7 Must-have Skills For A Successful Entrepreneurial LeadershipWritten by InvoiceBerry Team on November 29, 2021
Do you think you’ve got what it takes to start a business? You may have a great concept for a new product or solution, as well as a sound business strategy to back it up. However, if you want your firm to have a shot of long-term success, you’ll need the leadership skills to turn your idea into a reality.
One of the most common qualities that all great leaders around the world have is a clear vision.
Leaders who communicate their vision to their employees clearly and passionately ensure that every member of the team is working towards a common goal. As a result, everyone collectively contributes to the success of the business.
An entrepreneur with a vision is a leader in the making. However, there are just so many variables to think of before you can think of leading a team towards success. There are so many things to think about and so many emotional and mental barriers that need nurturing.
People management and thought leadership does not come naturally, it is a skill that an entrepreneur needs to hone. Below I have gathered some points that are both doable and effective. So without further ado, let’s go through all of these:
1. Express yourself better
The way you express yourself as a leader sets the tone for the team. When we talk about entrepreneurial leadership, it is clear that you need to be more participative with your team to help them better understand your goals.
An expressive leader prioritizes the development of relationships among all members of the team, including themselves. To ensure that all team members feel encouraged, engaged, and appreciated, leaders must seek to build friendships and strong ties with them. As a result, the team remains collaborative, productive, and efficient while contributing valuable work.
One of the best ways to do that is by making changes in the way you come off to your team. Here’s what you can do:
- You can engage in small talks with them, individually or in small groups.
- You can invite them for meetings with fixed agendas and listen to their ideas.
- Most importantly, be more accepting of opinions.
- Be more expressive about goals, agendas, and the direction of your projects.
- Keep a casual environment at the workplace but still maintain professionalism.
2. Promote transparency
Withholding information, not describing the whole scope of the project, keeping your employees in the dark, are some things that most of the entrepreneurs are guilty of doing.
Leaders do it because they are not exactly team players and they would see an advantage with not telling everyone about the full scope of the project. But that’s not how things work. Entrepreneurial leadership is nothing but a mindset that focuses on converting problems into opportunities that provide economic and social benefit.
Thus, in order to deal with challenges, you would need your team. You would need new ideas and lookouts. Keep African Proverb’s quote in mind “If you want to go fast go alone, if you want to go far, go together.”
It is essential for you to paint a crystal clear picture and this is how you can do it:
- If you are taking a risk with achieving something, let your team in the loop.
- If things are not working, let your team know.
- Tell them what the organization will accomplish when they achieve said goals.
- State the benefits of achieving the goals from the aspect of their individual goals.
- Make your team members a part of every important project management plan you make.
Whatever happens, you can neither hide the motives forever and you cannot hide people from reality. So whatever happens, just stay honest.
3. Always give informative reviews
As an entrepreneur, you are supposed to be the best judge and the best guide that your team has.
It is significant for a leader to give a critical review that highlights the shortcomings in the employee’s work. Now, this would, no doubt, help them understand where the fault is.
However, with only a little guidance and insight, it would be hard for the employee to actually correct their mistake and learn anything from it.
The following practices will help your team’s performance be more in sync with your needs:
- Communicate first hand what you need from them.
- Clearly put forward every aspect of their job where you find room for improvement.
- Discuss the ways they could improve and suggest some practical and detailed points that they can implement for their betterment.
4. Make way for participating leadership
An organisation that uses participating leadership reaps a slew of benefits. Employees’ awareness, contributions, and morale are all improved when they are involved in company decisions.
Participatory leadership brings in free flow of ideas and enables every employee to contribute equally. While not all ideas may be relevant or valuable, fostering an open atmosphere that encourages others to offer their ideas will definitely help in the long run.
Here’s what you can do to foster participating leadership:
- Involve your team in the decision making process.
- Make sure you provide regular training and counselling to your employees.
- Hire people with leadership skills.
- Keep your employees updated with important information.
- Always invite and accept new ideas.
5. Take risks
Most successful entrepreneurs will tell you that taking a risk influenced their business success at some point. Taking chances is how opportunity and development are created. When an entrepreneur takes risks that their competitors are unwilling to take, they might rise to the top of their field.
The entrepreneur’s willingness to take risks is a demonstration for the team that their leader is a true business visionary and believes in the potential payoff on the other side. Risk-taking allows and stimulates innovation, which can make a key difference for a product or service.
Here’s how you can enhance your risk taking abilities:
- Define smart risks and set limits.
- Identify the best risk takers of your team.
- Reward smart failures.
- Keep yourself and your team educated about the latest innovations in the market.
- Develop a system for assessing risk.
6. Work on your soft skills
The most successful entrepreneurs are those who have mastered both technical and soft skills. Soft skills are personal characteristics that enable an individual to engage with others efficiently and harmoniously. How you communicate with your team is determined by your soft skills. They are critical for strong leaders in every career or business.
Soft skills are an important aspect of increasing one’s capacity to collaborate with people and can help you advance in your career. Soft skills can help you find, attract, and retain employees and clients if you’re a small business owner or an entrepreneur.
Soft skills, unlike more technical abilities (also known as hard skills), do not require any formal training. The good news is that almost everyone, whether they realise it or not, has some. They can also be developed.
Mentioned below are few practices you can follow to develop soft skills:
- Communicate as much as you can.
- Look for solutions that work for everyone.
- Criticize your employees respectfully and productively.
- Respond to resistance without getting defensive.
- Build and maintain morale in the workplace.
7. Be authoritative and empathetic at the same time
Being authoritative while also being empathic aids in understanding others’ needs. It implies that you are aware of their emotions and thoughts. It doesn’t mean you have to agree with them, but it does imply you’re open to learning about and appreciating their point of view.
In entrepreneurial leadership, there is no problem that has a black and white answer. But, there are skills you can adopt to become an entrepreneur who is good at managing their team. There is a time when your team needs a stern hand and a time when they need a friend.
Finding and then walking this fine line between being empathetic and authoritative may be tough, but balancing the both is the only way to become the fearless and ineffable leader you always wanted to be.
Here’s what you can do to strike a fine balance between the two.
- If they have been more careless and tardy than usual, tell them about it, discuss it, and help them through it.
- Tell them in detail how they have been doing in terms of what is expected from them.
- Praise them on how well they have been performing and state that they are a valued member of the team.
Entrepreneurial leadership includes organizing and encouraging a group of people to work toward a common goal through innovation, risk management, seizing opportunities, and managing a flexible environment.
The entrepreneurial mindset is more adaptable and dynamic than the standard corporate mindset, which is focused on established systems and processes. Therefore, if you identify yourself as an entrepreneur, it is essential for you to take care of a few things.
Here’s hoping you will find the points mentioned above easy to follow and implement in your entrepreneurial leadership style. From here, the only way is up.
All the best!
Nandini Sharma is the Assistant Marketing Manager at ProofHub, a work management software used by more than 85,000 businesses to create an efficient project management plan. Nandini brings close to a decade of experience in the field, and has successfully executed a number of brand building and marketing campaigns throughout her career. Over the years, she has triumphantly created a wide base of the audience on a number of popular online platforms.