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5 Key Leadership Skills For Entrepreneurs

May 30, 2018

You are not ready to be an entrepreneur if you always shy away from leading people or taking major decisions. Having great ideas and a strategic vision won’t get you far if you are not a good leader and you’re not willing to learn the necessary skills. Yes, you are a leader and you’re doing just fine, does that mean you should stop learning? No. Here are seven key leadership skills all business owners should develop:

Spotting and retaining the best talent. Most business owners have lost a lot of qualified people because they are not patient enough to spot and retain the best talent, so they pick the available ones, or those who are willing to accept meager salaries. The truth is, your business is as successful as the people working in it. You should surround yourself with talented, intelligent and loyal people. It doesn’t end there. Invest in their development through training and coaching – the more they develop, the more your business develops.

Strategic vision. A leader should never run out of strategies. That doesn’t mean you must be perfect or right all the time, but you should always come up with a plan. Envisage how you want your business to be in five years’ time and then have a plan on how you want to achieve it.

Delegation. Even though you feel you are the best person to do the job, it is better to delegate once in a while. If you do not give your employees certain responsibilities to handle, there’s no way they will grow. This automatically means that you’ll end up handling everything and then break down.

Leading by example. So many entrepreneurs are guilty of not leading by example. They feel that because they are the owner of the business, they can just do anything and get away with it. Well, if you do that, your employees are watching you and they will also do as they wish whenever you are not around.

Ask for help. The fact that you are a leader doesn’t mean you’re infallible. When you find yourself getting bamboozled, humble yourself enough to seek help from other people or entrepreneurs. Share success and failure stories too, don’t be ashamed to admit when you’re wrong or when you fail.

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