Business roles depend upon the qualities of the leadership (entrepreneur), because the aspirations or success of the business may be fulfilled only by effective leadership. The entrepreneur should have various qualities of effective leadership.
The entrepreneur has to carry out various functions for successfully adopting the process of change, for executing the changes for satisfying the requirements of the group, for motivating the employees and the subordinates, for making the following dynamic towards the goals and for building up of the organizational environment, by his leadership abilities.
Hence, The personality of the leader should be impressive.
He should have adequate intelligence, dedication, and skills. Without which, he cannot get success.
He should be an honest, truth-speaking, impartial and a good associate and should enjoy the reputation of being a good person so that others should have trust in him.
He should have optimism, cheerfulness and the readiness to encourage and assist others.
Qualities of Effective Leadership in Entrepreneur
The following characteristics or qualities of effective leadership in entrepreneur:
Courage is the foremost quality of the entrepreneur’s need to be a good leader.
The entrepreneur should have the moral courage to execute those activities, which he regards proper and he should also have firmness in taking decisions and implementing them.
The entrepreneur, as a leader never deviates from the path of truth and his followers cannot take him in their grip by flattery.
The followers of such an enterprising leader also perform their activities fearlessly by following their leader.
2. Self Confidence
An entrepreneur should have the quality of self-confidence to become a good leader.
This self-confidence should be based on self-understanding and other related knowledge.
An entrepreneur (leader) processing self-confidence also gets success in winning the trust of others.
Entrepreneur (leader) should have self-confidence for fully winning the trust of the followers.
It has been correctly stated that the entrepreneur lacking self-confidence, may not be able to win the trust of others also.
3. Intelligence and Technical Competence
An entrepreneur (leader) should have more Intelligence and technical knowledge than followers.
The intelligent entrepreneur, on one side, may present a suitable solution for the problems, by understanding the problems well and on the other hand, may also provide good guidance to the following.
The entrepreneur should also have sufficient technical competence and sufficient knowledge of technical, economic, legal and financial affairs.
4. Ability to Communicate
An important function of the entrepreneur (leader) is also to communicate information, orders, Idea, etc. to his subordinates other persons.
He should have the ability to give directions to his followers and of providing necessary information to the common public.
For an entrepreneur, it is essential to ensure that the direction provided by him to the subordinates should be well complied with.
Hence, the communication ability of the entrepreneur includes both, giving the directions and ensuring their compliance also.
5. Vitality and Endurance
Vitality and endurance in the entrepreneur are his important leadership qualities.
Hear vitality means awakening and alertness, whereas endurance implies working with patients in emergent conditions.
Hence, an Entrepreneur should always be alert for future circumstances and should not lose patience even during times of difficulties and problems.
Only the alert entrepreneur having patience can give consistent and concerted thought to the problems and solve them and also provide proper guidance to the followers.
6. Mental Capacity
An entrepreneur should essentially have mental capacities.
Today, economic and social changes are taking place speedily in all countries in the world.
Hence, an entrepreneur should be flexible and Competent enough, so as to adapt himself to changes.
Only the Mentally developed entrepreneur with open ideas may be successful in taking commonly acceptable decisions, without any envy, according to the changed circumstances.
7. Ability to Inspire
An entrepreneur (leader) should also have the ability to inspire his followers towards doing work.
The capable and experienced entrepreneur may provide inspiration to his followers for doing hard work, by studying their interests, ideas, feelings, requirements and proper guidance.
Thus, only that entrepreneur has effective control over his followers, who has the ability to inspire followers.
8. Ability to Deal with Human Aspects
The entrepreneur having leadership ability should have also the ability of good behavior with the human element, besides other qualities.
He should have complete knowledge about the taste, feelings, objectives, potentialities, and weakness of his followers. Only then, he can establish good relations with them.
9. Sense of Responsibility
A successful entrepreneur (leader) should also have the feeling of fulfilling the responsibilities.
Otherwise, he will misuse his powers. He should always feel the responsibility, so that timely and necessary orders or directions may be given to the followers.
10. Capacity to Make Decisions
The entrepreneur should have the capacity of making firm decisions, like an effective leader.
But, this capacity is acquired only by self-confidence and self-control.
An entrepreneur is required to select the best solution for a problem, out of several solutions.
The selection (decision) is to be made by him, by viewing both the present and future circumstances.
The entrepreneur takes the decisions, only by his own foresightedness and decision-making capacity.
11. Knowledge of Environment
Just as the leading figure gives Orders and directions to his followers and members of the organization, by taking the internal and external environment of the organization into consideration, the entrepreneur should also have complete knowledge of the environment.
Only then, he will succeed in the establishment and operation of the business.
12 Constructive is Creative Thinking
The leaders may do two types of tasks: constructive and destructive. Destructive works should be altogether avoided.
Thinking should always be constructive and creative.
In this regard, it may be said that mental power should always be utilized only for creative and productive activities.
Thus, now you know the qualities of effective leadership in entrepreneur.