Entrepreneurs are unique individuals because they come up with a great idea to make money in addition to assembling a team of likeminded people to being that concept to life. This is the first step of establishing a profitable business enterprise that provides employment opportunities to other members of society. Discovering a new and distinctive idea that can fulfill a scarcity in the market and turn it into a profitable venture is a talent that distinguishes them from dreamers. Even when they do not have a enough capital to start their ventures, their plans always seem to inspire other prominent individuals to invest in their projects.
Bradley Sterling, the Managing partner at Columbus Consulting, says there are certain common leadership qualities in all entrepreneurs that put them in a different league. These unique traits are as follows:
- Courage
The most important leadership trait all entrepreneurs have is courage. This particular attribute helps them to lead their team into the unknown, confront their worst apprehensions and do what they think is correct. It also assists them in handling business challenges and competition in the market environment where they conduct their activities.
- Self-Control
Self-control is another vital leadership characteristic all entrepreneurs that distinguishes them from other individuals. To be able to operate a profitable business enterprise successful, a proprietor must be able to make rational decisions keeping in mind the best interest of his/her organization. This implies have control over his/her emotions.
- Judgment
People who operate businesses often have to handle situations where they have no choice but to trust their instincts and judgment. One of the essential attributes of a good leader that all entrepreneurs possess is the ability to distinguish between right and wrong. This helps them to take the correct decision when they face a problem like resolving a staff conflict and handling a customer complaint.
- Taking firm and decisive decisions
All entrepreneurs have a unique ability to take a firm decision in the best interests of their businesses and live with the consequences of it. In many cases, their teams may consist of individuals with exemplary talents and skills. However, these people will only give advice whereas the proprietors have to take the final decision.
- Responsibility
Most people do not undertake business ventures because they are afraid of responsibility and being accountable for their actions. However, entrepreneurs need to answerable for the actions of the team they lead in addition to their own when a run a commercial establishment. The ability to accept responsibility is what distinguishes a leader from a follower.
- Teamwork
Entrepreneurs are individual who do not work alone but they have the ability to inspire other people with unique talents to join them in running a successful business. They can motivate people who have distinctive skills to put their best foot forward in accomplishing their business goals. They also go to the extent of delegating important tasks to them.
Bradley J Sterling says an individual who possess the above leadership skills will make his/her mark in the market as an entrepreneur.
Barbara Ratliff