Wanted: Procurement entrepreneurs

Blog | October 12, 2020

What is a procurement entrepreneur?Having an entrepreneurial outlook no longer needs only to apply to those who run their own business. We’re increasingly seeing the benefits of purchasing professionals thinking and acting as ‘procurement entrepreneurs’. But what does it mean and how do you know if you are one?

Entrepreneurship refers to those with certain character traits and behaviours. Are you able to think big, take calculated risks and bounce back from failure? Answer these ten questions to find out what makes a procurement entrepreneur and why it’s good for business.

1. Am I curious?

Curiosity inspires the entrepreneur to keep learning and stay sharp. Ask questions and find out how things work, it could inspire ideas to keep you ahead of the curve.

2. Do I feel driven about what I do and how I do it?

Passion is the fuel to keep you going Monday to Friday and gives you a zest for life (and work).

3. Do I flex my creative muscles?

Challenging norms (especially when they don’t work) and thinking outside that ever-maligned box ensures you generate the best new solutions for your company and team. Allow yourself to exercise your imagination and keep an open mind to new possibilities.

4. Am I ready to lead?

Entrepreneurs are leaders, but you don’t have to manage staff to lead. Leadership is having a vision (see question 5) and taking full responsibility for your actions. Not only does it show you to be professional and in control, it’s motivating for your team.

5. Do I have a vision?

Having a clear vision of what you want to achieve and how you’re going to do it, gives you and your team conviction. It provides a touchstone which you can refer back to if you veer off track – you simply ask: is this supporting our end goal?

6. Can I call myself an expert? (Or least fairly knowledgeable)

Armed with the facts and figures of how procurement fits in with the wider corporate strategy, legislation and the landscape of the supplier markets will help you see the bigger picture and the opportunities you could tap into.

7. How comfortable am I with taking risks?

Risk-taking doesn’t have to mean putting the company’s finances in jeopardy, but rather possessing the ability to cope with uncertainty or failure. Managing your fear and putting your ideas forward, come what may, is what separates the men from the boys (or the women from the girls).

8. Do I bounce back repeatedly from adversity?

And if you take risks and fall, resilience will be your friend. As Rocky Balboa once said: “It ain’t about how hard you hit. It’s about how hard you can get hit and keep moving forward; how much you can take and keep moving forward. That’s how winning is done!”

9. How persuasive am I?

The ability to persuade others of the value of your ideas and buy in to your plans is important in and out of your working life. If you’re convinced of the benefit of something, conveying it with passion and clarity is highly influential.

10. Do I embrace change and adapt accordingly?

The ability to adapt is crucial in the working world. After all, change is inevitable and sometimes unexpected. If you’re adaptable you’re able to think on your feet and respond quickly. This can help you pivot, keep a cool head and become part of a solutions-focused approach.

And entrepreneurs know that they need the right tools to support change and measure the impact and ROI of what they do. Read about our next-generation eProcurement software or contact us to arrange a demo.