Entrepreneurship is fueled by leadership

To thrive in business, passion and a fantastic company idea are insufficient, your business requires a strategy. Plan out where you want your company to be in five years and how you'll get there. A company without effective leadership is like a rudderless ship seeking to reach new territories. Leaders set the vision, purpose, and goals for the organization, which everyone strives to achieve. I'll try to shed some light on the significance of leadership in entrepreneurship.

Entrepreneurship is the process of starting a new business venture. It is about taking risks, defining your success and controlling your destiny. It's about building something that didn't exist before or improving something that already exists.

Entrepreneurship cannot reap the fruit of profit without successful leadership. For a successful business, both things should be intertwined.

Leadership is a set of skills that help an individual to manage and lead an organization successfully. Leadership is essential in any organization, either its corporate sector or public institutes. It is the organization's backbone, and without it, there is no business. Entrepreneurship is all about leadership, and entrepreneurship skills are essential for a company to grow and flourish.

For decades, tradition worked around a paternalistic narrative, employees were considered children of the organization who were supposed to carry out the order and instructions of the senior executives. In return, the organization is supposed to take care of the employees' well-being, progress, and professional growth. However, with the recent technological boom, leadership criteria are changing. It's shifting more towards high performance, competitiveness and organizational commitment of the employees. Employees are given higher chances of success and promotion, which keep them loyal to the organization. It suggests that good leadership is a necessary ingredient in the success and efficacy of the corporate sector.

Here are some key characteristics which can ensure a great leadership:

Trust Building: Great leaders win the trust of their employees before anything else. They can do so by setting examples through their actions. Empathetic actions such as maintaining contact with employees or being available to solve their problems. Also, through their commitment and hard work they show their employees how much committed they should be, to achieve organizational goals. High commitment brings a sense of satisfaction and confidence in employees.

Effective communication: Effective entrepreneurial leadership demands effective communication. Advanced communications technology made the communication between leaders and employees more efficient and promising than before. As UAE is the fastest-growing economy in the Middle East and North Africa region. Many leaders have made a significant contribution to the country's economic growth and development. A recent study on UAE business leadership suggests that the success of the UAE market solely depends on the core business competencies, on the top of it is effective leadership. The essential factor noticed in the UAE market hierarchy is the ease of communication between senior executives, mid-level management, and employees.

Self-evaluation: Another key characteristic of great leadership in entrepreneurship is the leader's self-evaluation. Leaders must admit the limit of their skills and knowledge. There is no harm in referring to these limitations in front of the employees and acknowledging the skills and understanding of the employees where it is needed.

Have the required technical knowledge: Although it is okay to rely on the technical skills of the employees and that's why they are hired in the company. However, it is essential that leaders know the business's basic technical knowledge. For instance, how product works etc. leader should be clear enough about the priorities and vision of the organization. This knowledge will make him/her savvy sufficient to lead the team.

Decision Making: It is necessary for entrepreneurial leader to make instant and effective decisions and lead the organization accordingly. On the other hand, it is also necessary for leaders not to micromanage employees. Rather, they should be given a chance to act and react, make mistakes, and resolve them. Leaders should not bother about minor inconsistencies in the organization as long as middle management handles them well.

Taking Calculated Risk: Great rewards come at a great price. To make a long leap it is necessary to take calculated risks. Calculated risks demand willingness to put everything on the line for the sake of bigger success. However, it should not be done without proper guidance, assessment and analysis.

?Conclusion: Depending on the leadership style, business and organizational executives may espouse different ideals and qualities. Identifying these leadership styles will help you figure out which one you want to cultivate in your company.