Entrepreneurship is one of the world’s most popular concepts today. Almost everyone fantasises about starting their own company and taking it to new heights. Start-ups are a completely different culture, and it takes dedication, talents, aspirations, and determination to start a business.
The first stage in building a reputable brand is good leadership, and every entrepreneur must possess the necessary skills to lead his team and achieve success.
Being a great leader, exercising both soft and hard skills, is critical in the fast-paced start-up environment. A start-up CEO and founding team must complete five sets of circular and repetitive activities, irrespective of the stage of the business cycle they are in:
1. Developing the strategy
A business strategy is a set of decisions or courses of action that help management achieve business objectives and maintain a competitive position in the market. It becomes a road map that guides a company to growth and profitability. The primary goal of a business strategy is to assist businesses in maximising returns and mapping progress. Following that, an organisation can make the necessary changes to increase future profitability. A business strategy is made up of several components, such as core values and a business plan. Revenue strategy, marketing strategy, distribution strategy, and concept generation are all important.
2. Building the Team
A company is nothing without the people who work in the shadows. While the entrepreneur may have ambitious goals, it is ultimately the team’s obligation to support him or her in accomplishing them.
You cannot achieve your vision without the team, as it is ultimately your team that carries it out by dividing it into manageable team goals and ensuring that the objectives are completed. The team is therefore essential to making your vision a reality. As a company expands over time, the nature of the work and the dynamics at work often change. At this point, a startup’s long-term survival depends on its ability to gauge team members’ aspirations and comprehend their expectations in the workplace.
3. Setting the goals
It is critical to have clear, well-defined goals in your business, and there are numerous tangible benefits to goal setting not only at the start of your business but throughout your entrepreneurial journey. Setting goals is not enough if team performance is not mapped with periodic goals.
Setting goals aid in defining what your company’s ultimate goal is in accordance with the timeline. It also assists in determining gaps and challenges in achieving the desired result. These insights will enable founders to consider taking corrective actions before they face major failure, while also increasing their chances of success. Continuous planning and tracking send a strong signal to stakeholders that you are fully committed and focused on the company vision, and that you are taking corrective actions to achieve set goals on a daily basis. The main benefit of setting a goal is knowing what you are capable of. What can’t you do? What needs you to learn or unlearn in order to achieve company goals?
4. Assisting the team
A well-managed team and proactive employees are the ideal combinations for establishing a strong culture. A good team manager fosters a positive work environment, challenges preconceived notions and negative connotations, and works to improve the working conditions for all parties involved. A good manager can instruct fellow employees and communicate overall company strategy, plans, and messages, while also being a good listener, which helps to boost team morale.
Knowing how your team prefers to communicate and work, with each other’s individual strengths and weaknesses, gives you an advantage when it comes to establishing a strong workplace. Entrepreneurs should meet with their team members on a regular basis, and pay attention to their concerns, successes, and failures. Routine follow-up aids in understanding team members’ strengths and areas for development. These insights provide a strategy for training and development.
5. Monitoring and reporting the progress
Consistent business reporting and monitoring to view weekly, monthly, quarterly, or annual business progress is essential for any business unit to gain a good understanding of how the business is performing over a period of time. Insights into per unit cost and overall cost, expenditure, revenue, and profitability of product lines and services can be used to assist in the creation of future projections, marketing plans, and budgets.
Routine monitoring detects any significant issues in the system before they become grave. Monitoring a problem area and comparing key performance indicators can aid in root cause analysis and can minimise potential threats.
Entrepreneurship is a lonely journey that requires a lot of patience and determination as the business grows. Entrepreneurship entails more than just running a customer-focused business; it entails ongoing learning and unlearning. An entrepreneur wears several hats at different times. However, as the company grows and scales, it is critical to establish clear roles and responsibilities, as well as work delegation, peer evaluation, and follow-up as part of the system to streamline things.