1.5.6 Moving From Entrepreneur To Leader

Question 1

Transitioning from an entrepreneur to a leader

Answer 1

• Moving from an entrepreneur to a leader can be a challenging transition
• The skills and mindset required to successfully launch and grow business often different from those required to lead and manage a team

Question 2

Differences between entrepreneur and leader

Answer 2

1. Entrepreneur = brilliant tactician.
   Leader = brilliant strategist
2. Entrepreneur = single-minded in pursuit of goal.
   Leader = inspiring figurehead
3. Entrepreneur = unshakeable self-confidence.
   Leader = gravitas and present
4. Entrepreneur = one-to-one persuader.
   Leader = able to reassure large groups
5. Entrepreneur = idea generator.
   Leader = idea prioritise

Question 3

Difficulties faced by entrepreneurs in transitioning to a leader of a growing business

Answer 3

1. They need to delegate.
   - Entrepreneurs need to learn to delegate tasks and responsibilities to others
   - This can be difficult for entrepreneurs who are used to having control over every aspect of their business
2. Trust and verify.
   - As a leader, it’s important to trust your team members to do their jobs effectively
   - It is also important to verify that task are being completed correctly and on time
   - Finding the right balance between trusting your team and verifying their work can be a challenge
3. Learning to listen.
   - Entrepreneurs are often driven by their ideas and visions
   - As a leader, it’s important to listen to the ideas and perspectives of others
4. Having an open mind.
   - Leaders need to be open to new ideas and willing to adapt to changing circumstances
5. Being less reactive
   - Entrepreneurs are often used to taking quick action and making decisions on the fly
   - As a leader, it’s important to take a more strategic and measured approach to decision-making
6. Developing emotional intelligence.
   - Leaders need to be able to understand and manage their own emotions, as well as the emotions of their team members
   - Many entrepreneurs used to being driven by passion and enthusiasm rather than emotional intelligence and empathy
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