As an entrepreneur, you need to manage wide variety of tasks, starting from making your business plan, marketing strategy, getting your clients, or managing teams etc. Its not just having technology skills or expertise in a specific area, as an entrepreneur ones needs to wear multiple hats. You will not only exercise ultimate power but will also be responsible for taking the most critical decisions for your business. But in my experience, many entrepreneurs misunderstand their role and limit themselves, which becomes the cause for many entrepreneur failures.
So what is the role of an entrepreneur? What makes him effective?
Be it a startup founder or an entrepreneur of large enterprise, few things remain unaltered. Following are most critical hats, which you need to wear as an entrepreneur:
- Connector – A successful entrepreneur has the ability to connect the dots and see the larger picture. A great example of a connector is Mr. Ratan Tata, ex CEO of Tata Group. The way he drove Tata group during all ups and downs and consistently evolved the organization as per the changing market dynamics for last few decades is an outstanding story. As an entrepreneur, it is required that they understand the strengths & weaknesses of the business, recognize the right opportunity and potential clients. A successful entrepreneur knows how the key drivers relate to each other for the business to grow.
- Collaborator – A successful entrepreneur can build effective relationships with their teams, clients, customers, vendors, investors and other stakeholders. They can leverage abilities to build their venture. They know that they need to build a strong team around him/her as he/she cannot manage all the tasks on his/her own. They are able to develop the art of tailoring the communication style that is open, honest, fair and appropriate to connect to all stakeholders.
- Core Mind setter– A successful entrepreneur is motivated enough to focus their energy to achieve and accomplish their goals. They have a core need for success and excellence that keeps them motived to compete and strive for success in spite of any challenges. Their confidence in their ability makes them bounce them from any set-backs.
- Conductor – An entrepreneur has the ability to analyze the world that helps them to implement the business plan to take their idea into action. An entrepreneur essentially needs to make right choices from the available set of alternatives. Ultimately, the success of the venture is dependent on his decisions. He needs to be the artist of business world.
A successful entrepreneur of a startup will be able to transform the venture from good to great, if he believes in himself and knows his strengths. All of these roles may be challenging to keep, but these are the ones, which sets an entrepreneur apart from other.
Do you know if you have what it takes to grow your business?
Take L.I.F.E Entrepreneur Assessment and know your strengths!