Venture Studio: Why Building an Ownership Mentality is Key
An ownership mentality means taking responsibility for your actions and decisions. When a person takes ownership, that shows their strong desire to take responsibility.
Ownership is about taking the initiative, jumping on problems, and doing whatever it takes to solve them.
People who take ownership perceive the business they are working for — and its well-being — as if it were their own. They also tend to be more driven and motivated, actively looking for creative ways to improve the quality of their work.
Something that can encourage this mindset is Nike’s famous slogan “ Just do it”. Whenever in doubt if you should do something that can benefit the business, just go and do it. Don’t wait for others to act even if you’re not 100% sure how to solve the problem. Just do it.
That is a great way to show initiative, even if it means leaving your comfort zone.
Every time I wanted to learn something new, I pushed myself and took that leap of faith. Explore beyond your comfort zone and open up your mind to new knowledge and experiences. Because that is the best way we can learn.
Accountability is also one thing ownership is strongly linked with, meaning that employees have to be honest about whether they are truly able to deliver what was promised.
Taking responsibility for your failures is just as crucial as taking accountability for your success.
When you stand behind your words and work, you are showing that you can be trusted to do what you committed to. Trust reinforces accountability because when you know that you’re trusted by your teammates, you don’t want to blow that by letting them down.
Why Is Ownership in a Venture Studio Important?
A strong ownership mentality is essential for a thriving venture studio. When employees feel like they have ownership over their work, they become more passionate and accountable for their output. This creates a healthy culture in which employees feel trusted, respected, and valued.
To create a successful venture studio, you need people who are willing to roll up their sleeves and get their hands dirty. You need people who are passionate about their work and want to see it succeed. Additionally, taking more responsibility can help develop your employee’s skills as they gather experience much faster.
Cultivating an ownership mentality in a venture studio should lead to:
- Positive work environment
Taking ownership often motivates employees to ask questions, come up with new ideas and propose solutions. This leads to good communication with their superiors, getting the latest business news, and working directly on activities that can accomplish company goals.
2. Increased motivation
When people have a say in what problem they’re going to solve and how they’re going to solve it, they’re naturally more excited and motivated. Taking ownership can also influence employees’ confidence to speak with authority, ask meaningful questions, and provide relevant insights.
3. Faster execution
Teams that have ownership over the strategy and execution from beginning to end can move quickly because they can make the most decisions on their own.
4. More innovation
When employees are given ownership, they develop a personal attachment to the work they do. Their passion and creativity drive their decision-making, often leading to more innovative thinking.
5. Career growth
Taking ownership also means getting outside your comfort zone, working on your skills, and taking on more responsibilities that could potentially lead to a promotion.
How Can You Build an Ownership Mentality in a Venture Studio?
Creating a sense of shared purpose is a great first step to fostering an ownership mentality. This involves getting employees to buy into the company’s vision and understand how their roles contribute to the overall success of the business. Once they feel they are a part of something larger, they’ll much more likely to take ownership of their work and feel included in the company’s success.
Building mutual trust is also essential. They need to feel like they are trusted to make decisions and take on responsibilities, without constantly needing to check in with management. This freedom allows them to experiment and learn, which is crucial for growth and innovation. With the right environment, an ownership mentality will naturally develop in your employees.
Examples of Ownership Mentality in a Venture Studio
At Martian & Machine, I’ve noticed a lot of different ways employees take ownership. Here are a couple of examples of ownership mentality in a venture studio:
- coming up with new proposals that can influence business growth
- actively jumping on problems when they occur and solving them
- autonomy to take over more responsibility
- being proactive in proposing product improvements
- proposing different processes and new tools
- sending out venture ideas
Taking ownership and more responsibility are things that happen daily at Martian & Machine, in many different departments.
Just to make it clear — this doesn’t mean we work overtime. We have full autonomy to propose anything that can help us out in our work or that can help out the company grow.
We have the building mentality in our personality and we enjoy building something new — but we also know how important is a good work-life balance.
If your work-life balance suffers for you taking ownership, you’re working in a toxic workplace. When you have the trust of your supervisors and full autonomy to focus your regular work on the stuff that matters and that can lead to the company’s growth, you can truly combine a proactive mindset and a good work-life balance.
For example, if you are a Product Manager, giving more accountability to your designers, engineers, and developers will provide them with more space for continuous product improvements. They should be more action-oriented and comfortable with having more autonomy. Problems and challenges that come their way, they will try to solve on their own, either by researching the problem and the solution, asking colleagues for help, or even delegating. Allowing your team members to showcase that ownership mindset will not only increase the team spirit but will often bring a solution that could help out the entire company.
An ownership mentality is a key to success in any venture studio. When everyone on the team has a sense of ownership and accountability, they are more likely to think like entrepreneurs and take care of the company and its products.
If you’re looking to start your own venture studio, make sure that you and your team have an ownership mentality. It’s this kind of attitude that sets successful ventures apart and allows them to scale quickly.