Whether managing a scrappy startup, a small business or a major established corporation, successful entrepreneurs understand they need strong leadership strategies to tackle challenges of all shapes and sizes.
As part of St. Cloud State University’s online Master of Business Administration (MBA) with a concentration in Management and Leadership program, rising entrepreneurs will learn to manage teams, solve problems and communicate with intention.
Building Strong Teams as an Entrepreneur
Having a keen eye for the most talented people in the field is a vital skill. However, retaining those employees and responding to their needs and input differentiates an exceptional leader from other senior managers. To inspire loyalty, executives must invest in developing their most important staff members through mentorship, networking opportunities, conferences and other personalized training.
Rather than feeling intimidated by the skill set or passion of the team members around them, effective entrepreneurs build a culture where people of diverse backgrounds feel comfortable expressing their viewpoints — and even criticism of how the business operates and could improve.
According to Forbes, helping staff members recognize their strengths and giving them roles that tap into those skills will help prevent burnout and allow each person to feel they are contributing to business objectives. By investing time and energy into team culture, leaders effectively transfer their knowledge and create a pipeline of future managers to carry the business forward.
Continuous Learning and Growth as a Business Leader
Entrepreneurs have often heard the adage of “leading by example.” One key method of accomplishing this goal is showing team members how their senior leaders continue to work on themselves by building new skills and growing relationships with people of diverse backgrounds.
Promoting self-development doesn’t have to occur at work or in the public eye. Exploring meditation or a new hobby that helps leaders engage with new communities can have a marked impact on how they lead once they return to the office.
Self-improvement can look as simple as re-evaluating how leaders facilitate listening and understanding between senior leadership and staff members. Forbes states that success can sometimes be blinding because bosses can begin to see their approach as the only pathway to achieving goals. However, remaining humble and open to other viewpoints can be the difference between keeping a business at the top of its game or seeing an entrepreneurial venture fail.
Looking inward can help leaders gain more awareness of their own weaknesses and how they can play to their strengths by delegating tasks to those with more expertise. This honest, authentic approach can create a healthier work culture that keeps employees engaged and willing to work on areas where they feel inadequate.
Problem-Solving and Decision-Making
With business conditions changing overnight in a fast-paced world, entrepreneurs must balance the demand for quick, assertive decision-making with a long-term strategy for making their business successful.
The CEO Magazine suggests following a series of steps to determine which path makes the most sense for the company. First, gather as much data, market research, customer feedback and employee input as possible to better understand the business’s challenges. Consider potential outcomes and available alternatives besides the solutions staff have already laid out. Analyze risks and what the business can survive while looking for expertise from advisers inside and outside the business.
Ultimately, several CEOs advise trusting the gut instincts that have brought the company to this point. Whether the outcome is positive or negative, effective leaders will be ready to take responsibility for the company’s future and willingly listen to other perspectives on the next possible steps.
Lean Into Entrepreneurial Leadership With St. Cloud State University
St. Cloud State University’s online MBA with a concentration in Management and Leadership program offers coursework in Leadership and Leadership Ethics that prepares graduates to confidently pursue their career goals. By gaining a theoretical and practical understanding of how to motivate staff and analyze ethical issues, entrepreneurs can immediately put those lessons into practice in the corporate world.
Learn more about St. Cloud State University’s online Master of Business Administration (MBA) with a concentration in Management and Leadership program.
