3 Must Have Leadership Traits of Successful Entrepreneurs

Your leadership style has an impact on your business success. Here are 3 key leadership traits that will help you get there.

Hanging out the entrepreneurial shingle is easy and inexpensive with all the technology available today. But just because it’s easy to get started doesn't mean it’s easy to build a business that will survive and thrive.

There are way too many factors that will work against you when you’re trying to build a business. You can be the best techie, idea generator, service provider or product creator in the world, but without key leadership traits, your business could struggle.

What leadership skills will help your business be the success you want it to be?

1. Be a Visionary

Too many small-business owners get caught up in yesterday’s problems, not tomorrow’s dreams, so setting your sight on the future is a must. Your business vision should project out one to three years; any longer is just a pipe dream.

Setting a vision for the future helps you stay on the path to success. Think about where you want your business to be, who it should serve, and how you will execute. To reach your vision, you’ll need to develop strategies, tactics and action plans to keep you on track.

And let’s not forget about the people who will help you achieve your dreams. You’ll need to be able to articulate your business vision and find team members who embrace your passion and can help you achieve it.

2. Be Decisive

Getting stuck in analysis paralysis is a business killer. Being able to decide on a course of action, often with limited data, is what will make you successful. That may just mean you “fail faster” and move on to the next idea that fits into your vision.

Being decisive is making the right decision at the right time for the right reasons, a key factor to foster a culture of trust and open communication in your business. It allows your business to be nimble and quick in successfully completing planned actions that fit into the strategy for realizing your vision.

3. Think About Systems

It takes a lot of time and energy to conduct business in an ad hoc fashion. Thinking about how you're going to accomplish things, and establishing systems for your business, right from the get go, will move you along the path to success faster and put less stress on your cash flow. There are two systems you should think about:

Organizational systems. These systems include your “people structure” and how those people interact within your company. Your organizational systems will dictate the culture of your organization in regards to management, communication, trust and decision making. Looking at your company as an entire system, rather than separate parts, can help you optimize how the human paths work to get the most from your business.

Business systems. These systems assist the organizational systems in getting work done. They detail all the steps it takes to go from concept to product delivery and what path those steps take within your company. Your business systems should be documented and include all methods and procedural steps required. These systems help you ramp up new staff easily and make getting work done a whole lot easier.

Do What Makes Sense For You

So will you be a complete failure if you don’t embrace these three key leadership traits? Not necessarily. There are so many variables that come into play when starting and running a successful small business.

Your best bet is to take a good, long look at yourself and determine your leadership strengths and weaknesses. Then decide what’s important to your business success and hire for the traits you've identified as weaknesses.

Written by Denise O'Berry

Author, Small Business Cash Flow: Strategies for Making Your Business A Financial Success

9 Traits of Well-Loved Entrepreneurs

Being a successful entrepreneur takes more than just navigating your company through the rough waters of business. It means inspiring your staff to do everything it can to help grow your business.

We all know the type—the business owner for whom every employee would bend over backward. The shop owner whose staff gladly works overtime or comes in on their day off if needed. The company founder who treats every employee like a member of the family and is as revered as the beloved head of a real family.

These are the entrepreneurs who inspire fierce loyalty and adoration, and we can learn a lot from them. So just what is it that makes them so special?

1. They’re truly authentic. Entrepreneurs who are adored by their staffs are unabashedly themselves. They’re consistent because they’re not playing a game or putting up a front when they’re on the job. Whether you see them in the office or at the local park, these people are always true to themselves.

2. They understand the power of reciprocity. Well-loved entrepreneurs understand that hard work, honesty and trust are given to the bosses who first demonstrate those qualities themselves. Being open, trusting and trustworthy, and willing to work harder than anyone on their staff is how the best business owners manage to have a staff who’d go to the ends of the earth to prove they deserve the boss’s respect.

