Leadership: 5 lessons from entrepreneurs for entrepreneurs

Entrepreneurship is not an easy task. There are many skills and abilities that you must develop in the process to overcome the many obstacles that will arise along the way and without dying in the attempt. One of those skills is leadership.

An author once said: "Everything falls or rises because of leadership". 

Therefore, it is an excellent idea for you to think about developing the ability to lead others so that you can succeed as an entrepreneur.

Do you want to know how to properly lead your team? In the following article we will teach you some lessons that other entrepreneurs have given us to avoid making the same mistakes.

Lessons from one entrepreneur to another entrepreneur

Entrepreneurship could be considered a school of life, and the lessons you learn are similar to those of a high school or university. 

That's why we looked at some mistakes that established entrepreneurs have made: you could use this knowledge to be more successful in your business. Let's see what they are:

1. Respecting time

It may sound obvious, but respecting your time and that of others is not something you always do when you are an entrepreneur. That's why you will have to be super punctual both in meetings with your team and in appointments with potential suppliers.

At this time you have a lot of work and market to cover, so the best thing to do is to use an agenda. Here you will plan how many minutes or hours you will dedicate to a certain activity and delegate what someone else can do better and faster than you.

In addition, you will have to deliver your tasks at the agreed time. Do you have an order from a client? Then deliver it on time. 

2. Look at problems as challenges, not obstacles

No activity is free of problems and entrepreneurship is no exception. In fact, entrepreneurship is one of the paths that can cause the most inconveniences, although the benefits are invaluable.

This is why you must prepare yourself for the barriers that will arise from the start. In this sense, one of the key tips that an entrepreneur gave us is that it is best to see problems as challenges and not as obstacles.

A challenge is a stop along the way that you can pass in different ways, so you have to find the best solution to overcome it. This way you will have a better chance of overcoming it than if you only see it as an obstacle.

3. Take the criticism

Yes, criticism is going to come up in your career as an entrepreneur no matter how much leadership you develop. In the course of developing your business you will make mistakes that will cost you money, customers and market, and you will have to deal with this in the best way possible.

How? Well, with good spirits, humor and a lot of modesty. Remember that entrepreneurship is not a subject that is taught in high school, rather it is a skill that is acquired over the years.

So no one is exempt from making mistakes. The best thing to do is to learn from others and take advice from those who are already where you want to be. 

4. Be careful with finances

Yes, you cannot forget the importance of finances in companies. We could say that they are like oxygen for someone, so you must respect them and give them the care they deserve.

You must take note of the money that comes in and when it is pertinent it must be reinvested so that the results come in the long term. Here it is advisable to have a team of specialists to help you, either outsourced or directly employed.

Recurring expenses, product production cost, receivables, payables and a few more are the key items that you will need to keep in order to keep everything running smoothly.

5. Investing in talent

This is one of the best lessons that an entrepreneur has given us and you should also take it into account. There is going to come a time as an entrepreneur when you will have to hire people to expand your business.

The ideal here is to invest in the best talent and not in the lowest paid, as this isn't always a synonym for quality. In that sense, you need people with experience, desire and attitude and who demonstrate that they have the soft and hard skills to lift the company with you.

Is this worth a lot of money? Sometimes it is, so you will have to evaluate each option according to your budget.

Importance of leadership in a company

Leadership within a company is fundamental because a business is made up of teams of people. Each team must make decisions that will affect the performance of other departments and areas of the company.

This is where leadership appears, which we could define as the ability to influence the behavior and decision making of others. Therefore, you as a leader must encourage each member to give their best.

This is not easy, since each person has his or her own interests, motivations and objectives. So, your job is to make them see that their talent is essential for the company and that both complement each other.

You will achieve this with practice, but it really is a very subtle skill that requires discipline and time.

How can I be a better leader?

How can I be a better leader? Surely you have asked yourself this question at some point. 

The truth is that there is no exact answer, but here are some suggestions that can help you:

1. Communication first and foremost

It is impossible to be a leader if you do not communicate in the most appropriate way. The interesting thing is that communicating is not always about saying words, but about knowing how to listen to your team.

Be interested in their needs in order to see how you can solve the problems that there are in the organization

2. Set an example at all times

Leadership is more about setting an example than anything else. Therefore, if you say something you have to do it and if you want something to be done, ideally you should do it first.

This way you will lead by example and others will be more quickly convinced that this is the way to go. In other words, you can't expect your team to arrive early if you are always late for work.

3. Convenient decisions

Making good decisions is not easy, but you must always ensure the future of the business. This doesn't mean it's easy, in fact the simple thing is not always the right thing to do, so you need to put things in context.

This will make it easier for you to develop your leadership skills. If you really want to be an entrepreneur we ask you to never underestimate the ability to lead and influence others. You will be amazed at what you can accomplish.

If you want to learn more about the ins and outs of building a digital business, this is the place for you. Read on and see what we have for you!

Let us know in the comments what other skills a top leader should have.