Thursday, October 13

5 Leadership Skills Every Entrepreneur Must Learn

As an entrepreneur, you’re more than just the initiator, the financier and the organiser. You’re also a leader, the living embodiment of the enterprise and someone that people look up to. Just look at it this way, once an entrepreneur’s reputation gets tarnished, they’re immediately replaced by the board or the business suffers for it. Why do you think this happens? Is it possible that one’s own personal life may play such a huge role in the enterprise as a whole and, if this is so, is there a way to achieve an adverse effect? Of course, there is! Here are several tips you might want to consider.

1. Empathy

The first thing you need to understand is that the art of non-verbal communication more than makes a difference in interpersonal relationships. When people come to you with their problems, you need to keep in mind that they can tell if you’re really interested. Moreover, telling your team members that they’re an invaluable part of your brand (which is a textbook phrase) can have different meaning based on the tone of your voice, your demeanor and your stance. Remember, listening is more than just memorizing what people are telling you, it’s about empathizing and getting emotionally engaged in the story. By achieving this, you’ll inspire loyalty in the most organic way possible.

2. Working on your personal brand

Now, this is more of an art than it is a marketing campaign. On the one hand, you want to appear as professional, skilled and knowledgeable as it gets. On the other hand, you also want to seem laid back and human. Perhaps the best way to portray this is to take a look at the example of Elon Musk, the person who is the most responsible for the stellar success of Tesla as a brand. Aside from working to forward his business plans, he’s also simultaneously working on his personal brand, which, benefits the company as a whole. The downside lies in the fact that whenever there’s a backlash against him or a controversy surrounding him the company feels it, as well. Therefore, being extra careful is more than advised.

3. Authenticity

The next thing is tightly connected to the previously discussed trend on working on your own personal brand. Keep in mind that while building your own brand, you might fit into a certain profile. This can backfire and get you characterized as just one more name in the bunch. The problem with this is that the market is already so oversaturated with similar offers and personas that you might not be able to break through. The same problems arise if your team starts looking at you in this way. The last thing you want is to become yet another generic employer. An average person changes about 12 jobs in their lifetime, which is why you might just get lost in this faceless crowd. Needless to say, this is not something you can allow to happen.

4. Recognize potential

Most important characteristic of great leaders through the history lies in their ability to recognize and hire competent people. As your company grows, you won’t be able to handle everything on your own, fortunately, you don’t have to. Start by recognising the potential behind job applicants. For instance, an exceptionally made resume might indicate a person’s creativity, while their performance in the interview serves as an indicator of charisma. Even if they hire professional resume writing services like Enköhde Careers this speaks volumes of their dedication. For starters, it shows that they can always find a way to get the optimal results and that they’re not afraid to use any resources available to get there.

5. Financial management

As an entrepreneur you probably won’t handle all of the finances on your own, however, fundraising, loan management, invoice juggling and the cash flow management will be some of the tasks you have to be skilled at. Apart from this, you also need to be quite good at resource management. Even though you may have trusted accountants at your side, as an entrepreneur you need to be well-acquainted with your company’s finances. After all, being completely oblivious of how your company’s taxes, returns and deductible are working creates an atmosphere in which it’s incredibly easy for others to steal from you.

In conclusion

At the end of the day, as we already mentioned before, leading by an example doesn’t mean that you need to know how to do everything on your own. Hiring the right people for the job and delegating tasks creates the same effect and acts as a much better solution in the long-run. While, in theory, it’s possible for one to run a successful business even without having all of these skills and traits, it goes beyond saying that having them makes the situation much easier as a whole.