How Entrepreneurs Make Money and Lead Happy Lives

Greg Vanourek.

What about at the level of a firm—why incorporate the entrepreneurial approach there?
There's a real war for talent out there. A lot of these companies are really struggling to compete—you've got the outsourcing issue, etc. You've got to be able to attract and retain great people. The smart companies are starting to realize that to win the war for talent, they have to create a culture of authenticity and trust. [Employees] will feel motivated to stay. Otherwise, they'll go off on their own. Those companies are the ones who are going to win the war for talent.

What can companies do to win this war?
A lot of companies today neglect the human capital side. They focus so much on the financial capital side—meeting their numbers, cutting costs, driving revenue. They're taking their workforce for granted. Look at Clif Bar. The company pays attention to health and wellness and opportunities for volunteering. These softer aspects of human capital can actually be powerful weapons in the war for talent. Many entrepreneurs are so busy fending off the competition that they forget these things. But these are the things that in the long term produce a great company.

Sometimes when businesses create programs for their employees, it can turn into a boring chore for everybody.
The distinction I would make is between a program and a culture. It's not about just a program here or there. The other aspect is that it's really about tapping into your employees' passions. What makes them motivated to go above and beyond the call? If they feel that their passions are tapped into at work, they'll go above and beyond the call of duty.