Starting and running your own business can be exciting and highly rewarding. It is however filled with ups and downs, as the process of building a successful business is not linear. Every entrepreneur quickly learns that they have to wear many hats; you are the salesperson, the accountant, human resources officer, operations manager, product specialist, among many others. This is particularly in the start-up phase. As the business grows, some of these roles can be delegated to staff members.
But the key role that you must fulfil as an entrepreneur is the ‘’leadership’’ role. This involves setting the vision and direction for the business, determining the actions that are neccessary to achieve these goals, ensuring that your team understands and buys into this vision, and that their activities aligns with it; basically ensuring that the business wins.
The entrepreneur will lead the business through varied circumstances; periods of growth, stability, decline or distress. One of the hardest periods that any leader would need to navigate their business through is a period of ‘crisis brought on by external circumstances that the business has no control over, that affects not only the business, but the market at large.
The COVID-19 pandemic is that period of ‘’crisis’’ which is having a major impact on economies around the world. Every business right now is anxious about whether they will survive beyond this global disaster. And small businesses have been impacted the hardest. The only difference any business can make now is choosing how they will navigate their way through the adversity.
There is a need for effective leadership now more than ever in any organisation, particularly small businesses. We unpack some key aspects that are needed to lead your team through this period of change and uncertainty.
This story is from the June/July 2020 edition of Your Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June/July 2020 edition of Your Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
61% of South African SMMEs Planning For Growth
Mastercard SME Index
Selecting A Collections Partner
Key considerations and insights...
Recipe For Success
Key ingredients for a successful partnership between e-tailers and their software developers.
Our Success. Your Success.
The need for business training to improve bottom-line results in businesses across the country has never been greater.
How Small Businesses Improve Revenues In Tough Times
While many small businesses were able to adapt to lockdown in the short term, new challenges emerged when it came to returning to physical workplaces. Modern workforces, for example, are fragmented, while exposures, health and safety concerns frequently disrupt operations. How do we cope with these and many other related difficulties?
Making An Impact
Every year in August we take the time to celebrate women and reflect on the tremendous efforts they make to shape our society.
The Hidden Value Of Outsourced IT Resources
The IT needs of today's businesses are constantly evolving, making outsourcing a very attractive option that can offer a number of compelling benefits for businesses, small or large.
Networking At Virtual Events
Just because you can't shake hands and pass around business cards, doesn't mean you can't network at a digital event.
7 Questions To Ask A Prospective Digital Media Partner
If you are looking to outsource your digital marketing function to an agency, here are some question to ask before signing on the dotted line.
Riches And Beyond
Empowering the next generation of entrepreneurs
