Business and Finance

strong>Enterprise culture:

Enterprise culture consists in an organizational or social environment that encourages and makes initiative and innovation. An organization with an enterprise culture is usually more competitive and more profitable than a bureaucracy. Such an organization is believed to be more rewarding and stimulating to work in. A society with an enterprise culture facilitates individuality and requires people to take responsibility for their own welfare.

Characteristics:

· Enterprise culture is useful for small businesses.

· Enterprise culture is characterized by innovation, creativity, dynamism, and risk.

· It usually requires several of the following attributes: flexibility, initiative, problem solving ability, independence, and imagination.

· Enterprises flourish in the environment of nonhierarchical organizations but can be stifled (stopped from being developed) by bureaucracy.

Corporate Culture:

Corporate Culture consists in the combined beliefs, values, procedures, and atmosphere of a large business. This culture is often expressed as “the way we do things around here” and consists of largely unspoken values, norms, and behaviors that become the natural way of doing things. This culture is typically created unconsciously, based on the values of the top management or the founders of a business.

Continue reading ‘The Differences Between Enterprise Culture and Corporate Culture’ »

The entrepreneur faces a moment of truth when he and his partners have grown the company to a sufficient degree to take it to the next level. At that stage it becomes imperative to hire a professional as a functional head say a CFO. Obviously the top manager needs to fill in the skill set the founders may lack. It must also be recognized by founders that this skill set is absolutely vital to succeed.

The founding partners find it difficult (esp. when founders are friends and family ) to cede control to the CFO designate, since it also means giving up certain powers and also business secrets (which the entrepreneur is paranoid about) .

The Top Six Things to consider while setting up a top management team are outlined below

Try and first source from professionals in your network.

They might not be the best person suited for the job, but ‘trust’ is an important criteria at this stage, esp. for a CFO. In circumstances where you cannot find individuals who match at least 50% of skill set required, then use a professional head hunter and do an extensive reference check.

Continue reading ‘How to Recruit & Build Top Managers : Top Six Things to Do for Companies Wanting to Scale-up Their Business’ »