Leadership is almost 100% about managing people. Having great ideas and a strategic vision won’t get you far if your employees aren’t willing to follow you. And too many entrepreneurs take leadership skills for granted.
1. Strategic Vision: Passion and a great business idea aren’t enough to succeed in business, Israel says. You need a strategy for your company. Plan where you want your business to be in five years and how you are going to take it there.
2. Communication: Share successes and failures with your people. Information clearly transmitted gives them context and a sense of belonging to the company. If you are making money, your employees should know about it and be rewarded,” he says. “This will motivate them and your company will continue to grow. The success of the company isn’t yours alone, it belongs to your team. On the other hand, if the company is facing problems, your employees will be a valuable source of ideas on how to improve things.
3. Spotting and Retaining the Best Talent: Your business is as successful as the people working in it. Great leaders who created successful companies have one thing in common: They surround themselves with talented, courageous, loyal people. Once you have recruited them, invest in their development through training and coaching.
4. Delegation: Entrepreneurs by nature have a healthy ego, when it comes to their company, almost all entrepreneurs will say: Nobody can do it better than me. But those who are going to be successful are those who admit they can’t be the CEO, the chief financial officer, the marketing director and the sales manager at the same time. They share, delegate and empower their teams.
5. Leading by Example: Be honest and ethical in everything you do. Have strong values. Live what you are preaching.
6. Asking for Advice: No matter how well you know your industry, change is reshaping business so fast that entrepreneurs develop blind spots or become uncertain about how to proceed. You can pretend you know everything about business, but keep in mind that innovation never stops, and it is easy to be left behind.
7. Developing Leaders: Leadership should start at the top of the organization, but leaders don’t necessarily come from positions of power. They can be found at all levels in an organization. Identify them and help them to develop their leadership skills. The transfer of knowledge through mentoring allows you to build a strong leadership pipeline in your company.