Musing on Leadership and Entrepreneurs

I recently attended a panel discussion lead by Bonnie DiMatteo of Atlantic Consultants. She calls the program “Atlantic LEADERPRENEUR℠ Panel Series series. The premise is “Helping Entrepreneurs Navigate the Journey to Leadership.”

As we all know, entrepreneurs are very special people. They are willing to takes risks that many folks are not willing or able to do. They have a commitment and a passion for their vision and their values. They will go through walls, work non-stop to realize their values and vision.

At some time during their careers, as their businesses grow, they come to the realization becoming a leader is the next step in the process of success. This may be harder for some entrepreneurs than anything else they have done in their careers.

I have experienced that with my own companies in my career. As my businesses grew, I came to the realization I can’t do everything myself. Building a management team with the same vision, values, passion and commitment became the most important goal for the growth of the company.

It requires moving from player to coach. Mentoring the team, coaching the team, giving more responsibility for the day to day operations of the company to your team. Holding them accountable, patting them on the back, kicking them in the butt. There is less hands-on work involved, but much more management and leadership.

Here is a list of some of the things that I feel are absolutely necessary, in terms of developing entrepreneurial leadership. There are plenty more, depending on the business you’re in. But chew on these for a while, and let me know what you think.

• Dissatisfaction with the status quo, coupled with a strategic vision for improvement.
  
• Communication is crucial. Hoarding information does not make you more important or more powerful. The more you share with your team, the better chance they will all be on the same page as you, and working toward the same goals, with the same determination and passion. That is what power is.
  
• Flexibility in thought, word, and deed. Being open to all types of feedback, but also knowing when to hold on to your vision in the face of nay-sayers.
  
• Finding, hiring, developing, and retaining the right people for the right jobs. Then, get the hell out of their way, and let them use the talents that you hired them for!
  
• Help your people succeed by properly delegating. This means explaining the task / goal, providing the necessary resources, and adhering to a schedule of deliverables. Assign tasks to the right people; do not wait for volunteers. Create metrics to measure progress or lack thereof. Do not micromanage! You have more important things to do.
  
• Reinvention and self-improvement are key for the long-term success of your business. You don’t know it all. Understand where your own gaps in leadership lie. Keep tilling the soil of your knowledge and understanding through continuing education, coaching, mentoring, industry and empowerment conferences, and a good library.

These are just a few of the leadership traits that are necessary for the successful entrepreneur. Do you have any others that you’d like to add to the list?