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Creating an entrepreneurial culture within an organization based on meritocracy has several broader implications. Firstly, it fosters an environment of innovation and creativity, as employees are encouraged to think like entrepreneurs. This can lead to the development of new products, services, or processes that can give the company a competitive edge. Secondly, a meritocratic culture can increase employee engagement and satisfaction, as employees feel that their contributions are valued and rewarded. Lastly, it can lead to more efficient use of resources, as projects are evaluated based on their merit and potential for success, rather than on politics or favoritism.
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As these tools become used throughout the organization, a number of changes will occur. The existence of small startup teams creates more opportunities for leadership, and innovative people will be more likely to stay within the company. There is less waste of time and energy as management figures out in advance the best things to build, without spending significant resources on dead-end projects which can be killed off more quickly. Once failing with honor is seen as a skill, such 'failed' projects can be treated as the groundwork for future successes.
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The Startup Way — released in early-October 2017 — is the continuation of the award-winning The Lean Startup — both written by Eric Ries. The Lean Sta...
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