Three Principles to Make Yourself an Entrepreneurial Leader
The power to inspire others
Many entrepreneurs of the 21st century appear in companies such as Tesla, 3M, and Google. Today entrepreneurship shows massive in forms of strategy rather than the size of the company. Active entrepreneurs are vision-driven leaders who can tolerate doubtfulness, reduce risk, effectively commercialize, and innovate.
These entrepreneurial leaders seek out and pursue opportunities by carefully allocating diverse resources required to create new markets and engage inevitable competition.
Myths still surface about entrepreneurs; among the many is the thought that leaders are born, not made. The grounds of this thinking reflect an old era, when kings and queens were royalty and leadership was part of the aristocracy. Leadership is an extremely complex phenomenon heavily depending on the leader, situation, task, and those being led.
The motivation behind entrepreneurial behavior can differ between founder, CEOs, and inventors. But, in theory, these three principle needs motivate people.
1. The Need for Achievement
The need for achievement is the need to succeed and the push for personal accomplishment. Every person competes against their selves and holds standards that do not involve competition with others.
You set challenging and realistic goals and crave feedback on how well you are progressing. Feedback allows the entrepreneur to improve their performance and push their standards even higher.
2. The Need for Power
The need for power involves the push to influence others. It’s the motivation that propels you to use your platform for the good of humanity. You typically see this from entrepreneurs in philanthropic ventures and those that shift into social entrepreneurship — the power to inspire others and help them find their why in life.
3. The Need for Affiliation
The need for affiliation is our biological need for social belonging. Affiliation revolves around building a lasting relationship with others. Entrepreneurs must cultivate their network and build relationships with the public.
Connections will help you not only create a loyal following but attract talent and venture resources.
Seizing Your Opportunity
Years of research support the premise that get-rich-quick schemers are not company builders, nor are they the planners of successful ventures. Instead, it is the visionary who participates in the day-to-day routine needed to achieve a long-term objective and who is generally passionate about an idea and not exclusively profit-oriented who is a successful entrepreneur.
Entrepreneurs must concentrate on specific fundamentals such as responsiveness, resiliency, and adaptability in seizing new opportunities. Entrepreneurial leaders must have the ability to activate their vision and willingly invest in modern techniques while maintaining patience.
This type of leader must see entrepreneurship as “a way of life.” Entrepreneurial leaders endorse the importance of managing humans. Building a lasting company involves leaders that attract high-quality people that share the same vision as the company.
McKinsey and Co. conducted a study of medium-sized companies which consists of sales between $25 million and $1 billion. They confirmed that the CEOs of those organizations were notable for three common traits: perseverance, a builder’s mentality, and a strong propensity for taking calculated risks.
Whether you have your own startup or work inside an organization, the need for achievement, power, and affiliation will drive you to become the leader you have always imagined. You owe it to yourself to help motivate those around you to do their best.
That is how you build a trusting organization.