Keep Engaging Your Entrepreneurial Spirit
A young entrepreneur once decided that in order to provide for his wife and young family, he had to embark on a new career. With a strong financial background and a keen sense of business intuition, he came upon an opportunity to invest in a struggling hotel. Knowing nothing about hotels or hospitality management but plenty about business management, he trusted his gut instinct, quit his steady job, withdrew the cash, and personally delivered the deal. His mission to support his family and leave a legacy for future generations centered around a lifelong core philosophy: think like a small business but have forethought for big business success.
See the Future
With every dollar invested, he used transparency in his approach to keep his team members in constant communication with his mission, the pathway towards growth, and the values to be followed daily. There was no corporate mentality of keeping his team members in the dark in regard to the long-term business plan. His management style was one that visualized growth and success but pinpointed a timeline strategy of smaller steps. For his team members, he applied qualities of a good manager: maintain integrity, stay optimistic, exhibit calm confidence, and encourage through motivation. For his business growth model, he maintained his entrepreneurial spirit by paying attention to everyday details (without micromanaging), treated every customer with importance, and was rewarded with loyalty and neighborhood support. He collaborated with community leaders and promoted local events. He kept relationships on a personal level and became well-known for his charisma and charm. As the hotel portfolio grew, he managed multiple properties better with a centralized business model yet gave every hotel manager empowerment to customize their local involvement and keep a small business mentality. His hotel management business model never changed and still survives at The Witness Group, with over 27 properties managed, 5 under construction, and 2 under development.
Every strategic move produces a result (whether good or bad). That's called risk. Hasty deals can be speculative and can lead to a lousy long term investment. Careful planning and forethought for a grander design can steer the company's direction to longstanding opportunities. Protecting those financial assets and sticking to those crucial core values in your organization keeps an atmosphere of trust, empowerment, and team loyalty.