New HR trend: HR entrepreneurs

Entrepreneurs – Most probably the people who set up a business or take ahead the initiative to create a product or service in the hope of profit. But is that it? Do entrepreneurs only satisfy a business need? Definitely not! Good entrepreneurs have the ability to find a solution to any given problem, irrespective of the context. In a nutshell, entrepreneurship is more of a mindset than a business model that works on innovative thinking. Having an entrepreneurial mindset is a crucial aspect in today’s ever-evolving world, where every minute speaks of new innovations.

Human resources are known to be the domain that works on deeply rooted processes and lacks creative, innovative thinking. HR departments generally deal with basic needs that need leaner, easier processes, which can restrict innovative thinking. However, having an entrepreneurial mindset is pivotal for Human Resources (HR) as they are a core function of any organization. So, how can we give that entrepreneurial twist to the age-old methods of human resources along with a zest for innovation, creativity, and dynamism? Dive into this new HR trend that has been emerging in the industry lately called ‘HR Entrepreneurs.’ Here’s everything you must know about it.

What is an HR entrepreneur?

Irrespective of the size, industry, or type, the HR department is one of the most crucial aspects of any business, necessary for employee well-being. Right from the hiring, payroll, benefits, and layoffs to keeping up with the state and federal tax laws – HR professionals have to manage everything. In such an environment, having an elegant and aesthetic setup isn’t enough to foster an entrepreneurial culture – continuous motivation and inspiration to drive high performance are imperative. Moreover, when your base is firm, you can always reach higher heights. Similarly, as HRs build the foundation of an organization, they can definitely rev up their entrepreneurial journey.

Ideally, there isn’t a specific definition of an HR entrepreneur. HR entrepreneurs are HR professionals of any level who have:

  • Strong professional HR knowledge
  • Good business knowledge, such as customer service, project management, and more.
  • Understanding of the industrial environment and market in which the business operates.
  • Constant look to benchmark the organization against industry standards and quality.
  • A business mindset with continuous hunger to drive better results and ROI.
  • Strategic thinking to excel in business requirements and thrive in a modern yet ever-changing business environment.

Also Read: Benefits of HR Outsourcing: How Small Businesses Can Ace their HR Functions

4 Ways HR professionals can thrive in their entrepreneurial journey

HR entrepreneur is a new emerging buzzword that is all the rage when you look through the trough of the latest HR trends. While it is evident that having an entrepreneurial mindset is crucial, it is of paramount importance for HRs to step ahead of the age-old methods and embrace new technologies and creative thinking. If you are looking to step into the business world, here are four ways you can embrace an innovative mindset to always stay ahead of the curve and thrive in your entrepreneurial journey.

  • Constraints – not a barrier anymore!

    Overcoming constraints enables you to innovate better. If you are just like the other HRs, most specifically, solo practitioners, you might never find enough to go around – not sufficient resources, money, time, or more. Ironically, this could be a good thing as a challenge can spur an innovative and entrepreneurial mindset. Instead of freaking out about the impediments, embrace them and use them to your advantage. If you can find solutions to any problem, innovate things, and creatively handle operations with limited resources in hand, you can thrive in your entrepreneurial journey.

  • Don’t stay in your lane

    HR needs to work closely with other employees in order to provide their needs and requirements. Though HR work within their community, they must hone holistic business and communication skills in order to push forward on their entrepreneurial journey. The focus should always be on enabling everything through HR to better understand the business – finances, operational details, market scenarios, competitors, and market trends. HRs who go beyond the usual with innovative thinking can see long-term business opportunities. People in the HR community who have a business-savvy mindset, who can survive in the competitive market, who can take responsibility, who understand how a business really works, who believe in optimizing the risks, and who have a customer-centric approach, are true entrepreneurs.

  • Ask questions

    Being an entrepreneur requires you to wear everyone’s hat – you have to play multiple roles at the beginning. Business leaders face numerous issues diving through administrative tasks, business needs, and stringent security requirements. However, they find their way through obstacles. How do entrepreneurial leaders get so comfortable with the facts? How do they never run out of ideas? No one’s a born entrepreneur – you need to get into that position where you can always make tough decisions. It is easier and wiser to gain insights from people you work with, your competitors, the market, etc. Asking them questions and getting insights from each aspect of the business would help you stand out in the long-term business landscape. To be in the position of an HR entrepreneur, you must have solutions to every problem your business might face.

  • Lead the change you want to see!

    Today’s business landscape is rapidly changing, and so is the workplace. With a world full of ongoing innovations, cutting-edge technologies, and phenomenal talent, you can’t just wait for your turn; you need to lead the change. It is well-proven that when you visualize something, you are in the driver’s seat. Anything happening in the HR department is an opportunity to create future-proof ideas and be in the position of a leader. Aggressively pursuing opportunities, even in HR practices, has the potential to invoke the inner leader in you. If you are visualizing a goal and leading the way, you can thrive in your journey to become an HR entrepreneur.

Starting out on your own requires wearing many hats. However, if you want to thrive in the market with a successful and profitable business, the administrative tasks must be handed off to talented HR. For HR entrepreneurs, it is easier to manage a business on their own. But after a certain point, prioritizing business needs becomes crucial. The situation asks for someone entirely dedicated to management-related tasks. This is where a trusted brand, a powerhouse of HR experience and skill, can step in to bring in the proverbial cavalry. Such a service can handle HR activities skillfully, strategically, and often at far lower prices than if you had to set up an HR team internally. Exela offers a wide range of HR services to streamline your HR operations. This allows you time to focus on the actual business, your core strategies, and your innovations. Talk to our experts about the best HR practices that your business needs.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.