7 Key Qualities To Be An Effective Entrepreneur
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The fast-expanding and evolving physical and, safe to say today, the digital world has left one little time to contemplate. Ideas are brainstormed upon overnight and plans are put into place in a matter of only a few minutes. In such a dynamic and fast-paced setting, the entrepreneurial world today also demands leaders who can think on their feet, act wisely and more importantly, deliver results while trying to play a dozen balls in their court at the same time. With an ever-evolving market, where the expected number of mobile Internet users in 2020 is 740mn, there is a lot of scope for growth for various players offering a plethora of services.
Having to thus keep up with fast-paced innovations and inventions, entrepreneurs and leaders must practise methods to be effective in order to sustain in a competitive environment. Even though the entrepreneurial industry has seen a dramatic change, key qualities of being an effective entrepreneur and leader will still never fade away:
Passion & Determination
Without passion, grit and determination there is no finding your destination. The right attitude and an optimistic state of mind will help one overcome the millions of hurdles that one faces. Passion is the sole trait that helps in the achievement of long-term entrepreneurial goals. Leaders today, no matter at what hierarchy level, are found to be more enterprising if they have a vision and the passion to build it. This also instils confidence among other peers and team members.
No entrepreneur or leader is known to have succeeded without a pinch of risk-taking abilities. One needs to constantly experiment and devise new methods of functioning to arrive at optimum results. ‘Leaders’ are also ‘learners’ on the job and the more risks one takes, the more will one learn. This could be as simple as suggesting a new process at work or suggesting a new mandate at a more serious, board room meeting set-up. So, what if an idea fails? At least you now know the best way to expedite the task in question.
Decision Making Capabilities
A fast-changing world today definitely demands leaders who can act proactively. Gone are the days when one had to liaise with ten others to arrive at a solution. Today, from entrepreneurs to project heads, all leaders are assigned sole responsibility for an entire task and are expected to come up with efficient and effective action plans. While there is room for mistakes, there isn’t room for an individual who needs to run every little detail of his/her decisions by a counterpart. Companies are also now scouting for problem solvers.
The secret to being a successful leader lies solely in one’s communication skills. This does not only involve oratory expertise but also requires know-how of understanding a brief or an idea and then further explaining it to peers. Nobody wants leaders who are not well equipped to comprehend situations and create confusion. You can be great at what you do, but if you can’t communicate effectively with your stakeholders you will not sustain in the industry.
Delegation and Empowerment
In order to maximise outputs, an effective leader will always delegate tasks based on priority. This empowers other subordinates as they are entrusted with greater responsibility and at the same time lowers the pressure on the leader; making him/her efficient. With an effective delegation of work, time is also saved which is significant for entrepreneurs and leaders today.
Creativity and Innovation
To survive in the dynamic world, effective leaders need to possess entrepreneurial qualities of creativity and innovation. There will always be new technologies invented, new products created, and new processes introduced. To keep abreast with these constant changes, leaders themselves need to re-create and re-invent themselves. Lack of proficiency in adapting to changes leads to poor career progression.
Empathy and Social Skills
Successful leaders are those that ensure that the workplace is fun and favourable. Without empathy, an entrepreneur cannot reach the hearts of employees nor the success he desires. Social skills like relationship building activities, team strategy formation and creation of a great team force ensure great outputs. Hence, in order for the organisation to truly flourish, this quality becomes essential.
Lastly, leaders are not created in a day. After days of hard work, mistakes and most importantly, learning - leaders are born. To be an effective leader, one must always have the zeal of learning and the energy to take on responsibilities.