A-Z OF STARTING YOUR OWN BUSINESS: LEADERSHIP & MANAGEMENT

In our seventh series on starting your own business our attention turns to Leadership and Management and how to bring out your skills and utilise them to best assist the growth of your business.

How to go about learning great leadership skills from the masters, develop your management tactics and inspire your team to ensure enduring business success.

DISCOVER THE LEADER WITHIN

In this complete guide to leadership in business, Irish Entrepreneur outlines the importance of leadership for business success.

Regardless of how successful a person is there will be times when they are confronted with problems that require them to look at new and inventive strategies. A leader in enterprise can develop the skills required to move forward with confidence while generating trust and respect among employees.

LEADERSHIP SKILLS

Leadership skills are valuable in every aspect of life but in business they are crucial. A dynamic relationship based on common purpose and mutual respect, leaders have the ability to maximise their potential in a rapidly changing business environment. Entrepreneurs are acutely aware of the value of developing good leadership skills and the benefits to their business.

Developing good leadership skills can have a dramatic impact on a business. It can turn a small growing concern into a business with greater financial performance and better working relationships.

INTERPERSONAL INFLUENCE

Good leaders exhibit their vision and creativity and have the ability to relate their plans effectively to others. They appreciate diversity, recognise the importance of developing business awareness and communicate business objectives effectively.

Research has proven that effective teambuilding and leadership skills have a major impact on staff motivation and overall job satisfaction. Leadership studies have also shown that leaders are more compelling when they have a vision and the ability to inspire others to work towards realisation of that goal. A business has the greatest chance of being successful when the employees are motivated.

Since leadership involves the exercise of influence by one person over others, the quality of leadership exhibited by business owners is a determinant to organisational success.

LEADERSHIP IS MORE THAN MANAGING

A leader can be a manager, but a manager is not necessarily a leader. Leadership is concerned with behaviour, therefore good leaders are followed because people trust and respect them. Leadership is different to management. Management relies on planning, organisation and communication. However, leadership relies on qualities such as integrity, honesty, confidence and wisdom. The key point in differentiating between leadership and management is that employees willingly follow leaders because they want to, not because they have to.

LEADERSHIP SUCCESS

Not everyone is a natural born leader. Fortunately, the skills and abilities can be developed.

The best leaders develop the skills required to communicate effectively with team members. Leadership styles are as varied as the leaders that employ them. But one common trend among good leaders is their determination. They constantly strive to find new or different approaches to a situation and look for innovative and creative ways to problem-solve.

START-UPS & LEADERSHIP IN ASSOCIATION WITH FIRST STEP MICROFINANCE

THE 5 C'S OF LEADERSHIP

• Character
  People will not follow someone for long if they don't respect or trust them. Leaders have to be trustworthy to produce sustainable results and to lead employees.
  
  
• Commitment
  A leader must be committed to their business and believe in themselves and their business venture. Leaders are passionate about what they are doing.
  
  
• Condence
  Leaders have targets and know how to realise their goals. Furthermore, they inspire and instil confidence in others to achieve these objectives.
  
  
• Communication
  Leaders have a vision and communicate their plans and aspirations effectively and confidently. Effective communication is the key to success.
  
  
• Caring
  Leaders must show that they care about their team both personally and professionally.

SUCCESSFUL LEADERSHIP

1. Leadership is about making things happen. Motivation and persistence are key to success.
   
   
2. Focus for success. Develop an idea, plan implementation and execute. Preparation is crucial, if you fail to prepare, you are preparing to fail.
   
   
3. Set standards and stick to them
   
   
4. Aim to deliver excellence and seek innovative ways to achieve more each time.
   
   
5. Be open-minded, leaders don't have all the answers so be open to suggestions.
   
   
6. Determination, the leader accepts nothing less than the best from themselves and others.
   
   
7. Inspire, leaders encourage others to achieve the company's tasks and objectives.
   
   
8. Seek consultation and advice from experts, entrepreneurs, competitors and clients for a
   great way to problem solve and gather feedback.
   
   
9. Integrity, commitment and reputation are essential attributes.
   
   
10. Realise your full potential, mistakes will be made so learn from them.