Every entrepreneur should learn the following seven leadership skills
To get their enterprises off the ground, entrepreneurs need a variety of abilities, including persistence, ingenuity, drive, and a strong work ethic, to mention a few. However, as their firms grow, the skillset required changes; in particular, entrepreneurs must develop into exceptional leaders, capable of inspiring colleagues and empowering a larger team to keep the company moving forward. That can be challenging for entrepreneurs who started out on their own or with a small group of close colleagues; they’re used to doing everything themselves with little accountability or participation.
Indeed, the business world is riddled with stories of extremely successful entrepreneurs who struggled when it came time to transition into managing and leading a corporate organization. Those that do not make the change early on will find it increasingly challenging as the company develops in size. Every entrepreneur should develop the following seven leadership abilities.
7 Important Leadership Skills for Entrepreneurs
How to Create a Support System
Good leaders surround themselves with advisers who may serve as mentors, counsellors, or simply a sounding board for their ideas. Such connections can be formal – for example, with a business coach – or structural – chief executives typically benefit much from working with the proper non-executive chairman. They could be external – the proper expert advisers can provide invaluable insight – or internal – as part of a larger management team, for example. Be open to a wide range of ideas and be able to synthesize the best advice given in order to put it into action.
How to find and keep top talent
Good leaders devote time to their employees. Business leaders frequently identify their staff as their company’s most valuable asset, yet only a small percentage of them follow through. They don’t always become involved in recruitment, and they don’t always put in place systems to keep employees motivated, allow them to grow their abilities, and eventually discourage them from looking for new jobs elsewhere. Employment engagement isn’t a frill – it’s essential for attracting and retaining top talent.
How can I delegate?
Leaders who empower their teams are more likely to succeed. Leaders who learn to delegate have more time to focus on leadership — rather than spending every waking moment dealing with day-to-day concerns, they can take a step back and prepare for the future.
How to Give Up Control
Good leaders hire bright individuals and then allow them the freedom to use their talents: they understand that delegating to staff is pointless if you don’t trust them to complete the task at hand. Learning to let go might be challenging for entrepreneurs who have established firms from the ground up, doing everything themselves. Micromanaging employees, on the other hand, is ineffective: it wastes the leader’s time and demotivates individuals who don’t believe you believe in them.
How to Create a Vision
Good leaders may present a picture of the future, motivating their coworkers and employees to work together to realize the company’s full potential. There are two abilities required here: first, leaders must have the time and imagination to plan strategically for the future, establishing ambitious development targets; second, they must be able to convey that vision to the rest of the organization – to give the motivation that gets everyone going.
6. How to Interpret Numbers
Good business leaders are well-versed in their organization’s financials. They may have delegated financial management chores to others – they may even work with a finance director or an outside counsel – but they are financially literate enough to decipher the fine print in the management accounts and company balance sheet. Those who lack this expertise may be startled to learn that their enterprises lack the financial foundations they need to grow.
How can technology be used to increase visibility?
Interest leaders know how to share information (and how to make sure others do the same) for the greater good of the company. New technologies make the process of sharing information easier, increasing the speed with which essential data is delivered while also improving the extent to which it is understood and analyzed. It’s critical for leaders to use these tools in order to get the most accurate picture of what’s going on in the company.