1.5.6 - Moving from an Entrepreneur to a leader

Question 1

What is an ENTREPRENEUR?

Answer 1

a Person who Set Up a Business and Takes Risks in the Hope of a Profit or Reward

Question 2

What is a LEADER

Answer 2

the action of Leading a Group of People or an Organisation, or the ability to do this

Question 3

Explain the LEARNING TO DELEGATE difficulty of Moving from an Entrepreneur to a Leader

Answer 3

• when owner Starts Out as a Sole Trader they might be Working on their Own
• when business grows –> Entrepreneur will NEED to LEARN to DELEGATE TASKS out to others So they Can FOCUS on the More STRAGETIC AREAS of the Business, such as developing a new product
• means GIVING AUTHORITY to OTHERS to Carry Out Tasks

Question 4

Explain the TRUSTING OTHERS difficulty of Moving from an Entrepreneur to a Leader

Answer 4

• when HIRING EMPLOYEES s or TAKING a BUSINESS PARTNER an Entrepreneur will have to Learn to Trust Others
• may mean Letting Go of an Idea they have been Nurturing or DELEGATING Tasks out to New Employees
• Trust is Important in relationships with Customers

Question 5

Explain the LISTEN TO OTHERS difficulty of Moving from an Entrepreneur to a Leader

Answer 5

• Need to DISCUSS BIGGER DECISIONS with OTHER STAKEHOLDERS in the business
• e.g, when they may have good ideas
• Good Leaders TAKE the OPINIONS of OTHERS Into Account and ALLOW them to HELP with the BUSINESS

Question 6

Explain the BE LESS REACTIVE difficulty of Moving from an Entrepreneur to a Leader

Answer 6

• True Business Leader will be LESS REACTIVE to DYNAMIC MAKRETS and MORE PROACTIVE
• means SETTING TRENDS, Able to SEE a GAP in the MARKET , Moving Forward with a Business Idea ahead of the Competition
• First to Market Always has Competitve Advanatage

Question 7

Explain the DEVELOPING EMOTIONAL INTELLIGENCE difficulty of Moving from an Entrepreneur to a Leader
4

Answer 7

SELF AWARENESS - ability to Accurately Perceive your Emotions and Stay Aware of them As They Happen
SELF - MANAGEMENT - ability to Use Awareness of your Emotions to Stay Flexible and Positively Direct Behaviour
SOCIAL AWARENESS - ability to Accurately Pick Up on Emotions in Others People and Understand What is Going On
RELATIONSHIP MANAGEMENT - ability to Use Awareness of your Emotions and the Others’ Emotions to Manage Interactions Successfully