Fewer than a third (29%) of business professionals from large organisations feel their workplace has an entrepreneurial and innovative culture, according to research from EY.
Based on a survey of 1,000 business workers, the professional services firm found that many large companies are failing to harness the entrepreneurial talents of their employees. 82 percent of the respondents have previously had or currently have ideas that could create new opportunities or revenue for their organisation but only 54 percent have been able to implement those ideas.
Steve Wilkinson, UK & Ireland managing partner, markets at EY, said:
“An entrepreneurial mindset is often associated with small start-up businesses. Whereas in reality, all organisations, regardless of size and scale, need people who can innovate, create and challenge the status quo. That’s why the best businesses focus on building diverse teams to ensure they are drawing on the widest spectrum of views.”
According to the research, Millennials are one of the most ‘entrepreneurial’ generations to join the workforce, with 68 percent of 25-34-year-olds aspiring to run their own business. However, only half (52%) of respondents in this age group felt that their skills and attributes are fully utilised by their current organisation.
Rajeeb Dey, Founder and Chief Executive Officer of Enternships.com and co-founder of Startup Britain, partnered with EY to look at the role of entrepreneurship within large organisations. He said:
“Businesses are failing both to realise significant potential growth and failing to retain their entrepreneurial talent. We operate in a knowledge economy and in a competitive economic landscape it is essential for businesses to continue to innovate and stay ahead of their competition. In order to do this they need to embrace an entrepreneurial spirit and empower and support their employees to drive growth.”
As a result, the survey highlighted that many of today’s workforce recognise the limitations of their current employers. Only half (48%) of professionals feel they can achieve their ambitions within their current company.
Steve Wilkinson added:
“We’ve learnt from EY’s Entrepreneur Of The Year Awards programme that entrepreneurs are generally made not born, and many have often spent time in a corporate setting before setting out on their own.
“However they also see opportunity where others see disruption; are tenacious and visionary; and have the ability to work in and motivate a team. The challenge for UK PLC is to ensure that there are the opportunities available to enable these individuals to reach their full potential.”