Member Article

Manchester Metropolitan University helps find 10 secrets of ‘Hyper Growth’ leadership

Manchester Metropolitan University (MMU) Centre for Enterprise has provided insight and expert commentary on a study of the characteristics of elite ‘Hyper Growth’ business leaders.

The research report by GrowthAccelerator, the government-backed business growth advisory service, has identified a breed of rapidly expanding SMEs, dubbed ‘Hyper Growth’ businesses.

High growth is usually defined as a 20 per cent rise in turnover or headcount for three consecutive years – ‘Hyper Growth’ businesses have achieved this level of growth in just one year.

25 ‘Hyper Growth’ businesses were identified from a representative sample of 500 GrowthAccelerator clients. Together these businesses generated £41.9 million in GVA and created 571 jobs. Growth Observatory, the research arm of GrowthAccelerator, undertook in-depth research among these companies – including psychological profiling of their leaders – to unlock the secret formula for their rapid ascent.

The findings were interpreted by a panel of leading business growth experts from across industry and academia, including MMU Centre for Enterprise, and published in The Hyper Growth Insights Study. MMU is collaborating with the Growth Accelerator Observatory on another research project to find out what drives small and medium sized business growth.

Professor Lynn Martin, Director of the Manchester Metropolitan University (MMU) Centre for Enterprise, said: “We are combining a large scale empirical survey with in-depth interviews to identify what assistance businesses want and need to make them more successful. This will bring fresh insights and a new approach to finding practical solutions to supporting and sustaining business growth.”

10 Secrets of ‘Hyper Growth’ Leadership

1. Hyper Growth leaders put people first: Attracting and retaining good people are the biggest challenges facing Hyper Growth businesses – they worry more about this than any other challenge, including losing customers and managing cash flow.

2) Hyper Growth leaders aren’t too proud to ask for different opinions: They are receptive to advice and take it on board. The study outlines a spectrum of trust – Hyper Growth leaders are careful about who they go to for advice and are open to collaboration with those they view as peers.

3) Hyper Growth leaders are chameleons: they adapt to the prevailing economic environment – surviving, and even thriving, in difficult times.

4) Hyper Growth leaders spot and seize opportunities: They have a high level of alertness and quickly seize the right opportunities.

5) Hyper Growth leaders boldly go where no competitor has gone before: Hyper Growth businesses are entering new markets at a far faster rate than average SMEs, and their leaders are significantly more confident in doing so.

6) Hyper Growth leaders’ creativity doesn’t stop with the big idea: They drive innovation at a faster rate than average SMEs and also find creative processes to get their products and services to market quickly.

7) Hyper Growth leaders are red hot: on the Insights Discovery® Personal Profile tool, more than two thirds of the Hyper Growth leaders studied demonstrated dominant ‘Red’ characteristics – competitive, demanding, determined, strong-willed and purposeful.

8) Hyper Growth leaders rate their ability to motivate and inspire however they are less confident about personal development: They generate a positive team dynamic, empowering staff and fostering creativity, however they struggle to offer work / life balance or support team health and wellbeing.

9) Hyper Growth leaders learn more from their mistakes than their successes: despite achieving phenomenal recent success, Hyper Growth leaders turn to the darker times in their past for inspiration and lessons for future success.

10) Hyper Growth is no accident: Finally, Hyper Growth leaders are clear about their goals for growth and plan to achieve them. The targets they set are very ambitious and in the majority of cases, they meet or exceed these goals.

Further information: www.growthaccelerator.com/hypergrowth-2014/

This was posted in Bdaily's Members' News section by Manchester Metropolitan University Centre for Enterprise .