone untapped, find a manager who will give you a chance to prove your worth.

Accept any stretch assignment that showcases your readiness for advancement. Stay late, and arrive early. Half of getting the best assignments is sticking around long enough to receive them.

5. Set Yourself Apart by Staying up on Everything There Is to Know About Your Company and Its Competitors

Subscribe to and read the online trade journals. Become an active member in your industry’s network of professionals. Go to industry conferences, and learn your competitors’ strategies.

Be the on-the-ground eyes and ears for your organization to stay on top of industry trends.

6. Go to Every Company Meeting Prepared and Ready to Learn

A lot of workers feel meetings are an utter waste of time. They’re not, though, because they provide face-time with higher-ups and those in a position to give you the growth opportunities you need.

Go with the intention of absorbing information and using it to your advantage — including the goals and work styles of your superiors. Respect the agenda, listen more than you speak, and never beleaguer a point.

Accelerate Your Career Growth Opportunities

A recent study found that the five predictors of employees with executive potential were: the right motivation, curiosity, insight, engagement, and determination. These qualities help you stand out, but it’s also important to establish a track record of success and to not appear to be over-reaching in your drive to move up in your company.

Try to see yourself from your boss’s position and evaluate your promote-ability.

Do you display a passion and commitment toward meeting the collective goals of the company? Do you have a motivating influence with team members and show insight and excellence in all your work?

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These qualities will place you front and center when growth opportunities arise.

Use these strategic tips to escalate your opportunities for growth:

7. Find a Mentor

With mentorship programs fast disappearing, this isn’t always easy. But you need to look for someone in the company who has been promoted several times and who also cares about your progress.

Maybe it’s the person who recommended you for the job. Or maybe it’s your direct supervisor. It could even be someone across the hall or in a completely different department.

Talk to her or him about growth opportunities within your company. Maybe she or he can recommend you for a promotion.

Not sure how to find the right mentor? Here’s How to Find a Mentor That Will Help You Succeed.

8. Map out Your Own Growth Opportunity Chart

After you’ve worked at the company for a few months, work out a realistic growth chart for your own development. This should be a reasonable, practical chart — not a pie-in-the-sky wish list of demands.

What’s reasonable? Do you think being promoted within two years is reasonable? What about raises? Try to inform your own growth chart with what you’ve heard about other workers’ raises and promotions.

Once you’ve rigorously charted a realistic path for your personal development within the company, try to talk to your mentor about it.

Keep refining your chart until it seems to work with your skills and proven talents. Then, arrange a time to discuss it with your boss.

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You may want to time the discussion around the time of your performance review. Then your boss can weigh in with what he feels is reasonable, too.

9. Set Your Professional Bar High

Research shows that more than two-thirds of workers are just putting in their time. But through your active engagement in the organization and commitment to giving your best, you can provide the contrast against others giving lackluster performances.

Cultivate the hard skills that keep you on the cutting edge of your profession, while also refining your soft skills. These are the attributes that make you better at embracing diverse perspectives, engendering trust, and harnessing the power of synergy.

Even if you have an unquestionably left-brain career — a financial analyst or biotechnical engineer, for example — you’re always better off when you can form kind, courteous, quality relationships with colleagues.

Let integrity be the cornerstone of all your interactions with clients and co-workers.

The Bottom Line

Growth opportunities are available for those willing to purposely and adeptly manage their own professional growth. As the old adage says,

“Half of life is showing up.”

The other half is sticking around so that when your boss is looking for someone to take on a more significant role, you are among the first who come to mind.

Remember, your career is your business!

More About Continuous Growth

Featured photo credit: Zach Lucero via unsplash.com

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