High-Impact Entrepreneurship

Lesson #3 from Endeavor’s Fastest Growing Companies: Empower your team

CLICK HERE to read the full Endeavor Insight report, “Emerging Market Entrepreneurs Have Emerged: A look at the fastest growing entrepreneurs in Endeavor’s portfolio”

The 13 Endeavor Entrepreneurs who would have qualified for the Inc. 500 this year agree– having a good team is key to the growth of an organization. When asked to pinpoint the most important factor behind their success, more cited their team than market potential or even business model. Furthermore, they believe a good team, requires a flexible and empowering workplace.

There are numerous examples among our fastest growing entrepreneurs of how to foster such a culture of flexibility and empowerment. Two such examples come from Chile and Turkey.

Betazeta, a Chilean company which integrates online vertical communities, including some of the biggest-name blogs in South America, grew on average at 138% annually from 2008 to 2011.  Founder Leo Prieto credits this success to a redefined commercial strategy for which execution was contingent upon a strong team.  To create this strong team, Betazeta made a conscious decision to be “extremely flexible; for example, with schedules. You need to do so to stimulate creativity, which is key to our business.

Yunus Güvenen , the founder of Digitouch, a web platform in Turkey that connects online merchants and websites that sell ad space, further emphasizes the importance of having smart, empowered employees. As one of the first companies to target this nascent market, Digitouch needed to be a leader and establish itself as both a point of reference and an aspirational goal for its competitors. Digitouch has grown revenue by more than 100% on average from 2008 to 2011, Yunus believes that part of this success is attributable to employee empowerment: “Every employee needs to be a problem solver who is not afraid to implement their solutions.  It is not a problem if they fail, but they need to try.”

Want to hear more about fostering an effective company culture and other words of wisdom from Endeavor’s fastest growing entrepreneurs? Read the full report here.

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