1.5.6 Moving From An Entrepreneur To A Leader Flashcards
What is an entrepreneur?
An entrepreneur is a person who sets up a business and takes risks in the hope of a profit or reward.
What is a leader?
The action of leading a group of people or an organisation, or the ability to do this.
What are the struggles entrepreneurs face when developing to a leader?
1.) Learning to delegate
2.) Trusting others
3.) Listen to others
4.) Be less reactive
5.) Developing emotional intelligence
What are the 4 factors of emotional intelligence?
1.) Self-awareness
2.) Self-management
3.) Social Awareness
4.) Relationship management
1.) Delegate responsibility
-The entrepreneur will have to delegate responsibility to other members of staff to manage specific functions of the business.
-They will need to develop twust that these individuals will carry out tasks as well as they would do.
-Building trust may be easier if they hire people with similar beliefs + visions.
4.) Become less reactive
-When the business was only managed by the entrepreneur they could be reactive.
-However, with ^ staff, the entrepreneur is responsible for a greater no. people + needs to consider what consequences their decisions could have on these people.
-They may even need to consult their staff.
What is the importance in developing Emotional Intelligence?
-It brings a sense of well-being in staff + keeps them motivated.
-Others might have ideas on ways to do things + may have opinions about what is good/bad for the business.
-A new perspective on things could help the business grow.
-The en needs to accept that other individuals in the business will be better at dealing with certain issues.
