ENTREPRENEUR TO LEADER

Question 1

WHAT DO SUCCESSFUL ENTREPRENEURS DO?

Answer 1

Successful entrepreneurs will create and develop their business ideas and those that are successful will experience growth.

Question 2

WHAT IS A RESULT OF ENTREPRENEURIAL SUCCESS?

Answer 2

Eventually, the small start-up will stop being a small business and become a larger company with an organisation structure and a number of employees. At this point, the entrepreneur has become the leader of the people.

Question 3

WHAT ARE THE DEMANDS OF BECOMING A LEADER?

Answer 3

As an entrepreneur’s business grows there will be increasing pressure for them to change their approach and become an effective leader of the organisation. This growth and move towards leadership may demand certain characteristics and approaches such as:

1. Greater responsibility towards others
2. The need to motivate and inspire others
3. The need for strategic vision

Question 4

WHAT ARE THE DIFFICULTIES OF BECOMING A LEADER?

Answer 4

1. Sharing ownership and control of their business
2. Stress - larger businesses bring more responsibility
3. Leaders need qualities such as confidence, compassion and interpersonal skills.
4. Seeing themselves as a leader - entrepreneurs must accept the responsibility and adjust their mindset

Question 5

HOW DO ENTREPRENEURS OVERCOME THE CHALLENGES OF BECOMING A LEADER?

Answer 5

1. Stress management - use approaches to reduce stress levels and relax
2. Education - complete leader development courses and qualifications
3. Mentor - Gain advice and support from an experienced mentor
   Delegate and trust - Utilise qualified employees to lighten their load and take responsibility for aspects of running the business.

Question 6

WHY MIGHT AN ENTREPRENEUR OF A GROWING BUSINESS FIND IT HARD TO DELEGATE RESPONSIBILITY TO OTHERS?

Answer 6

Because they feel very connected to the business and are used to being the sole decision-maker. They may also lack the skills required to delegate and trust to allow another employee to make important decisions.

Question 7

WHAT MIGHT A LEADER OF A LARGER BUSINESS BE REQUIRED TO DO THAT AN ENTREPRENEUR RUNNING A SMALL BUSINESS WOULD NOT?

Answer 7

A leader of a larger business might be expected to set a vision and strategic direction for their company. This may exist within a smaller business, but the entrepreneur may not have to motivate and share this vision (take people along with them) in a smaller business with few employees.