Curated by the Knowledge Team of ICS Career GPS
Leadership lessons for entrepreneurs to be successful in 2021
Excerpts from article by Benjamin Laker, published in Forbes
Whether you’re a business veteran or new to the entrepreneurship scene, running a business is no easy feat. Yet, despite a challenging past year, entrepreneurial spirits are alive and well.
If you own a start-up/business, here are some insights and tips that can prove valuable in these testing times:
1. Running a business is a marathon, not a sprint
It is essential to remain consistent and consider what is going to benefit you in the long term. When it comes to dealing with the ups and downs of running a business, keep yourself levelled. You are never as good as your highs, and never as weak as your lows. Finding the middle ground is key to creating something sustainable for the long haul.
2. Drive customer value in all that you do
You know what they say, the customer is always right. As you build your business from the ground up, consider who your audience is and tailor your services to meet their needs. Remember to engage with your customers from the beginning of the relationship. Co-create with them, get their input, take them on a journey with you, and that way you will build long-term mutually profitable relationships. Be laser-focused on providing your customers with a product or service that no one else can.
3. Don’t sweat the small stuff
Owning a business comes with many different responsibilities, including intimidating and mundane managerial tasks like bookkeeping, payroll, etc. Novice entrepreneurs make the mistake of using one accounting program, another for payroll, or even just pen and paper. Luckily, FinTech is changing the game for entrepreneurs. Today, many free apps offer small business owners a holistic view of their business so they can easily keep tabs on the small stuff while focusing their energy on the bigger picture.
4. Surround yourself with great people
Make it a priority to hire great people—especially those that bring skills and experience you don’t have at hand. They will be the ones you rely on day in and day out and can ultimately make or break your business. Play to your strengths and encourage your team to do the same. By creating a culture where you’ve hired people with a diverse skillsets, strengths and specialties, you’ll significantly reduce the risk of burnout. You also need to be a role model and practise what you preach.
5. Ask yourself the tough questions
When you find yourself at a crossroads, sometimes it is best to take a step back and consider what is best for your business in the long run before making any hasty decisions. Problems arise, and sometimes you might find yourself at a standstill. These ebbs and flows define entrepreneurship. You must approach them with a level head and take the time to understand if your mission is still relevant or if it is time to pivot. In our fast-paced, uncertain working world, ‘pause moments’ are essential, especially for those new to entrepreneurship.
It is crucial to consider these lessons as you navigate your life as an entrepreneur, especially amidst a global pandemic. As COVID-19 continues to impact businesses worldwide, give yourself some credit and be prepared to adapt in the face of challenges.
(Disclaimer: The opinions expressed in the above mentioned article are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)