As a team leader, you need to constantly assess your entrepreneurial performance and identify areas for improvement. But how can you do that effectively and objectively? In this article, we will share some tips and tools to help you evaluate your skills, behaviours, and results as an entrepreneur and a leader.
The first step to evaluate your performance is to define what success looks like for you and your team. You need to set specific, measurable, achievable, relevant, and time-bound (SMART) goals that align with your vision, mission, and values. These goals should be communicated and agreed upon by all team members, and reviewed regularly to track progress and adjust as needed.
Setting clear and SMART goals is essential to evaluate one's performance as an entrepreneur. The next step is communicating this effectively to the team. This is where real leadership skills helps. Communicating vision, goals and ensuring everyone is accountable including the entrepreneur himself, is what ensures the goals are achieved.
To evaluate your performance as a team leader through goal setting, start by establishing Specific, Measurable, Achievable, Relevant, Time-bound goals, providing a clear framework for assessing progress. Use KPIs, such as team productivity, project completion rates, or customer satisfaction, to measure against these goals & use reviews to evaluate whether the team is meeting, exceeding, or falling short of these benchmarks. Utilize the insights gained from these reviews & feedback to adapt and enhance your leadership strategies, thereby continuously improving both your performance and that of your team.
The reason why goal setting is important is that it gives us something by which we can use to measure our performance. If goal setting is tough for you, think about it this way: 1. What is my mission as a team leader? 2. How will I know that this mission has been accomplished? 3. Are the stakeholders satisfied with this? Thinking about your goals in this way can help reduce the mental stress associated with goal setting. The objective here is simple: to keep you accountable and to measure progress. Of course your goals have to be SMART.
SMART is great for small, short-term goals, but not for ambitious, long-term ones. For one or several ambitious goals (learning how to code, first sale, etc.) consider using PACT instead. Purposeful – meaningful to your long-term purpose in life, not just relevant at present Actionable – shift your mindset from distant, future outcomes to present, controllable outputs Continuous – start, keep growing and adapt as you go. Continuous improvement > supposed end goal Trackable – NOT measurable. Stats can be overrated & don’t apply to lots of different types of goals. I’m a big fan of the “yes” or “no” approach to goal tracking Be smart, PACT won’t work for goals such as washing the dishes, but it will work for long-term, ambitious goals!
The second step is to seek feedback from different sources, such as your team members, customers, mentors, peers, or investors. Feedback can help you gain insights into your strengths and weaknesses, as well as the impact and value of your work. You can use various methods to collect feedback, such as surveys, interviews, focus groups, or online platforms. The key is to ask open-ended and constructive questions, listen actively, and thank the respondents for their input.
Seeking feedback from multiple sources is invaluable in gaining a holistic view of yourself Your peers, mentors, & customers each offer unique perspectives Team members provide insights into day-to-day interactions and team dynamics. Mentors provide guidance & experience-based advice. Customers' feedback reflects your impact on the market. Collecting input from these sources not only identifies blind spots but also helps you tailor your leadership approach
In my experience active listening to people who are in a position to provide feedback on your work can help you discover areas of strength and weakness. Sometimes, the feedback is blunt while other times it is subtle depending on the prevailing culture where you work. However, what matters is that you receive it with gratitude and then go back to sieve it for context, facts and nuance among other things before you apply it.
A HARD PASS on the surveys. Ask a colleague (or a stakeholder) to grab a coffee and at the table, just go "I'm reflecting on my and our overall company progress. What do you think could've been better?" and make sure that's the only thing you say. Goes unsaid but it is your responsibility to create a safe environment for the person to speak candidly while also being aware of this informal "meeting's" agenda. The more you do it with a diverse set of stakeholders, the better. This would save so much time in the long run against analyzing those surveys which majority of the employees are obliged to fill-up. And while you do all of this, you're simultaneously creating a culture of regular constructive feedback & a growth mindset. Win-Win!
To assess an entrepreneur's performance, ask stakeholders, mentors, peers, and team members for their opinions. Various viewpoints highlight areas of strength and development, boosting the efficacy of leadership.
The third step is to use self-assessment tools and frameworks that can help you measure and improve your entrepreneurial performance. Some examples are the Entrepreneurial Mindset Profile, the Entrepreneurial Leadership Inventory, the Entrepreneurial Orientation Scale, or the Lean Canvas. These tools can help you assess your personality traits, leadership styles, strategic orientations, or business models, and provide you with actionable recommendations and resources.
