1.5.6 Business Leadership Flashcards
(11 cards)
what’s an entrepreneur
a person who sets up a business, taking financial risks in the hope of making a profit
whats a leader
a person who has vision and followers
what is emotional intelligence
to be able to recognise, use, understand and manage emotions in a positive way to reduce stress.
why would an entrepreneur change to being a leader
- to delegate tasks
- inspire and motivate others
- build a stronger team through effective leadership
to be a leader you must learn to delegate
what does this mean
when a business grows an entrepreneur will need to learn to delegate some of these tasks out to others so that they can focus on the more strategic areas if the business such as developing a new product.
the process of delegating gives the person authority to carry out a task or make a decision.
to be a leader you must trust others
what does this mean
when hiring employees a entrepreneur will have to learn to trust others
often this will mean letting go of an idea that they have been nurturing or delegating tasks out to new employees
to be a leader you must listen to others
what does this mean
a good entrepreneur when moving to leader will need to gave open discussions, it is important to make those also in the business aware that they don’t have all the answers
talk less and learn more
share skills and knowledge
to be a good leader you must have an open mind.
what does this mean
accept new suggestions, comments, questions
are always in search of nre ideas and innovation
are familiar with your surroundings
are motivated and flexible
are open to learning new skills
have a broad looking perspective
have a flexible mind adaptable to various situations
to be a good leader you must be less reactive
what does this mean
- a true business leader will be less reactive to dynamic markets and more proactive
- this means setting trends, being able to see a gap in the market, moving forward with business ideas ahead of the competition
- first to market always has a competitive advantage
to be a good leader you must develop emotional intelligence
what does this mean
self awareness
self management
social awareness
relationship management
why would an entrepreneur switch to a leader
Scalability: Manage larger teams and complex operations as the business grows.
Focus on Vision: Concentrate on long-term strategy rather than daily tasks.
Empowerment of Others: Foster a collaborative culture by empowering employees.
Enhanced Decision-Making: Improve decision-making through diverse perspectives.
Attracting Talent: Create an appealing workplace culture to attract and retain skilled employees.
Navigating Challenges: Use leadership skills to guide the company through uncertainties.
