Top Leadership Lessons from Successful Entrepreneurs

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Top Leadership Lessons from Successful Entrepreneurs
03 Jan 2022
7 min read

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Running a business, whether you've been in it for a long time or are just getting started, is a demanding undertaking. Here is ThinkWithNiche's list of the top leadership lessons from some of the world's most successful business folks that every budding entrepreneur should learn from! #ThinkWithNiche

According to popular belief, the most successful entrepreneurs are those who are born with the ability to invent, inspire, and motivate themselves. Most people also believe that the most successful entrepreneurs come from families with extensive business expertise. That conjures up images of a business class that was practically made for the job. The truth, on the other hand, isn't so straightforward. In actuality, polls of entrepreneurs have revealed that they come from different areas of life and have varying levels of expertise. Bill Gates and Jeff Bezos, two of the most successful entrepreneurs in history, fall within this category.

Despite their lack of professional training and family history in business, they managed to succeed. That raises the question of where they learned the necessary skills to succeed. After all, educational institutions all around the world are only now grappling with the issue of training new entrepreneurs to launch their first enterprises. And, as any seasoned businessperson will tell you, common sense will only go you so far. Whether you've been in business for a long time or are just getting started, running a business is a difficult task. Despite a difficult year, the entrepreneurial spirit is alive and strong, with many people expanding their favorite interests beyond baking and exercising to create their own businesses. Here is ThinkWithNiche's list of the best leadership lessons every aspiring entrepreneur can benefit a great deal from, inspired by some of the leading business tycoons.

Although the consumer is king, they are not infallible!

It's easy to regard each new customer as the lifeline that keeps a business afloat in its early days. As a result, it's only natural for an entrepreneur to go out of his or her way to keep early-stage clients pleased. In general, that's a good idea. That isn't to say that there shouldn't be any restrictions. Customers who make excessive requirements are unavoidable in every firm. The problem is that granting such demands might come back to bite a startup because it establishes a precedent that is difficult to reverse afterward. It won't be long before consumers start spending more money in terms of time and effort than they're worth if breaking from business conventions becomes standard operating procedure. To avoid this, it's critical to establish clear boundaries with each customer early on in the connection to define the relationship. Customers will respect such limitations and continue with you if the company's products and services offer true value. It's better to let them be someone else's headache if they don't understand. It's best to do so early on to avoid an (unfairly) disgruntled consumer wreaking havoc on your company's reputation with endless complaints.

Early and often, seek advice

The largest challenge for any new entrepreneur is generally their own pride. Many first-time entrepreneurs start their businesses with the belief that their vision will carry them to success. This creates a strong disincentive to seek help when it's needed or to seek out other entrepreneurs who have dealt with common early-stage business issues. Any new business that fails to do so will be doomed. Simply put, prospective entrepreneurs must acknowledge straight on that there will be a lot they don't know about running a successful business. While trusting your instincts might be useful at times, business intelligence exists for a reason, so take advantage of it. Asking for advice from someone more experienced isn't a show of weakness; it's a sign of wisdom. That's why every first-time business owner should seek out a mentor or coach with extensive and relevant expertise running a similar firm. With an estimated 90% of start-ups failing, anything that increases the odds is worth doing.

Time is money for an Entrepreneur

If there's one thing that almost all young entrepreneurs have in common, it's that they feel compelled to be everywhere in the early stages of their business. That makes sense in a one-person operation. However, it's generally always the best decision to get rid of those habits as quickly as feasible. That's because how an entrepreneur spends every minute of his or her day has a direct impact on the company's success. It's vital to delegate tasks that others can handle and concentrate on activities that will help the company expand. Planning each day with a schedule and making every effort to stick to it is a terrific approach to get started. The details of each entrepreneur's routine will differ based on their industry. Create a consistent morning routine — having a consistent start to each day is essential for maintaining a daily plan. Go up as early as you feel comfortable, eat breakfast, exercise, and get out the door. This will ensure that each new day begins on a positive note. Complete high-value work first — Because an entrepreneur's time is valuable, it's critical to begin each day's agenda with the most vital tasks.

First and foremost, it will assist in ensuring that the work is completed on schedule. Second, if the timetable goes astray throughout the day, the tasks on the agenda that are skipped aren't mission-critical. Create buffer time between appointments - In an ideal world, an entrepreneur would be able to spend every waking hour zipping from one task to the next, with no downtime. In actuality, this is a rare occurrence. It's critical to give some buffer time between appointments, recognizing that there will be some overruns. It will also allow for occasional sanity breaks when time permits, which are critical to avoiding entrepreneur burnout. Make time for contemplation at the end of the day – It's far simpler than you might imagine for an entrepreneur to become so engrossed in the everyday activities that they lose sight of the big picture. Making little course changes daily might save minor difficulties from becoming major ones.

Personalities, not titles, should be used to make decisions

There is no one-size-fits-all approach to managing others. Humans are complex, emotional, and illogical creatures. Learning the finest techniques to lead through books and education will get you a long way, but you should also follow your gut when it comes to developing relationships. Some people prefer a straightforward approach, while others need more assistance. Look for ways to support who they are rather than just their job title.


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