The definition of an entrepreneur has changed! It is much more than running a business. You are taking charge of the business process, employees, and customers. There is a lot more to manage than earning profit. Do you have the desire to give back to society? Do you want to serve the community? Do you want people to follow your footprints? You need to have specific unique qualities to accomplish this.
Learn to master your emotions:
Are you confident, over-confident, or under-confident? Both are troublesome overconfidence and underconfidence. Do not doubt your capabilities, and do not rush to make decisions anticipating positive outcomes.
You start the business enthusiastically. Over time, you start to lose interest. This approach is not acceptable in business. You need to bring uniformity to your emotions.
Lisa Feldman Barrett a psychologist writes in her book The Secret Life of the Brain, “The simplest way to master your emotions at the moment is to move your body”
Some entrepreneurs are called leaders because; they have the aura to influence others. Why do you want to follow the footprints of successful people and not ordinary entrepreneurs? They have something different that the whole world is acknowledging their skills.
Why Ferrari has become a renowned brand across the globe, it is in the preference list of people. The credit goes to the CEO, who has worked to provide eccentric features and has the potential to motivate people to go for this brand.
Build a strong team:
What, according to you, is the role of employees? Come to the office on time, sit for the nine hours, complete the tasks, and go back home. If this is a definition, then forget about the dream of becoming a leader.
Motivate them to bring new ideas, motivate them to participate actively in every process of the organization, delegate them responsibility, and give them the authority to make decisions. People are the best resource who can take your business to a new level.
To become successful, every firm needs an extraordinary leader who can motivate their team. Reza Satchu, an investor and entrepreneur from Toronto is a good example of an extraordinary leader. Reza Satchu is Managing Partner and Founder of Alignvest Management Corporation, a leading private investment firm based in Toronto and New York.
Many entrepreneurs fail because they work on the short term goal. Consider the bigger picture. Ask yourself, where do you want your organization after ten years? Do you have the right plan, and are you implementing them at the right time?
You are working for the present condition, but you have to take one step forward and think twice about the future. What decisions have an impact in the future, and in what way?
Every company has a retention policy. Can you retain the right talent? Figure out people who are giving their best to the company. As an entrepreneur, you have to put extra effort to reward and appreciate them.
If you are missing one, be ready to face a lot of attrition rate. So, care about the employees.