1.5.6 Moving from an entreprenuer to a leader

Question 1

Entrepreneur

Answer 1

• An entrepreneur is a person who sets up a business and takes risks in the hope of a profit or reward

Question 2

Leader

Answer 2

• The action of leading a group of people or an organisation, or the ability to do this.
• To lead: to be in charge of, to show direction, to be superior to others.

Question 3

Learning to delegate

Answer 3

• When a business owner starts out as a sole trader they may be working on their own.
• When the business grows an entrepreneur will need to learn to delegate tasks out to others so that they can focus on the more strategic areas of the business, such as developing a new product
• Delegation means giving authority to others to carry out tasks (like permission)

Question 4

Trusting others

Answer 4

• When hiring employees or taking a business partner an entrepreneur will have to learn to trust others
• Often this will mean letting go of an idea that they have been nurturing or delegating tasks out to new employees
• Trust is important in relationships with customers.

Question 5

Listen to others

Answer 5

• A good entrepreneur when moving to leader will need to discuss bigger decisions with other stakeholders in the business
• For example the entrepreneur may need to listen to; a joint owner, a manager, an employee who may have good ideas, a customer with a complaint or an investor
• Good leaders take the opinions of others into account and allow them to help with the business

Question 6

Be less reactive

Answer 6

• A true business leader will be less reactive to dynamic markets and more proactive
• This means setting trends, being able to see a gap in the market, moving forward with a business idea ahead of the competition
• First to market always has competitive advantage

Question 7

Develop emotional intelligence

Answer 7

• Self-Awareness is your ability to accurately perceive your emotions and stay aware of them as they happen.
• Self-Management is your ability to use awareness of your emotions to stay flexible and positively direct your behaviour.
• Social Awareness is your ability to accurately pick up on emotions in other people and understand what is really going on.
• Relationship Management is your ability to use awareness of your emotions and the others’ emotions to manage interactions successfully.

Question 8

What is the difference between a manager and leader ?

Answer 8

A manager is responsible for overseeing the day-to-day operations of a team or department, ensuring that tasks are completed on time, resources are used efficiently, and goals are achieved. A leader, on the other hand, focuses on inspiring and motivating their team to achieve a shared vision or goal, often by setting an example through their own behavior and leading by example.

Question 9

Advantages of a manger?

Answer 9

1. Organizational Skills: Managers are typically skilled at organizing resources and delegating tasks effectively, which ensures that projects are completed efficiently.
2. Strong Focus on Results: Managers are focused on achieving measurable outcomes and ensuring that the team meets performance targets and goals.
3. Attention to Detail: Managers are often detail-oriented and focused on the specifics of a task or project, which helps to ensure that things are done correctly and according to plan.

Question 10

Disadvantages of a manger?

Answer 10

1. Lack of Creativity: Managers may be so focused on efficiency and productivity that they may overlook new and innovative ideas that could benefit the organization.

2.Inflexibility: Managers may stick to established processes and procedures, even when they are no longer effective, which can stifle growth and innovation.

3.Lack of Emotional Intelligence: Managers may be more focused on the bottom line and may not take the time to connect with employees or understand their individual needs and motivations.

Question 11

Advantages of a leader

Answer 11

1. Inspiration: Leaders inspire their team members to reach their full potential by providing a clear vision and direction for the team.

2.Creativity: Leaders are often open to new ideas and approaches, which can help drive innovation and growth within the organization.

3.Strong Communication Skills: Leaders are typically skilled communicators, which helps them to effectively motivate and engage their team members.

Question 12

Disadvantages of being a leader?

Answer 12

1. Lack of Focus on Results: Leaders may focus too much on the big picture and vision, neglecting the day-to-day tasks required to achieve it.

2.Lack of Organization: Leaders may be less focused on details and may not prioritize tasks effectively, which can lead to inefficiency and missed deadlines.

3.Risk-Taking: Leaders may be more inclined to take risks, which can lead to failures and setbacks if not carefully considered and planned.