Moving from an entrepreneur Flashcards
List some difficulties in developing from an entrepreneur to a leader.
Learning to delegate Trusting others Listening to others Having an open mind Being less reactive Developing emotional intelligence
Explain learning to delegate as a difficulty in moving from an entrepreneur to a leader.
When a business owner starts out as a sole trader they may be working on their own.
When the 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 of the business such as developing a new product
Explain trusting others as a difficulty in moving from an entrepreneur to a leader.
When hiring employees or taking a business partner an 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.
Trust underpins your relationship with customers and suppliers – how do customers know you will deliver the product that they paid for? This may be a case of communication.
Explain listening to others as a difficulty in moving from an entrepreneur to a leader.
A good entrepreneur when moving to leader will need to have open discussions, its important to make those also in the business aware that they don’t have all the answers.
Explain having an open mind as a difficulty in moving from an entrepreneur to a leader.
A manager is open-minded if they:
Accept new suggestions, comments and questions
Are always in search of new ideas and innovation
Are familiar with your surrounding
Are motivated and flexible
Are open to learning new skills
Have a broad looking perspective
Have a flexible mind adaptable to various situations
Can make decisions based on sufficient knowledge
Are ready to consider and receive new ideas
Explain being less reactive as a difficulty in moving from an entrepreneur to a leader.
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 a business idea ahead of the competition.
Explain developing emotional intelligence as a difficulty in moving from an entrepreneur to a leader.
Self awareness
Self management
Social awareness
Relationship management
