Want to be an entrepreneur? These are the leadership skills you must possess (Detailed Guide)
To be an entrepreneur you need to have much more than just a great business idea or years of experience in running a company. After all, there are many individuals who call themselves entrepreneurs but very few of them launch successful businesses and even fewer actually make a name for themselves in the corporate world. So what does it take for you to become a really great entrepreneur?
This is the #1 mistake most entrepreneurs do:
Well, to answer this, you first need to answer this question – How good and efficient are you as a leader? Most business owners only know how to be good managers or bosses and go about delegating work to their employees or setting deadlines on when they expect the work to get done. They do not take any active interest in their employees or the work they do and if any employee makes a mistake the ‘bossy’ entrepreneur will always hold him/her accountable.
Leaders, on the other hand, do not just delegate work to people and check on them when a deadline draws near. Leaders trust their employees to do the work and also ensure that they are always constantly updated on the work being done at the same time so that if any employee faces any hiccups along the way, the leader can jump into work along with the team and find a creative solution.
There is a very thin line between leaders and bosses and when you know the difference, you will be a much better entrepreneur. Entrepreneurship is a journey and every step involves innovation and effective leadership. As an entrepreneur, you always have to think about new solutions, emerging trends and become a true disruptor. So, do you have it in you, to be a change maker? Let’s find out!
1. Accepting responsibility (Both the good and the bad)
A leader always accepts responsibility for his team and does not simply put the blame on his/her employees (or the customer) when something goes wrong. For instance, recently in the news, the CEO of United Airlines, Oscar Munoz (@UnitedMunoz), reportedly took ownership for the mistake of one of his flight attendants, who forced a family to put their pet puppy dog in the overhead storage before take-off, which ultimately lead to the death of the puppy.
This was no small incident, but instead of playing the blame game or releasing statements promising stern action against the employee, Oscar said that “We got it wrong”. This is a huge step, considering the position he is and the temptation of passing the buck to someone else. It is statements like this that separates a leader from a boss. Accepting responsibility for a big mistake distinguished him from everyone and this helped United, come back stronger than ever. The employees got a chance to rectify their mistake and it is due to instances like this, they think that he is ‘by far the best CEO United has ever had’.
2. Problem-solving (Not just for profit)
Many successful entrepreneurs in the world today did not start their businesses just to make huge profits. They genuinely wanted to help people and solve their problems in some way. One of the best examples of this kind of entrepreneur is Andy Puddicombe (@andypuddicombe), the co-founder of the hit meditation app ‘Headspace’.
Andy is a former monk who has had years of training in the practice of meditation. He now teaches his meditation techniques to millions of users all over the world to help them understand their complex emotions or thoughts of worry, anger, anxiety, etc. so that they can learn to be at ease with them instead of being overwhelmed by them, thus enhancing their mental and physical health.
In fact, it was Andy’s own struggles with worry and anxiety that led him to train in meditation by becoming a monk. He now shares his valuable insights on meditation to help people who are struggling the same way, through his teachings in the ‘Headspace’ app. He has also appeared on The Tonight Show with Jimmy Fallon and TEDx, to reach out and help as many people as possible.
3. Be a motivator (Bring out their best)
There’s a saying that great leaders never create more followers, they create more leaders. Most people do not realize their true potential unless they receive the proper motivation. Good leaders know exactly how to motivate their followers so that they are able to give their 100% in whatever work they are assigned. A good example of this type of a leader is Grant Cardone (@GrantCardone), who is an entrepreneur, author, and motivational speaker.
Apart from being an investment guru and best-selling author, Cardone has also changed the lives of many people by motivating them and helping them achieve success in their business and lives as well. He is widely popular on the internet and is now one of the top social media influencers. Some of his most inspiring and motivational books that are a must-read are ‘The 10X Rule’, ‘Sell or be Sold’ and his most recent ‘The Millionaire Booklet’. Influence is infectious, once it touches the right people, it spreads like wildfire. Motivational leaders never scream to be hard, they let their positivity speak the loudest.
4. Take on challenges (and overcomes them)
One important skill that any leader simply must possess is the ability to take on challenges and turn them into opportunities. Every person is bound to face certain challenges in their personal and professional lives. Some of the greatest leaders in business today had to face many challenges initially before they could achieve the success and status they have today. It is the challenges that determine, the type of person, you will be. When the going gets tough, don’t be demoralized. Adapt, improvise and move ahead with increased vigor. Be determined to reach your goals, but always be flexible on the methods.
Richard Branson (@richardbranson), the founder of the Virgin Group and one of the richest men in the world, had initially struggled with his education as he suffered from dyslexia. Despite this challenge, he still believed in himself and worked hard to fulfill his vision of becoming an entrepreneur. His persistence, determination, and ability to see an opportunity in every problem has made him the billionaire he is today.
5. Be trustworthy (to both your team and customers)
A strong customer relationship is built on trust. When your customers trust you to do the job right, they will always come back to you and not even think about taking their business to another competitor. The same can be said for your employees. Your team will always give their best for the company and work diligently when they know that the company treats them like a family member. When the bonding is strong and work doesn’t feel like work, the company becomes a “second home” to the employees.
Our very own CEO and founder of 2webdesign, Mouneeb Shahid (@MouneebS), is the perfect example of this type of leader. Through his extensive knowledge in the field of web designing and careful understanding of each customer’s requirements, he has earned the trust of hundreds of satisfied clients in Saskatchewan. His commitment and passion has also earned him the respect of his team of website designers, developers and internet marketing specialists who are proud to be a part of the 2webdesign brand name.
Join the conversation, let us what you feel about entrepreneurship, overcoming challenges and building a brand that people love, respect and follow.