Compliance Engagement of Entrepreneurs
Corporate Governance | Get this remarkable saying: “The secret of success is to be ready when an opportunity comes!”
Compliance Management is now more meaningful as Governance Risk Compliance Management (GRC) is a must process to follow by entrepreneurs. Engagement in various stages of the entrepreneurial process while considering an individual’s start-up motivation is an opportunity and necessity inspiration.
Take into account individuals driven by a combination of the three aspects:
1. good corporate governance
2. mitigation in risk management, then
3. adhering to rules & regulations: compliance management.
Opportunity and necessity-driven entrepreneurs as well as those with mixed start-up motivations all need to really understand and practice this GRC Management. To engage in the entrepreneurial process more fully (‘to climb the entrepreneurial ladder’). For example, entrepreneurship-specific education, self-employed, risk tolerance, perception of lack of financial support, and living in a metropolitan area are essential variables in determining entrepreneurial engagement and failure for opportunity-driven individuals, but they are not (or less) important for necessity-driven individuals.
Young entrepreneurs, as well as start-ups, would like to be engaged in the most simple and fast way. There is nothing wrong to follow a quick process and making the academic GRC Management simpler.
The position these entrepreneurs are asked to follow is simply by really focusing on 3 (three) aspects :
1. Good Corporate Governance can be reached by having a simple Vision, Mission, and Value Statement. For Example: by translating the Nike tag line: “Just Do It”. So, the synonym is: “I open my business now to succeed!” Another tagline is: “No talk only, I work for it!”
2. Risk Mitigation: there is no problem facing risks, harmonizing across disciplines is to be accepted, then adapting to any situation. Young entrepreneurs are easy to practice change management and adapt to any situation.
3. Compliance: Uh, discipline, following rules and regulations? Well, “the young ones” would say: We don’t like it! But, that’s the road to a sustainable business and to let the business grow.
Enjoy following the Compliance Management it can be simplified as a system to grow revenue, to do business really efficiently and effectively. How: while doing business learn more about Compliance Management; collaborate with young financial consultants, as well as young legal business facilitators.
Move on as there are no shortcuts or quick fixes for business growth, you must work consistently.
Ludwig Suparmo: Strategic Communication Specialist.