3 Essential Skills of The Entrepreneur Leader
As a small business entrepreneur, you must realize that first and foremost you are the leader of your business. Once you understand that one of your primary roles in your business is to be not only the CEO but the leader as well, you need to actively develop three critical leadership skills: Flexibility, Humility, and Focus.
Flexibility: As a leader of an entrepreneurial venture you need to be flexible to thrive in today’s economy. Changes in the economy, employee demographics, and customer expectations require the entrepreneur leader to periodically shift and adjust the path and direction of the business, correcting the course as the environment changes. If you are a leader who thrives on rigidity, picking a direction and dragging your people along for the ride, you would find it difficult to course-correct your business strategy fast enough either to respond to unexpected threats or to take advantage of unexpected opportunities. The flexible leader however engages the team when business conditions change and shifts direction as needed; the flexible leader’s proactive actions gets the team to step forward on their own without undermining the leader’s authority or appearing inconsistent.
Humility: Some of the best entrepreneur leaders I know are often the most humble. Developing humility in your leadership style lets your people know you are human and may not have all the answers all the time. The best leaders know that in today’s world, technology, access to information, and best practice techniques are always rapidly changing and it is impossible for them to have all the information all the time. If the course you selected needs to be changed because of new information or circumstances it is important that your team know that the buck stops with you not only for the good decisions, but also for the not so good ones. As a leader who practices humility you can effectively use humility in your course correction as an excellent opportunity to connect with your people on a human level, communicating that you are all in this together.
Focus: Entrepreneur leaders who are thriving today understand that focus is critical for business success, especially during these challenging economic times. Now is the time for you to focus your energy and resources on the critical elements that make your business successful. What is your strategic advantage that makes your business stand out from the crowd? Do you excel at customer service? Are you known for the outstanding quality of your products or services? Focusing on your haves instead of your have not’s is the key to moving the ball forward regardless of the economic environment.
Finally, successful entrepreneur leaders earn respect instead of command it, just because you are in charge does not mean you are infallible. The best leaders know that they occasionally have to put their ego aside and openly accept responsibility for mistakes. Being proactive in addressing and fixing an error is one of the best ways in which you can earn respect instead of command it.
Online Marketing for The Small Business Entrepreneur
Recently I had the chance to catch up with Social Media expert and fellow entrepreneur Jared O’Toole of www.Under30CEO.com and multi-media marketing firm Shadow Concepts LLC. Jared shares his insights on how you as a small business entrepreneur can use online marketing to grow your business.
Online marketing is a very unique marketing strategy which requires expertise that most business owners and entrepreneurs simply do not possess. If you want your company to reap maximum rewards from an online marketing and advertising campaign, then it is essential you hire someone who is an expert in this field. Your company needs an online marketing expert for the same reasons that you would hire an accountant, lawyer, web designer or anyone else that possesses specific knowledge or skill set. Because they are the best at what they do and possess knowledge, methods and processes to get the job done in a cost effective manner.
According to O’Toole, many small business entrepreneurs make the mistake of thinking that because they have a Twitter, a You Tube, a Face book and a LinkedIn account they understand and can leverage social media. Due to the ease of entry into these online platforms many novices feel that they can achieve satisfactory results without paying for the advice, counsel, and experience of a professional online marketer. It literally takes five seconds to create a twitter account or publish your first blog post on tumblr. But the critical next step is talking about the right topics in the right context to the right people. You don’t just want conversations, you want conversations that will lead to opportunities and to achieve this, you need not only the right content but also the knowledge of where to play or post it so the right people see it and can respond to it.
Not knowing this basic principle has led many small business entrepreneurs to the wrong conclusion about social media and online marketing. O’Toole says, companies think that it is no problem to hop on these networks, start talking and get attention, and when the attention doesn’t materialize they wrongfully assume social media and online marketing is a big waste of time.
According to O’Toole, the simple solution is to bring in the pros and I couldn’t agree more. I tried to be a do-it-myself online marketer using Google pay-per-click, blogging, Facebook, twitter, and you tube account. What I found is that it takes A LOT of time to manage this marketing method, time that was instead better spent managing, growing and expanding my businesses. The first step is finding a professional company that specializes in online marketing and branding to help you define create and implement the strategies needed to build your online presence. These companies know the ins and outs of the online platforms and the strategies which are best suited to your business and customers base so you implement campaigns to drive results.
Do your research and ask the right questions before you hire a firm, be sure to look at past clients and ask for references and case studies. Also, ask the firm about Return-On-Investment (ROI) and how they plan to measure the campaign and its costs to drive desired results. In addition, interview them several times before you hire them to ensure they know you and understand your business. Once you are comfortable with them, engage them for a short campaign of about 3 months. If you are satisfied with the results, make the expenditure a permanent part of your budget. Online marketing is an important component of your overall branding, marketing and advertising budget and cannot be overlooked regardless of the size of your company. If you’re not online, you are falling behind!
Are You a Triple Bottom Line Entrepreneur
Triple Bottom Line (TBL) entrepreneurs are committed to building businesses which have a three-fold benefit model. TBL businesses look beyond mere profitability by focusing on two additional factors of People and the Planet. TBL businesses are built, managed and operated under the premise that if you run your company always keeping in mind the 3 bottom lines of People, Planets and Profit the enterprise will succeed and endure over the long term.
TBL is as much about attitude as it is about action. As a TBL entrepreneur, you operate your business under the premise that it is not here just to serve your needs and the needs of your customer, but also the needs of the environment, the investors and the people who are impacted by the business and its operations.
