Every billionaire has a certain quality, or entrepreneurial leadership skill that helps him or her perform better than the average and build empires. But many of them learn new entrepreneurial leadership skills and lessons during their days of struggle. This article talks about the entrepreneurial leadership lessons learned by some of the world’s most influential people.
Entrepreneurial Leadership Lesson from Tory Burch
Let’s start with Tory Burch. She built a fashion empire worth multi-billion dollars just within a decade. She is one of the world’s leading women entrepreneurs. Here are some of her enterprise approach philosophies.
Buckle up for challenges: Know in advance that there is going to be tremendous amount of work pressure. But you’ve to embrace it and keep going. Accept the occasional set back and then move on.
Learn to develop a thick skin: One of the very useful entrepreneurial leadership lessons she learned during her journey is being immune to criticism. There will always be people or counterparts talking bad things about you. But don’t fall for it. Don’t listen to negativity.
Be authentic and build relationships: Meet new people and grow your network. Be loyal and authentic to the relations. It helps in further career enhancement.
Know whom to position where: Tory once said during an interview, that a leader must know how to put right employee at the right position. Identifying people as per their abilities and qualities and appointing them at the right position is one of the essential entrepreneurial leadership skill you can’t ignore. If you’re wrong in this, it might affect the whole company.
Entrepreneurial Leadership Lesson from Hoffman
We will talk about LinkedIn billionaire Reid Hoffman. He is the co-founder of the social media company. During his entrepreneurship journey, he learnt that –
People will recognize you when you offer value: It’s pretty simple. Like you, everyone is busy working on fulfilling their dream, goal of life or rushing for accomplishments. You’ll have to do something different, and offer value to get their attention. Sometimes keep your own benefits aside and work for the society well being.
Learn to acknowledge strengths of employees and stop criticizing weaknesses: If you want to be a leader, you’ll have to walk taking thousands of others along. A key lesson about entrepreneurial leadership that Hoffman learned is that great leaders know how to prioritize strengths of employees over their weaknesses. If you want great quality work at a great speed from your employees, learn to accept their mistakes to some extent.
Tell your employees clearly that you’re ready to accept mistakes at a rate of 10 to 20 per cent for the sake of speed. Also, sometimes you must trust your managers to help them make decisions.
Entrepreneurial Leadership Quality
According to famous Forbes article written by Todd Warren, all aspiring entrepreneurs must be open for feedback, new learning and flexible to adapt. Bill Gates is a great example of this. He always try to be focused on new trends and incorporate it into his vision. An entrepreneur or leader should never think he or she has all the answers needed. Entrepreneurial leadership skill comes from continues learning.