Acting like an owner is a mindset and attitude that employees can adopt to take more responsibility and accountability for their work. It involves behaving with the company’s best interests in mind, just as an owner would. Employees who act like owners tend to be more engaged, proactive, and committed to ensuring the company’s success.
Some key qualities of those who act like owners include:
- Taking initiative
- Being solutions-oriented
- Going above and beyond
- Taking responsibility
- Thinking long-term
- Caring deeply about the company
When employees act like owners, companies benefit from higher employee engagement, increased productivity, and an enhanced corporate culture. That’s why many organizations actively encourage their staff to adopt an “owner mindset.”
What Does It Mean to Act Like an Owner?
Acting like an owner essentially means demonstrating the same dedication, care, and commitment for the company as an actual owner would. Some specific ways employees can act like owners include:
Taking Initiative
Owners are inclined to take initiative instead of waiting around to be told what to do. Similarly, employees who act like owners will proactively identify problems and opportunities and take it upon themselves to address them. They don’t sit around waiting for direction.
For example, a customer service rep who acts like an owner might notice a spike in complaints about a particular product. Instead of waiting for management to tell them to do something, they may proactively analyze the root cause of the complaints and come up with suggestions to resolve the issue.
Being Solutions-Oriented
Owners are focused on solving problems that help their business. When employees act like owners, they also think about how they can be part of the solution rather than dwelling on issues or obstacles.
For instance, if an employee runs into a roadblock, an owner mindset means asking “How can I figure this out?” or “Who can I collaborate with to get this done?” rather than giving up or complaining.
Going Above and Beyond
Business owners typically go above and beyond to ensure their company’s success because they are intrinsically invested in the outcome. Employees who act like owners have the same willingness to work hard and do whatever it takes to help the business, even if it means going beyond their core job duties.
An example would be an engineer staying late to fix a critical bug without being asked or a marketing associate taking time to mentor a new hire outside of their job description.
Taking Responsibility
Owners are accountable for the performance of their business. When employees think like owners, they also take responsibility for their work and department. Rather than blaming others or making excuses, they focus on what they can do to produce better results.
For instance, if a project goes off track, an employee with an owner mindset will reflect on how they can improve their leadership, planning or communication to get things back on schedule.
Thinking Long-Term
A core aspect of owning a business is having a long-term vision for growth and success. When staff act like owners, they make decisions and recommendations while keeping the company’s long-term interests in mind.
An employee who acts like an owner will, for example, be just as concerned about the company’s profitability 5 years from now as they are about hitting this quarter’s numbers. Their decisions support sustainable, long-lasting success rather than quick wins.
Caring Deeply About the Company
Passion and care for the business are intrinsic to real ownership. Employees who act like owners demonstrate that same sincere passion and care for the company.
For example, they get emotionally invested in the brand and celebrate company wins as their own. They go the extra mile because they truly want their company to reach its potential. Acting like an owner means having genuine pride and care for the business.
Why is Acting Like an Owner Beneficial?
There are a number of reasons why acting like an owner benefits both employees and companies, including:
Higher Employee Engagement
Employees who have an ownership mindset are typically more engaged in their work. After all, they feel invested in the company and intrinsically motivated to contribute to its success. This leads to higher job satisfaction, performance, and retention.
According to Gallup, companies with high employee engagement have 21% greater profitability. Fostering an owner mindset can significantly contribute to engagement.
Increased Productivity
Employees who act like owners tend to take on more responsibility and go above and beyond their duties. Because they feel invested in the company, they have added intrinsic motivation to be as productive as possible. This commonly results in increased efficiency and output for both individual employees and teams.
Stronger Corporate Culture
When employees at all levels embrace owner-like thinking and behavior, it establishes a culture of responsibility, engagement and innovation. Staff are unified in prioritizing the company’s interests. This cultivates a high-performing culture based on ownership.
Better Customer Experiences
Employees who act like owners are intensely focused on providing excellent service and value to customers, just as a business owner would be. This customer-centric outlook typically translates into positive experiences and interactions that build brand loyalty.
Improved Cost Management
Thinking like an owner means caring about controlling expenses and avoiding unnecessary costs. When employees make cost-conscious decisions as if they were the owners, it can result in notable cost savings over time.
Faster Innovation & Change
Employees who take initiative like owners do can often accelerate innovation and positive change within companies. Rather than waiting for directions from above, they spearhead new projects, processes and improvements. This provides companies with greater agility and ability to respond to evolving market conditions.
How Can Organizations Foster an Owner Mindset?
