....IS LEADERSHIP IMPORTANT IN BUSINESS?....Read on Why leadership is crucial asset for start-up success. It has been said that business rises and falls on leadership. It is the single greatest asset in any venture. Success of a business thus depends more on the leadership qualities of the individual or team behind it, than all other resources combined, including entrepreneurial skills. Business leadership requires courage, belief in ones convictions and the energy to work hard through the start up stages which at times can be really bumpy. These are the challenges that sieve entrepreneurs from merchants. A merchant is basically interested in making a quick kill in a deal. If it does not work they move to another and another without any attachment. An entrepreneur on the other hand gets satisfaction from acting independently, overcoming obstacles and establishing a venture that serves the needs of customers and provide long-term financial gains. To achieve this, entrepreneur must embody four key attributes of a leader — vision, dedication and drive plus commitment to excellence. The fourth attribute is the ability to pass the first three to all those who work with them. Vision is the hub upon which others rotate. Without it venture cannot take off. Entrepreneurs must envision realities that do not exist and be able to pass it to financiers, employees and customers. It is impossible to attract and retain good employees, financiers and high profile customers, all which are essential for the survival of your business if they have not internalised and owned your vision. Like in marriage, people don’t always follow the man or woman with the fattest wallet. They follow the one whose future seems brightest, regardless of the present situation or challenges. Therefore, don’t try to hook best employees, partners or customers with money or size of your venture. Sell your vision of a better tomorrow and they will stick with you through thick and thin. Secondly, you require dedication and drive to work hard all the time. Most businesses fail because their owners lack drive to persistently keep the fire burning. At some point they lose internal drive and stamina that was present when starting the business. Once this happens it demoralises other stakeholders. Troops cannot be more inspired and dedicated to a cause than their leader. At all times and especially when there are challenges, staff, customers and financiers look at the business owner for inspiration and guidance. Thirdly, you require commitment to excellence. This loudly calls you to commit to know your customer well, provide them with quality services and products to meet and exceed their expectation. It also requires a commitment to continuous learning so as to stay ahead of competition in terms of responding to market needs. You must not wait until customers start complaining to act. By the time they complain, you will have lost a dozen. Finally, for you to break through the success barriers and make a difference in your business, you must aspire to a leadership role. You must develop the skill to convince and influence others to work with you, with eyes focused on the end destination. Excerpt Courtesy of Business Daily 25 Sept,2013.
Posted on: Wed, 25 Sep 2013 06:56:55 +0000
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