When you run your own business it’s kind of like being an athletic coach.
You are the leader, the one who directs the team and provides the vision of what’s to come.
And all good coaches & leaders have certain things in common, so with that in mind, here’s 7 qualities of a business leader every entrepreneur should know.
Understands The Game of Business
A good business leader understands the game of business, and what it’s going to take to get to the next level.
Whether it’s financial stats or production stats, a good business leader always knows what big picture goals need to get done and if they don’t they quickly find out.
The game of business is more than just looking at revenue coming in and out.
There are actually specific things that make your money come in that you need to strengthen.
For example, if one you see more revenue coming in this quarter you don’t say “That’s great!” you say, “That’s great, where did it come from?” and follow the breadcrumbs to strengthen that source.
The game of business is looking at your metrics that move your results and strengthening them, but when you can’t do that, the game of business plays you.
Effectively Communicates with the Team
Every business leader I know communicates with their team whether it’s to the executives or the employees under them.
But the trick isn’t just to communicate with them, but to effectively communicate with them.
The difference between the two is that effectively communicating lets you make sure everyone understands what is needed and wanted while not creating any fear.
Threatening people’s jobs or making it seem like they will lose it if something isn’t done right creates fear.
When you start using your power as a business owner to create a negative effect on your employees that’s not effectively communicating, it’s actually the opposite.
If you as a business owner want something specific to happen in your business, be specific and communicate it with understanding so everyone is on the same page, generality will only create confusion.
Continuously Learning
There’s no such thing as “enough learning” in this world no matter what people may think.
A business leader will always take the time to be continuously learning whether it’s a book, course, mastermind group or seminars.
When we learn we grow, obviously, but another way to look at it is increasing what I like to call your “superpower” AKA your ability to help others.
Even experts continue to learn–news flash, that’s how they remain experts!
So whether you want to master a new skill, learn more about business, customer retention, employment perks or maximizing revenue in your business, there are always ways to continuously learn these things in the world.
The best way for you to set a good example for your employees is to demonstrate how you’re always continuously learning and inspire them to do the same.
Ability to Follow-Through
By definition, following through means to complete something that has been started.
This could be completing a project, delivering on a promise, or ensuring that quotas are met.
Leaders who follow through send a clear message to their team that they are committed to seeing things through to the end.
This helps create a stronger relationship and confidence with the team by letting everyone know that together they are getting things done.
Following through also sets an example to the team so when a leader commits, they are also inspiring their organization to strive for more.
Listens Effectively & Implements Strategically
To piggyback off of communicating effectively, a business leader listens to their employees, and uses that data to make strategic decisions.
Listening doesn’t mean lowering your position in the company or succumbing to someone else’s wishes, it means just that; to listen.
At the end of the day, the business leader is the one in charge and their word goes.
But just because someone’s word goes doesn’t mean it’s always correct.
That’s why the greatest business leaders listen first, gather the data second, and then implement decisions.
Businesses always have risk involved, and the best way to lower your risk is to make decisions strategically, which is exactly what listening effectively and implementing strategically does.
Walks The Walk
Walking the walk is a particular quality I practice myself and like to preach because it’s the fine line between honesty and dishonesty.
If there’s something I don’t do myself I won’t preach that I’m an expert at it, and that kind of humble attitude and willingness to be honest with yourself allows you to actually become a better leader.
Business leaders do in fact walk the walk, but just as importantly don’t just talk the talk.
If there’s something you can’t do then that’s when you as a good business leader should be continuously learning to improve that ability.
Walking the walk will always beat talking the talk every time, and will be a better investment for you long-term.
Has a Passion and Believes In The Business
The best business leaders in history have always had a passion for their product or service and believed in what they were doing, meaning they knew it helped others.
If someone is only doing something because of the money they can make with it then I have some bad news for you… Find a hobby and do that instead.
Passion is fuel for a business and never runs out if you truly love what you are doing, while money eventually loses its effect.
So if you have a burning passion to keep you going and you believe in your business it makes it very hard to stop you.
On the other hand, the people who don’t believe in their business or product are basically modern day snake oil salesmen, and that journey can end very badly, as you can imagine.
But here’s the truth, this is by no means a complete list of all the qualities of a great business leader.
Each category has its own subdivisions, but this is a good starting point for any business owner to evaluate themselves.
Every entrepreneur will always find new qualities to practice, but these seven here are the ones you will never go wrong with.