While some employees intuitively act like owners, organizations can also take steps to actively promote this mindset across their workforce. Some strategies include:
Lead by Example
Managers need to model owner-like behavior first before expecting it from staff. When leadership takes initiative, champions great customer service and makes decisions based on the long-term, it sets the tone for employees to follow suit.
Train Employees
Companies should provide training on what it means to act like an owner and why it matters. This builds understanding of how to turn this mindset into action. Training also shows employees that adopting this mentality is a priority.
Empower Employees
Enable staff to take initiative and responsibility by removing obstacles and giving them more autonomy over their work. Empowerment feeds an ownership culture.
Praise Initiative
Offer recognition when employees demonstrate owner-like behavior, such as taking the lead on something new or going beyond their responsibilities. Praise reinforces this mindset.
Foster Transparency
The more employees understand the realities of the business, the easier it is for them to make decisions from an owner perspective. Transparency around company performance, objectives and challenges is key.
Create Ownership Opportunities
Develop specific opportunities for employees to act like owners, such as managing a project budget, heading up a new initiative or coming up with solutions to company issues. This provides constructive outlets for ownership behaviors.
Tie Rewards to Company Performance
Use incentives like bonuses and profit sharing to tie employee rewards to company results. This helps staff feel like they have a literal stake in the organization’s overall success.
Highlight Impact
Consistently remind staff of the positive impact their work has on the company. When they feel connected to real business outcomes, it drives an owner mentality.
Examples of Acting Like an Owner
Some concrete examples of employees demonstrating an owner mindset include:
- A customer service rep going above and beyond to resolve a customer complaint and retain their business.
- An engineer fixing a faulty product design that is causing issues for customers rather than waiting to be told to do so.
- A marketing associate recommending ideas to improve the company’s social media presence without being asked.
- An administrative assistant proactively collecting customer feedback and proposing improvements for the customer experience.
- A salesperson following up with leads after hours on their own accord to convert more prospects.
- A store manager deciding to extend store hours to accommodate customer demand, like an owner concerned with increasing revenues.
- A financial analyst taking time to mentor a new employee to help them get up to speed more quickly.
- A department head setting ambitious growth goals for their team aligned with the company’s long-term objectives.
Quotes on Acting Like an Owner
Here are some insightful quotes on embracing an owner mindset as an employee:
“No person will make a great business who wants to do it all himself or get all the credit.” – Andrew Carnegie
“An organization’s ability to grow depends on people’s willingness to take ownership, initiate change and develop themselves.” – Peter Drucker
“Take ownership of your work, your actions and your results.” – Brian Tracy
“The best employees are like owners, thinking about the business, caring about it, making suggestions and recommendations.” – J. Willard Marriott
“The leaders who work most effectively, it seems to me, never say ‘I.’ And that’s not because they have trained themselves not to say ‘I.’ They don’t think ‘I.’ They think ‘we’; they think ‘team.’ They understand their job to be to make the team function.” – Peter Drucker
Tips for Acting More Like an Owner
For employees looking to embrace more of an owner mindset, some helpful tips include:
- Increase focus on the customer experience and satisfaction
- Take initiative rather than waiting for direction
- Think long-term, not just short-term
- Accept responsibility instead of blaming others
- Make solving problems a priority
- Look for ways to drive company results
- Create innovative solutions and process improvements
- Seek opportunities to develop oneself
- Collaborate with colleagues and share knowledge
Focus on Customers
At the core of any business are its customers. Make all decisions with their needs and satisfaction in mind, as owners do. Go above and beyond to deliver value.
Take Initiative
Don’t be passive. Proactively identify opportunities to contribute and speak up with ideas. Drive key projects forward.
Think Long-Term
Keep the company’s long-term growth in perspective and make decisions accordingly. Owners focus on the future.
Take Responsibility
Be accountable for your performance. Reflect on how you can improve processes and results instead of blaming external factors.
Solve Problems
Zero in on solving problems, whether it’s improving customer retention, cutting costs or enhancing efficiencies. Problem-solving is fundamental to owners.
Conclusion
Acting like an owner is critical for employees in any organization seeking to drive higher performance. By taking initiative, embracing responsibility, focusing long-term, and caring deeply, staff can emulate the dedication of true owners. This mindset shift benefits both individual employees and companies as a whole through enhanced engagement, innovation and business outcomes.
Organizations should actively work to instill owner-like qualities throughout their workforce. With the right culture and leadership, acting like an owner can become a natural mindset across the company. When employees feel and behave like genuine owners, it unlocks their full potential to accelerate business success.
