Turn Your Employees Into Entrepreneurs How do you incentivize employees to put in extra effort and take ownership of their roles? Easy, give them part of your business.
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Have you ever wondered why entrepreneurs are willing to work longer hours, endure constant rejection and never give up? It's because the business they're working on is theirs, it relies on them to succeed, and the rewards are reflective of the amount of work they put in.
Growing your business with a founder or founders that are driven to succeed will only get you so far, though. How do you translate that drive to employees and make them want to work longer and harder to succeed? It's actually quite easy. Make your employees a 'business owner' too by offering them a share of the business.
There's no use owning 100 percent of a business full of employees that clock off at 5 p.m. and don't want to work hard. But, there is use in owning 80 percent of a business that's worth a bucket load of money, with the other 20 percent shared amongst your employees. Making your employees co-owners of your business is the ultimate way to incentivize hard work.