1.5.6 Moving from Entrepreneur to leader

entrepreneur

a person who supports an opportunity and shows willingness and initiative to take risks in order to benefit from the potential rewards

leader

a person that can inspire others and motivate them to meet objectives

Reasons it may be difficult to move from being an entrepreneur to a leader

1. Reluctance to handover control making it difficult to delegate

2. Loss of autonomy in decision making

3. Learning to trust others and not feel a need to constantly oversee everything or micro manage

Reluctance to handover control making it difficult to delegate

• The business is the baby that may have nurtured and seen become established and grown

• Relinquishing control is not easy as many entrepreneurs are emotionally and financially attached to the success of the business

Loss of autonomy in decision making

• Transitioning from autocracy to a more democratic style

• To listen to and accept the opinions of others

The need for formality

Growing businesses need clear structures, rules and processes

The need for shared ownership

Control may be shared with investors or partners to raise funds or to scale up

Greater responsibility to others

Leaders are accountable to staff, customers, and stakeholders

The need for motivation and inspiration

Leaders must inspire staff and create a strong team environment

The need for strategy and vision

Leaders focus on long term planning not just daily tasks

Adapting the mindset

Taking on leadership training and delegating more

Stress

Use support, manage time well, and delegate tasks

Sharing ownership and control

Set clear rules and focus on shared goals

Trust

Start small, build through good hires and communication as well as supplier relations

Lack of leadership qualities

Learn through training, mentoring and feedback