Setting the Foundation: Key Leadership Skills for Entrepreneurial Success

There are a number of different factors and variables that come into play when it comes to business growth and entrepreneurial success, of which leadership is just one. However, the importance of leadership really cannot be underestimated when it comes to maximising entrepreneurial success. Effective leadership has long been seen as a key driver for business revenue, profitability, and growth, and can even be seen as being the foundation for business success.

Research also shows that businesses who have effective leaders are 13 times more likely to outperform competitors who do not. This highlights the need for organisations to prioritise the development of key leadership skills, many of which are foundational for entrepreneurial success.

Although “leadership” is often thought of as being just a single skill, there are actually a number of different skills, qualities, and attributes that also play a role in this.

Some of the key leadership skills necessary for business success include:

• Communication: Communication is one of the biggest cornerstones of effective leadership. As any good leader knows, communication is key in fostering a culture of honesty, openness, and transparency. It also builds trust, reduces the risk of miscommunications and misunderstandings, and ensures that all team members are clear about their roles and responsibilities and the organisation’s shared vision. Communication skills will also play a role in things like negotiation, influencing, and resolving conflicts.
• Emotional intelligence: The term “emotional intelligence” refers to one’s ability to navigate and manage their own and other people’s emotions effectively. This is an important skill for leaders, as it will enable them to manage dynamics and relationships within the team, fostering a positive working environment where every member of the team feels respected and valued. Emotional intelligence can also mean things like displaying self-awareness, self-regulation, motivation, empathy, and social skills – all of which are an important skill for any leader.
• Strategic thinking: As leaders, it is our responsibility to lead, motivate, and drive our teams towards achieving our organisation’s long-term goals and strategic vision. This requires us to display strategic thinking skills – that is, the ability to see the bigger picture, clearly communicate our vision, and set clear goals that will enable us to get there. Strategic thinking can also mean things like identifying opportunities and threats, making informed decisions, and allocating resources effectively to position our organisations for success.
• Good decision-making skills: As leaders, we are required to make decisions in the best interests of our organisations. Sometimes, these decisions may be high-stakes and have significant impacts for our organisations, or require us to make some tough choices. Either way, it is important that we have the ability to gather relevant information, weigh up different options, consider potential risks, and understand the implications of different choices. All of these things are key in ensuring we are able to be decisive and make well-informed, timely decisions about our organisation’s future.
• Adaptability: The modern business marketplace can be unpredictable, dynamic, and ever-changing. Although it is important that we have clear goals and a well-defined strategic vision in mind to drive the direction of our organisations, at the same time, we need to remain flexible and adaptable to change. This will allow us to remain agile and able to respond to new challenges and opportunities as they arise, including by being open to new ideas and making quick adjustments to our strategies or activities as necessary.

• The ability to delegate: Although as leaders it can sometimes be tempting for us to try and take on everything ourselves, being able to delegate is another key attribute of any good leader. Assigning non-core tasks to other members of your team to complete will free up your time so you can focus more on your organisation’s strategic priorities and other tasks that require your personal attention. This can also provide your team with the ability to develop their own skills and take on more responsibilities, whilst showing them that you value and trust them.
• Time management and organisation: Time management and organisation are both crucial skills for any good leader. Leaders are responsible for setting deadlines, prioritising tasks, allocating workloads, and creating efficient workflows – all of which requires them to balance various competing priorities whilst maintaining focus on tasks that are critical for organisational success. Having good time management and organisation skills ensures leaders can manage their time effectively and maximise their own productivity, as well as that of their team. This also ensures key milestones and deadlines are met.

The need for organisations to prioritise the development of key leadership skills has never been greater, particularly when it comes to current and aspiring women leaders who are more likely to come up against challenges and obstacles on their journey to the C-suite. This may be one of the contributing factors that has led to only around 35 – 37% of leadership positions being held by women, with men continuing to account for the majority of leaders in the C-suite.

Women’s leadership programs and coaching are just some of the tools that can be used to support female leaders to overcome these obstacles and develop these key skills. Fostering these key leadership skills and empowering female leaders with the resources, knowledge, and skills they need to lead teams and drive business growth is key to creating more equal representation for female leaders in the C-suite. In turn, this will also create more resilient and capable leaders who can position their organisations for business success.

Caroline Kennedy is an award-winning CEO with a track record of leading multinational companies with up to $250 million in revenue. She is also the founder of Empowering Women Leaders: Awaken the Powerful Leader Within – a transformative eight-week program designed to help women master the art of leadership. If you’re ready to unleash your hidden potential and become the leader that you were always meant to be, find out more at https://www.carolinekennedy.com.au/women-leadership-program/.