3. They’re positive. As business owners, we have to learn to lead the way in enthusiasm. After all, if you’re not excited about your company, how on earth can you expect that of your assistant? Harness the power of emotion, and show your staff that you’re pumped about what you’re doing. It’s important to acknowledge the negative things that will arise, but you should work to banish negativity (and the morale drain it creates) from your workplace.

4. They’re highly approachable. The most powerful entrepreneurs I know are fiercely democratic in that they believe we’re all equal. An adored entrepreneur knows that every single employee is important, has valuable insight to share and provides a unique value to the company. Whether it’s the janitor, the top salesperson or the part-time customer service rep, every single member of our staff needs to know we're available to them.

5. They listen more than they talk. We have two ears and one mouth for a reason, folks. We should listen twice as much as we speak, and well-loved entrepreneurs understand this principle. Observe, learn and take it all in. Then when you have something to say, people will listen. Make your words count because of their content, rather than by being the most long-winded one in the room.

6. They pat, kick, pat. Entrepreneurs have to deal with problems just like anyone else, but what differentiates the adored ones from the rest is the ability to give constructive criticism. Start with a pat on the back, follow it up with a kick in the ass and end with a pat on the back. Praise, admonish and praise. This technique softens the blow and reinforces your belief that your employee is an important member of your team.

7. They work hard. True entrepreneurs know they have to set the example for the entire company. If you’re merely in it for the Rolex and the golf club write-off, then it’s going to show in the attitudes of your staff. Working hard sets the tone and motivates your employees to follow your lead.

8. They’re both authoritative and human. Adored entrepreneurs don’t ignore problems. They acknowledge that problems are inevitable, then set out to solve them right away. We like our leaders to come with a healthy dose of empathy and a willingness to acknowledge that any path that’s worth taking will come with its share of difficulties. Let your employees know you’re a realist who won’t tolerate problems for long. Be a problem solver, and move on.

9. They’re masters of public recognition. There’s a huge reward in acknowledgment. Being lavishly, genuinely praised in public will win your staff over every single time. Just as you should serve up criticism in private, you should bestow praise publicly. Your employees will not only be proud of their accomplishments, but they'll also be proud of their place in your company.
Don’t get me wrong: I’m not telling you that being an entrepreneur is a bed of roses. There will be plenty of times when you have to make hard decisions that can’t possibly make everyone happy.
What I am unequivocally saying is that you can consistently keep the respect and adoration of your staff if you model the traits listed above.

Mike Michalowicz is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur. He's also the founder of Profit First Professionals, an organization that certifies accountants, bookkeepers and coaches in the Profit First method.

Persistence and Planning Is Needed to Reach That 5-Year Milestone

As little as one in 10 new businesses make it to the five-year mark, according to varied statistics. Every entrepreneur knows it’s tough to keep a business going. Even with the utmost determination and hard work, sometimes it just doesn’t work out. However, sometimes it does. And those success stories are sweet.

We recently had one of those sweet moments of victory at Cutler PR as we celebrated our five-year anniversary last month. It felt like a great reason to reflect on where we’ve been and where we plan to go. It certainly wasn’t easy to get here. Here are five ways we were able to get to the five-year mark, which I’d like to share to help your company reach this milestone:

1. Focus on building the infrastructure.

Once a company reaches the five-year mark, there’s an infrastructure that guides new hires and current team members. There is a know-how among a strong and stable team, and the reputation that has been built lends itself to a word-of-mouth referral base. When starting something from the ground up, all those things have to be built from scratch. It’s like building a house from nothing vs. adding a floor to a skyscraper. Pay attention to building a sound infrastructure so your foundation is strong.

2. Have very tough skin.

Rejection will come regularly and there will be plenty of little -- and big -- failures. At times, it will take sheer willpower to move forward. This makes it all that much sweeter in the end. Just be careful not to grow such a tough skin that the successes become just like the failures and there is a void of celebration when successes occur. Learn how to take constructive and negative criticism and use it to grow and become stronger. All those failures should be a catalyst to work even harder. And success should be celebrated.

