Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 302 | June 23-29, 2023.
12 Ways Serial Entrepreneurs Can Build Executive Leadership Skills
By Forbes Coaches Council | Forbes Magazine | June 26, 2023
A serial entrepreneur’s expertise lies in successfully growing and selling companies. Yet because they tend to move on from one successful venture to the next, they may not have many chances to gain real experience in leading people. The resulting lack of leadership skills can pose a unique challenge for a serial entrepreneur if they decide to stick around for the long haul in the role of CEO at one of the startups they launch. The following pieces of advice from the Forbes Coaches Council can help:
- Start With A ‘Listening Tour’. Ask questions of team members about their experiences with the company. Be curious to hear their insights, thoughts and concerns and learn more about who they are, their greatest strengths and if they’re being underutilized. This method will help you evolve as a leader, as the more information you have, the better your relationships and decisions will be.
- Engage In Self-Reflection. Self-reflection is the first step in exploring whether they truly want to lead people. If the answer is “yes,” many resources are available at every price point to accelerate the learning curve—including mentors, podcasts, reading, training courses and executive coaching.
- Lean Into Your Strengths. It’s important to be self-reflective about your growth areas and open to learning.
- Join Leadership Development Programs. Join leadership development programs or workshops, hire a leadership coach or join professional networks of industry entrepreneurs. Also, seeking feedback from team members, embracing learning and actively practicing leadership skills will expedite your development, ensuring a successful transition from serial entrepreneur to effective CEO.
- Align Yourself With Company Values. If you are making decisions and leading people in a way that is visibly aligned with the company values, you will build trust and respect and have a clear North Star that will guide any leadership development over time.
- Seek Support From Other Leaders. Seek the support of others to accelerate skill acquisition. First, hire an executive coach to deepen self-awareness, identify blind spots and develop new behaviors. Identify a trusted mentor to help you navigate challenges. Finally, enlist five to 10 seasoned leaders to be on your personal “board of directors” to challenge assumptions, provide guidance and offer insights along the way.
- Build Trusting Relationships. Every problem and solution in the world is about relationships. The key step is to build relationships by establishing and maintaining authentic trust. This ensures you will have a better grip on the system so that you can feel more grounded and trusted as a leader, and the rest follows from there.
- Focus On Three Key Areas: Serial entrepreneurs with little experience leading people should focus on three key areas: understanding the needs of their team and empowering them to take initiative; fostering strong relationships through solid communication; and developing an actionable strategy for long-term success.
- Get To Know Your Team. Serial entrepreneurs are skilled at managing scalability and growth. That often leaves little time for developing their team. An entrepreneur looking to stay on long-term as CEO needs to spend time getting to know the skills, strengths and vision of each key individual. Honing the ability to understand how people are wired, what their own vision is for their role in the company and their communication styles is an ideal place to start.
- Invest Time In Mastering Skills
- Listen With Empathy And Think Long-Term
- Be Open To Learning And Continuously Improving
2 key takeaways from the article
- A serial entrepreneur’s expertise lies in successfully growing and selling companies. Yet because they tend to move on from one successful venture to the next, they may not have many chances to gain real experience in leading people. The resulting lack of leadership skills can pose a unique challenge for a serial entrepreneur if they decide to stick around for the long haul in the role of CEO at one of the startups they launch.
- The following 12 pieces of advice can help: Start With A ‘Listening Tour’, Engage In Self-Reflection, Lean Into Your Strengths, Join Leadership Development Programs, Align Yourself With Company Values, Seek Support From Other Leaders, Build Trusting Relationships, Invest Time In Mastering Skills, Listen With Empathy And Think Long-Term, Be Open To Learning And Continuously Improving, and Get To Know Your Team
Topics: Leadership, Entrepreneurship, Startups