Six ways to think like an entrepreneur

9 June 2017

Procurement professionals can add more value by embracing entrepreneurial thinking

Richard Masser, CEO of Crestwood and former CIPS president, says being an entrepreneur applies to any organisation. “In procurement we can take those qualities,” he said at the CIPS event ‘Contracting And Procurement: The Commercial Powerhouse’. “That’s how you add 10% to the bottom line.”

“Procurement and supply management are best placed to spot M&A opportunities as they often sit within the supply chain,” he added. “They can develop supply chains where they don’t exist and develop suppliers that grow with the speed that the business grows.” This kind of entrepreneurial thinking means procurement could come to “help the organisational growth and win new business”.

Here are six key qualities entrepreneurs possess:

  1. They think independently but listen to other people.
  2. They take individual responsibility but always work in teams.
  3. They take controlled risks but do everything they can to mitigate them.
  4. They have vision and surround themselves with talented people.
  5. They’re magpies, taking practices from any industry.
  6. They think strategically, never content with the status quo.
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