Five Essential Business Leadership Skills for Entrepreneurs


Leadership is not all about just having great ideas and a strategic vision. As these things are good but we cannot do much if our employees are not willing to follow us. Leadership entails much more than that. Leadership is about managing people and invigorating people with hope and leading them towards a grand vision while still being grounded to the practical plain. But today too many people take these leadership skills for granted. However, the concept of leadership has been blown out of proportion, things can work out simply and effectively. To put in short leadership is about leading our people with an example along with communicating and delegating effectively. Henry David Thoreau a Philosopher, naturalist, and essayist once said, “Success usually comes to those who are too busy to be looking for it.”

To expatiate upon the same, here are 5 essential business leadership skills for entrepreneurs.

Develop a strategic vision:

Having a passion for what you are doing is great but it isn’t enough for us and our business to succeed in the long term. It is because we need to have a strategy in place for our business. To put it another way, we should have a strategy and a robust plan about where we want to take our business in the next 5 years.

Communicate with Transparency:

We must share openly with our employees about our successes and failures. It makes them feel important as well as makes them feel like a part of our business. Apart from this it also ensures that there is a smooth flow of information and everyone is in the loop. When we make some plans and strategies we should make sure that it is not lying on the shelf collecting dust. But we should take them out and discuss them with our whole team. Apart from this, we should let them know when we are making money and must reward them. This will motivate them to grow continuously as well encourage them to keep coming with new and innovative ideas and models.

Spot and Retain the Best Talent:

If we want to make our business flourish and successful, we must acknowledge the fact that our business becomes as successful as the people who are working in it. If we closely look we will get to see that many successful entrepreneurs have one thing in common. It is that they always keep themselves surrounded by courageous, loyal and talented individuals. Hence, once we have found and recruited search people the next thing we should do is invest in their development and training through various programs and coaching

Know-How and When to Delegate:

As an entrepreneur, we always have a decent amount of ego with us. Especially when it comes to our company and it’s our firm belief that we can do better than everyone else. But on the other hand, very successful entrepreneurs are the ones who are not ashamed to admit that they cannot do everything. They know that they cannot be the CEO, Chief financial officer, Marketing director, and everything else at the same time. That’s why they believe in sharing, delegating, and empowering their teams. For instance, we can look at Gary Ng Winnipeg based entrepreneur. Gary Ng knows and appreciates this fact and this is also one of the major reasons behind his success.

Lead by Example:

As by nature of our position we should always be driven by honesty and strong codes of ethics. It is because everyone else there looks up to us. Therefore, we should practice what we teach.