5 self-assessment tools you can use to check your leadership performance are: 360-Degree Feedback Surveys: Gather feedback from team members, peers, and superiors to gain a comprehensive view of your leadership style and its impact. StrengthsFinder: Identifies your top strengths, enabling you to leverage them effectively in your leadership role. Myers-Briggs Type Indicator (MBTI): Offers insights into your personality type, helping you understand your leadership preferences and tendencies. DISC Assessment: Assesses your behavioral style, aiding in communication and team management. Emotional Intelligence (EQ) Assessments: Evaluate your emotional intelligence, crucial for effective leadership.
In order to get the best out of any self assessment tool, you have to be really honest with yourself. First of all, I don't mean you should be overly critical of yourself. That is unhealthy but you should be factual in your self assessment. This alone can determine the quality of result you get.
The fourth step is to reflect on your learning and growth as an entrepreneur and a leader. Reflection can help you identify what worked and what didn't, what you learned and what you need to learn more, what you enjoyed and what you found challenging, and what you want to continue and what you want to change. You can use various techniques to reflect, such as journaling, blogging, coaching, or mentoring.
Reflecting on learning and growth involves introspection. Regularly review feedback and assessment results. Identify areas for improvement and successes in your entrepreneurial leadership. Consider how feedback aligns with your goals. Adjust your strategies, behaviors, and leadership approach accordingly. This ongoing reflection helps refine your skills and fosters continuous personal and professional growth.
Reflection is critical to your growth. It empowers you to avoid pitfalls you've experienced before, to bolster your areas of strength and to anticipate the future.
The fifth step is to celebrate your achievements and failures as an entrepreneur and a leader. Celebrating your achievements can help you boost your confidence, motivation, and morale, as well as acknowledge and appreciate your team's efforts and contributions. Celebrating your failures can help you embrace them as learning opportunities, cope with setbacks, and foster a culture of experimentation and innovation . You can celebrate in different ways, such as sharing stories, giving rewards, hosting events, or taking breaks.
?? "Success is not final, failure is not fatal: It is the courage to continue that counts." As Winston S. Churchill said ?? These words resonate deeply in the realm of leadership and perseverance. Each success is a milestone, but it's not the destination—it's a checkpoint in our journey. Similarly, failure is not the end; it's a stepping stone to growth and improvement. What truly matters is the courage to persist, to learn, and to adapt. Reflecting on these words, I'm reminded that in our professional journeys, every challenge and triumph contributes to our story. Let's celebrate our successes, learn from our failures, and, above all, find the courage to continue forging ahead. ???? #Leadership #Success #Entrepreneurship
One thing I've going helpful is to share stories of success and failure with a small community that truly values it. I think it is a powerful way of celebrating your growth as an entrepreneur and leader because it is beneficial in two ways. It benefits the audience as they get to learn from the experience shared. It also benefits you because the exercise forces you to reflect deeply on the underlying causes of your successes and failures. Eventually, it's a win-win for everyone in the room.
The sixth step is to plan your next steps and actions based on your evaluation results. You need to identify the areas that you want to improve, the goals that you want to achieve, the resources that you need, and the strategies that you will use. You also need to communicate your plan to your team and stakeholders, and solicit their feedback and support. You should also monitor and review your plan regularly, and make adjustments as necessary.
To plan your next steps based on results, prioritize areas for improvement. Set specific, measurable goals to address these areas. Develop action plans with clear steps and timelines. Seek training or mentorship where necessary. Regularly track progress and adjust strategies as needed. Celebrate achievements and stay committed to continuous growth in your entrepreneurial leadership journey.
As an entrepreneurial team leader at The Big Pitchr, my approach to evaluating performance is concise yet impactful. It starts with setting clear, measurable goals for both our team and the company, providing a roadmap for success. I actively seek feedback from our diverse sources - our talented team members and clients - using their insights to refine our processes. I utilise self-assessment tools and frameworks to improve my leadership skills and adapt to evolving dynamics continuously. Reflection on my growth as an entrepreneur is integral, as it keeps us agile in a competitive landscape. Entrepreneurship thrives on innovation and evolution, and we stay ahead by embracing change as a catalyst for progress.
Evaluate entrepreneurial performance as a team leader by: ? Assessing Milestones: Review achievements against goals. ? Identifying Areas for Improvement: Pinpoint weaknesses or adjustments needed. ? Developing a Roadmap: Plan actionable steps for the next phase. ? Adapting Strategies: Learn from experiences and adjust approaches. ? Drive Continuous Improvement: Focus on enhancing productivity and seizing opportunities.