Leadership: What is Strategic Leadership For Entrepreneurs?
By Tigran Ghalumyan
So, the leadership of a company or an organization performs a demanding task that requires experience and good knowledge of human nature. Politicians, owners and managers of a company or an organization have the power to shape the culture and values of their organization and consequently the systems that will motivate citizens and employees for productivity and opportunities for professional and personal development and promotion.
So, Leadership is the ability to passionately coach one’s teammates to help them evolve rather than just play an executive role. For instance, it can achieve this by creating an environment where there will be clear goals, in which each of the team will play its own important role in them, innovation, motivation and a climate of mutual trust.
As reported by an Deloitte study, the nature of the workforce will change because millennials will make up 75% of the workforce in 2025. In other words, leaders are planning to manage an entirely new generation of employees in 2020. Therefore, remote working and flexible hours are gradually becoming the order of the day. So, with this much employee freedom, leaders have to find creative ways to retain their employees and ensure the workflow does not decrease (Deloitte, 2014).
Key Leadership Skills For Entrepreneurs
Undoubtedly, everyone knows that you can’t grow and manage a business without a team. So, you should focus on how you are leading your teams. There are different skills that you should acquire in order to be an effective entrepreneurial leader.
Firstly, develop a strategic vision. Plan where you want your business to be in five years and how you are going to take it there. Secondly, Communicate with transparency. Information clearly transmitted gives them context and a sense of belonging to the company. Thirdly, spot and retain the best talent. Great leaders who created successful companies have one thing in common: They surround themselves with talented, courageous, loyal people. Fourthly, Lead by example Be honest and ethical in everything you do. Have strong values. Last but not least develop new leaders. The transfer of knowledge through mentoring allows you to build a strong leadership pipeline in your company (BDC, 2020).
What is Strategic Leadership For Entrepreneurs?
So, the answer is very clear. Entrepreneurial success depends on the ability to think strategically, have a clear strategic vision, and achieve results quickly. Such a strategic focus is important because it fuels the persistence required to bring opportunities to fruition once they are recognized as relevant.
So, your strategic intent is based on your vision and focus. It is what you see your venture will be doing in the future, and what it should be doing today in order to get there
In sum, the strategic leaders must know how to choose which mountains to climb and which seas to cross. In addition, they need to know how to inspire their team to keep moving, even in the fog of war-and most importantly how to remain together all the way to success (Price, R. W., 2016).
To sum up, one point should be clear: The role of the person who has a leadership position in a specific company, which can be the boss or the manager, plays a decisive role in the control of situations that result from bad behavior in the workplace. Also, the boss in his own way should show that behaviors that show disrespect and lack of appreciation towards others are not acceptable. Although, maintaining a state of mutual respect and appreciation within the work environment is everyone’s responsibility, at all levels of management.
Leadership skills are important not only for entrepreneurs but for all other professions. Although various other aspects make a great leader, entrepreneurship can hugely benefit from leadership skills in all the perspectives as described above.
Deloitte. (2014). Big demands and high expectations The Deloitte Millennial Survey.https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-dttl-2014-millennial-survey-report.pdf.
BDC. (2020, September 12). 7 key leadership skills for entrepreneurs. https://www.bdc.ca/en/articles-tools/
Price, R. W. (2016, August 9). What is strategic leadership for entrepreneurs? Global Entrepreneurship Institute. https://news.gcase.org/2011/06/09/what-is-strategic-leadership-for entrepreneurs/