What are some specific characteristics an Entrepreneur needs to lead a rapidly growing, entrepreneurial organization?
Entrepreneurial leaders possess a variety of characteristics and skills needed to be successful
1 Answer | Add Yours
An entrepreneur is different from any other type of manager in that he or she creates a business and takes full accountability for its success or failure.
Vision is an essential characteristic of an entrepreneur. He must recognize opportunity and use setbacks as part of his learning curve when leading his team. He must have confidence in his team and promote intrapreneurial spirit amongst its members to ensure that his team is as committed as he is. Entrepreneurs can become very self-absorbed when they are successful and forget that they owe much of their achievement to their team. Recognition that the whole is the sum of the parts is paramount. Good human resource management is a skill an entrepreneur cannot afford to lack. Good entrepreneurship
leads... to a dynamic national economy.
When a business is growing, any good leader knows the importance of repeat business and referrals. Keeping customers happy can be challenging when a business is growing and customers already have expectations. The entrepreneur must have good people skills and an ability to recognize demanding and needy customers, customers who procrastinate and need encouragement, customers who want personal service and customers who are ready to be introduced to other new and innovative products on offer from the business.
Marketing and advertising are crucial to maintain momentum otherwise a rapidly growing business may be unable to sustain itself. Existing customers provide stability but new customers ensure adaptability and a forward-thinking entrepreneur understands that.
A good entrepreneur must be aware of his weaknesses. If he is not good with figures, it may be wise and probably necessary to employ a financial expert. If figures are actually his thing, he must be careful not to spread himself too thin in other areas and neglect other important tasks whilst concentrating on financial matters. Being aware of his weaknesses will ensure that a good entrepreneur employs expert staff to ensure continued success.
To ensure that the business keeps growing, an entrepreneur must be able to plan. A good business plan is essential as it is a tool to guide the business. It provides the business with goals and drives the organization towards them . Ensuring good planning in all aspects of the business keeps the business flowing smoothly.
Many people start businesses for numerous reasons - need to be based at home, can't work in a structured environment, bored and so on but without a good business sense which includes sound business principles and discipline, not excluding patience and an appreciation of time frames, the business cannot maintain its success.
Above all, an entrepreneur in a rapidly growing business must recognize good advice and act upon it.
Entrepreneurship is generally a source of more entrepreneurship, as one entrepreneur's innovations pave the way for another's.
Having a good idea is enough to start a business but not enough to ensure its sustainability and growth.
Join to answer this question
Join a community of thousands of dedicated teachers and students.Join eNotes