The workforce is the essential element to shore up an organization. Essentially, it facilitates to administer the business and generate revenue. These outputs of the workforce cannot be attained if the right supervision is not done. In order to develop the precise enterprising skills, an entrepreneur needs to understand what the difference between a boss and leader is. Primarily, both the terms are two sides of the same coin; owing to which, there is a meagre difference between their role and implementation in the business ecosystem. In todays competitive world, sustenance is the major threat that every organization struggles with. Until an organization has not consolidated, emphasized the needs of the employees and concertedly worked to achieve a goal, it cannot overcome the obstacles and outdo the competition.
To attain the utopian structure, it is significant to look after the needs of the employees. Today, getting the work done can be possible in two ways. Firstly, intimidating the employees and secondly, motivating and fostering trust in the work culture. The latter concept is the ideal way to getting the work the done and the entrepreneurs who utilize this strategy are deemed the best leaders. Attaining the stature of a leader is not that easy as the entrepreneur needs to develop entrepreneurial skills and most importantly, has to think like a leader. To step up the move, here are the essential tips that business owners should follow to become a good leader.
Achieving goals, meeting the monthly targets and altogether, generating revenue are the primary objectives of the business. Besides that, there are a set of secondary objectives as well, which encompass improving the work culture, fortifying employees rapport, and the welfare of the workforce. In the initial phase of the business, success cannot partake easily. As a result, endless failed attempts may be aligned before achieving a successful project. For these losses, one cannot blame the team because the cause of the failure can be anything, a flaw in the project or problem in the execution process.
Osho Sidhant, founder and CEO of Bombay locale, says It takes a lot more than a great product or a service to find success in the business. Often, it is not easy to identify the problems in the modus operandi if it is not clicking. All in all, it takes much more than just talent or a great team. You have to figure out a strategy which could work and also think of a contingency plan if things dont go as expected.
To become an entrepreneur one needs to have an ideal business model, investing capital, and capability to profess faith in one's ideology. On the other hand, a leader is somewhat advanced, conglomerated form wherein the individual takes a decision considering the entire company and its components.
Nida Khanam, a leadership coach, says, Entrepreneurship and leadership may hand in hand but not necessarily all entrepreneurs are Leaders or vice versa. They need to harness leadership qualities and exhibit in their day-to-day conduct. Entrepreneurs are risk takers, business-oriented, have a vision; however people management inspiring others may be one big differentiator. It can be quoted as Entrepreneurs build the ship. Leaders are the ones that have to captain it.
In the business, transparency is the major crux that promotes better changes in the ecosystem, without deteriorating the performance. In the company, employees invest crucial hours to meet the targets and increment overall performance. In lieu, other than the salary, they should have a say in the decision-making process, earn recognition and a sense of power. To render this, transparency should be initiated in the structure.
Amrinder Singh, director of Bonn Group, endorses, Transparency is vital for todays businesses because modern consumers are more informed and constantly connected. Every component of the business model, work culture included needs to be transparent to constantly motivate employees to perform at their best every day. Communication is the key to inculcate transparency in the work culture. A good leader should be aware of both business imperatives and organizational imperatives. Responding on time to the queries and complaints is of paramount importance. Openness to constructive criticism fosters a healthy work environment.
These components should be instilled in the work ecosystem to attain a satisfied, happy work culture. Furthermore, the components will help to transform a business owner into an effective leader.