Entrepreneurial leadership lessons from billionaires

Oct 01, 2015The Editorial Staff

In a global economy that seeks to attract potential entrepreneurs, entrepreneurial leadership skills help manage businesses.

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Every billionaire has a quality or entrepreneurial leadership skill that helps him or her perform better than the average person. Many of them learn new entrepreneurial leadership skills and lessons during their days of struggle. This article exemplifies the entrepreneurial leadership lessons learned by some of the world’s most influential people.

Entrepreneurial leadership lesson from Tory Burch

Let’s start with Tory Burch. She built a fashion empire worth billions of dollars within a decade. She is one of the world’s leading women entrepreneurs. We share her approach to success and enterprise philosophies.

Having a good business insight will propel your business plans

Buckle up for challenges: Know in advance that there is going to be a tremendous amount of work pressure. But you’ve to embrace it and keep going. Accept the occasional business setbacks and then move on.
Learn to develop a thick skin: One of the very useful entrepreneurial leadership lessons she learned during her journey is being immune to criticism. There will always be people or counterparts talking bad things about you. But don’t fall for it. Don’t listen to negativity.
Be authentic and build relationships: Meet new people and grow your business network. Be loyal and authentic to your business relations. It helps further career enhancement.
Know whom to position where: Tory once said during an interview that a leader must know how to put the right employee in the right position. Identifying your workers' abilities and qualities and appointing them for the right task is an essential entrepreneurial leadership skill you can’t ignore. If you’re wrong about this, it might affect the progress of the entire company.

Entrepreneurial leadership lesson from Reid Hoffman

Reid Hoffman is the co-founder of the social media company, LinkedIn. During his entrepreneurial journey, he learnt important innovative strategies for business success.

People will recognize you when you offer value: It’s pretty simple. Everyone is busy working on fulfilling a dream, a goal in life, or investing in technology to enable business decisions. You’ll have to do something different, and offer value to get their attention. It is important to fucus on solving peoples' needs rather than yours to be successful.
Learn to acknowledge strengths of employees and stop criticizing weaknesses: If you want to be a leader, you’ll have to walk taking thousands of others along. A key lesson about entrepreneurial leadership that Hoffman learned is that prominent leaders know how to prioritize strengths of employees over their weaknesses. If you want great quality work at a great speed from your employees, learn to accept their mistakes to some extent. Involve your managers and let your staff know the rate and mistakes that are tolerable.

Entrepreneurial leadership quality

According to a famous Forbes article written by Todd Warren, all aspiring entrepreneurs must be open for feedback, new learning, and be flexible to adapt. Bill Gates is a great example. He always tries to be focused on new trends and incorporates them into his vision.

An entrepreneur or leader should never think he or she has all the answers to crisis management or corporate success. Entrepreneurial leadership skills come by continues learning and observation.

The Editorial Staff

The Editorial Staff at The Business Frontal is a team of writers dedicated to bringing seasoned news stories and how-to business articles to our readers and patrons to help maximize their entrepreneurial potentials.