The three components of the Triple Bottom Line are: People, Planet and Profits.
1) People – this segment encompasses your business’s internal and external impact on people:
- Internal: This is the human resource component of the TBL business. How do you value the people in your business? What are your hiring practices, work environment, raise and bonus policies, employee benefits and perks, etc?
- External: How does your business enhance the community around you? How do you give back to the community? Do you sponsor the local sports team, adopt a local highway, maintain a reputation as an ethical and trustworthy member of the business community, contribute to charity, buy your equipment and supplies from reputable and ethical companies and importers who are also committed to ethical business practices? Do you stand behind your products and services so your customers know you care about them as much as their dollar?
2) Planet-this segment encompasses your business’s impact on the planet.
- Materials Related: Do you maintain and follow a recycling plan? Do you recycle cardboard, paper, plastics, bottles and cans? Do you purchase green or recycled materials if they are available?
- Energy Related: Do you maintain and follow an energy management policy? Have you contacted your local power company for a free energy audit to determine methods of reducing power consumption? Are you proactively minimizing your company’s negative impact on the environment by using energy efficient light bulbs and fixtures?
- Environmental Related: How do you maintain the physical environment of your facility or business? Do you take steps to ensure you are not polluting the air and water?
3) Profits- this segment encompasses your profitability. Do you strive for a strong bottom line through sales, profits and return on investment for your investors?
Triple bottom line businesses are built, managed and operated under the premise that your company will grow and endure over the long term if you always keep in mind people, planet and profit. In an economic environment where resources are scarce and human capital is increasingly more valuable having a TBL focus is good business.
Entrepreneur Success: Love Your Business
In tough economic times such as the one’s you have been experiencing these past several years, it is easy to lose sight of all the things that you really love about owning your business. The struggles to drive sales, maintain and/or increase revenues, pay bills and stretch every dollar can create so much tension and frustration that your forget the little things that made you want to be a small business entrepreneur in the first place. One way to fall back in love with your business is to temporarily get out of the office and jump back into the trenches, interacting with staff, customers, vendors and day to day operations.
On a recent morning, I surprised my team and arrived at one of my stores at 630am. Like the TV show Undercover CEO, I came in to work along the team, following along, pitching in and observing their skills, processes and procedures. Except in my small business where all of my team members know me on a first name basis, there was nothing “undercover” about my visit.
I followed along and watched as the back of the house manager turned on the lights, rallied his team and gave directions to signal the start of another day. The front of the house receptionist turned on the computer systems, checked emails and voicemails and prepared the front desk and lobby for the soon to be arriving customers. We exchanged pleasantries as we unlocked the front door. I assisted her in turning on and setting up the complimentary customer coffee bar in the lobby, cleaning the front door glass and sweeping the front walk to clear the leaves that accumulated during the night by the front entrance. As I was sweeping the front walk the sun began to peak through the clouds erasing the morning darkness, from across the street a woman emerged from a parked car and asked if he we were open yet? I greeted her good morning and replied yes please come in. It was at that moment that I felt an almost Norman Rockwellesque picture form in my head of the proud storekeeper preparing his store and happily greeting customers.
It was in that brief moment doing of caring for my business and greeting and interacting with my customer that I was reminded of all the joys of being a small business entrepreneur. The financial, personnel, marketing and other business pressures temporarily melted away as I was refocused on the simple pleasure of doing the work in my business; offering a quality product and service which is valued and appreciated by my customers.
All too often as CEO small business owners and entrepreneurs we lose sight of how much fun and fulfillment can be derived from working side by side with our team and interacting directly with our customers. It can really put things in perspective, although the finances and managerial operations of your business are very important, the joy, satisfaction and clarity that comes from being in the trenches motivating, reviewing and mentoring staff and interacting first hand with customers provides invaluable immediate feedback which reinforces why you truly love your business.
Does Your Company Have a Website? Why Not?
In a recent meeting, I was astounded to learn of the number of companies in the NY/NJ metro area that still do not have a web presence. A website is not only one of the most inexpensive forms of marketing/ advertising, but it is also an important point of customer contact and connection. In a fast paced and mobile society, clients and prospects want and expect the ability to connect with you, your product and service from anywhere and at any time.
Great Quotes to Keep You Going
Like many successful entrepreneurs I start each morning by spending a few moments meditating, praying, and/ or reading books, quotes, and text to get me into the zone of expecting great things for the day ahead
I would like to share with you some of my favorite quotes that I have used to get me into the mindset of expecting great things for my day, my life and my business.
Successful Entrepreneurs Value Their Time and Delegate
As an entrepreneur business owner, your time is your most valuable asset. If you want your business to be as successful as it can be, you will want to delegate as many non essential day to day tasks to employees so that you can focus on the management, leadership and growth of the business.
Is Your Phone Number Optimized for Mobile Users?
When marketing your business effectively, both small business entrepreneurs and large corporations need to consider the consumer’s resources and behaviors when offering phone numbers which drive sales or offer services. This is especially important when considering user behavior of an increasingly mobile society.
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An Introduction to Twitter: Express Yourself in 140 Characters or Less?
Ask any marketer and they will tell you that you must embrace and harness social media to brand and grow your business. Just a few years ago, a blog was the must have for every business looking to grow their presence both online and offline. Although a blog is still important, today’s savvy marketers note that it is just one component in your online marketing strategy which should consist of a mix social media platforms including your blog, Face Book, LinkedIn and of course Twitter.
Developing and Empowering Employees
Just because someone is a great team member, doesn’t necessarily mean they will be a great manager. All managers regardless of their skill level, education and abilities need coaching and development.
