Habits of good entrepreneurial leaders
Having a great idea and assembling a team to bring it to life is the first step in creating a successful business venture. When money is tight and start-up fundraising is required, stress levels are high. If the visions of success don’t happen like you thought, it may be useful to review good leadership qualities to help steer you through.
Communication
Link the business plan and targets to departmental targets and KPIs and report on them regularly to involve every member of the team. A shared vision, clear targets, objectives and measurements highlights how every action from every member of the team contributes to the overall plan.
Delegation
Delegating tasks to the appropriate departments is important as your business grows. Find out what each team member enjoys doing most. Chances are if they find that task more enjoyable, they are more likely to put more thought and effort behind it. This will not only prove to your team that you trust and believe in them, but will also free up your time to focus on the tasks that cannot be delegated.
Intuition
When leading a team through uncharted waters, there is no blueprint on what to do. Everything is uncertain, and the higher the risk, the higher the pressure. That is where your natural intuition has to kick in. Guiding your team through the process of your day-to-day tasks can be honed down to a science. But when something unexpected occurs, or you are thrown into a new scenario, your team will look to you for guidance. Drawing on past experience is a good reflex, as is reaching out to your mentors for support.
Inspire
Creating a business often involves a bit of forecasting. Especially in the beginning stages of a start-up, inspiring your team to see the vision of the successes to come is vital. Make your team feel invested in the accomplishments of the company. Whether everyone owns a piece of equity, or you operate a bonus system, generating enthusiasm for the hard work you are all putting in is so important. It is your job to keep spirits up, and that begins with an appreciation for the hard work.
Training
Providing your team with the tools they need to do the job as well as a structured training plan to get to the next level can be very effective. Richard Branson recently tweeted, “train people well enough so they can leave, treat them well enough so they don't want to.” A strong, loyal team will help you to steer the corporate ship out of stormy waters.
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