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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 March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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