3. They’re right -- it truly is all about the customer.

When trying to build a name and brand, it is critical to go above and beyond for customers. This is especially critical in the beginning years as the business grows its customer base. Stand out and turn customers into believers and fans. That’s the key. Once a few fans have developed, they will provide that crucial step in providing legitimacy, case studies and references. They will become the cheerleading team that can vouch for your great work.

4. Have a vision.

Having a malleable plan for where the company will be in one year, five years and even 10 years is critical. However, don’t get too attached to any specifics because the plan will likely be altered significantly over time. Staying true to that plan can only be helpful if it is still guiding the business in the right direction and helping it grow. Industries change and circumstances change. Be flexible and willing to pivot when needed.

5. Commit.

The five-year mark won’t be attainable without a real sense of commitment to get there. It’s not going to be easy. In fact, not getting there would be a lot easier. Make it a goal to get to the finish line and stick to it. Once the finish line has been reached, create a new finish line. Use the failures and tough times for motivation to keep going and celebrate and reflect on successes, even the little ones.

3 Must Have Leadership Traits of Successful Entrepreneurs

Your leadership style has an impact on your business success. Here are 3 key leadership traits that will help you get there.

Hanging out the entrepreneurial shingle is easy and inexpensive with all the technology available today. But just because it’s easy to get started doesn't mean it’s easy to build a business that will survive and thrive.

There are way too many factors that will work against you when you’re trying to build a business. You can be the best techie, idea generator, service provider or product creator in the world, but without key leadership traits, your business could struggle.

What leadership skills will help your business be the success you want it to be?

1. Be a Visionary

Too many small-business owners get caught up in yesterday’s problems, not tomorrow’s dreams, so setting your sight on the future is a must. Your business vision should project out one to three years; any longer is just a pipe dream.
Setting a vision for the future helps you stay on the path to success. Think about where you want your business to be, who it should serve, and how you will execute. To reach your vision, you’ll need to develop strategies, tactics and action plans to keep you on track.
And let’s not forget about the people who will help you achieve your dreams. You’ll need to be able to articulate your business vision and find team members who embrace your passion and can help you achieve it.

2. Be Decisive

Getting stuck in analysis paralysis is a business killer. Being able to decide on a course of action, often with limited data, is what will make you successful. That may just mean you “fail faster” and move on to the next idea that fits into your vision.

Being decisive is making the right decision at the right time for the right reasons, a key factor to foster a culture of trust and open communication in your business. It allows your business to be nimble and quick in successfully completing planned actions that fit into the strategy for realizing your vision.

3. Think About Systems

It takes a lot of time and energy to conduct business in an ad hoc fashion. Thinking about how you're going to accomplish things, and establishing systems for your business, right from the get go, will move you along the path to success faster and put less stress on your cash flow. There are two systems you should think about:

Organizational systems. These systems include your “people structure” and how those people interact within your company. Your organizational systems will dictate the culture of your organization in regards to management, communication, trust and decision making. Looking at your company as an entire system, rather than separate parts, can help you optimize how the human paths work to get the most from your business.

Business systems. These systems assist the organizational systems in getting work done. They detail all the steps it takes to go from concept to product delivery and what path those steps take within your company. Your business systems should be documented and include all methods and procedural steps required. These systems help you ramp up new staff easily and make getting work done a whole lot easier.

Do What Makes Sense For You

So will you be a complete failure if you don’t embrace these three key leadership traits? Not necessarily. There are so many variables that come into play when starting and running a successful small business.
Your best bet is to take a good, long look at yourself and determine your leadership strengths and weaknesses. Then decide what’s important to your business success and hire for the traits you've identified as weaknesses.

by Denise O'Berry Author, Small Business Cash Flow: Strategies for Making Your Business A Financial Success