Family Entrepreneur balancing tradition and meaningful innovation whilst addressing societal needs. Managing Partner: Rajsi Group.
getty
In the expansive realm of the business world, entrepreneurs may find themselves caught in an unwavering pulse of consistency. I've noticed many business leaders are increasingly adopting a culture of routine, conformity and constancy as they embark on their ambitious journeys to achieve their goals.
Right at this very moment, I find an intriguing paradox taking center stage related to the quest to become an entrepreneurial leader. I question: In a world where stability reigns supreme and where entrepreneurs must embark on a transformative journey that seamlessly blends tradition with innovation, how do we, as leaders, achieve this?
First, it's important to understand the role of entrepreneurship.
Entrepreneurship is a force of creativity that transcends conventional business boundaries. It's not merely about recognizing and seizing opportunities at bay, but a profound art—an art of actioning and championing possibilities in uncharted territories, navigating uncertainty with a calculated risk-taking mindset and shaping visionary ideals into tangible realities.
Entrepreneurs, with their out-of-the-box thinking, emerge as architects of change, driven by an insatiable desire to innovate, disrupt and create value beyond profit margins and the bottom line.
On the other side, leadership is about igniting the spark in others.
It is a guiding force that extends beyond the corridors of authority. Leadership thrives on influence and inspiration, motivating individuals toward common goals, encouraging teamwork and shaping a responsible and accountable business culture.
Good leaders are the alchemy that transforms a group of ordinary individuals into a cohesive, purpose-driven team, collectively striving for excellence as they unleash their human potential and magic.
Now, in this extremely complex environment, I think the way to win is by adopting the amalgamation of the two and becoming an entrepreneurial leader.
Who is an entrepreneurial leader?
An entrepreneurial leader possesses a unique blend of skills. They seamlessly integrate innovative thinking and risk calculation, and this person is capable of blending a strategic vision into their leadership style.
Entrepreneurial leaders have a unique capability to navigate the delicate balance of the stability of tradition and the dynamism of entrepreneurship, creating an environment that is change-ready, while steering their ship with the vision, mission and values of the organization. The leader is able to deliver outcomes with the team by their side as a collective.
The path to this entrepreneurial leadership, however, is mired in challenges.
In a world that constantly emphasizes consistency, entrepreneurs often find that barriers such as risk aversion, bureaucratic structures and the fear of failure loom large.
In addition to the external factors and culture we find ourselves in, I believe the struggles also extend personally. Many leaders need to come to terms with reconciling their idealized entrepreneurial self with their authentic self. The challenges of truly knowing oneself versus the perceived self compound this complexity.
Societal expectations and industry norms that allow for constant judgment can further sway leaders from truly embracing their entrepreneurial selves. Balancing the perception others have of oneself with a genuine understanding of one's strengths, weaknesses and aspirations adds a layer to the intricate process of personal alignment.
Take inspiration from intentional change theory.
I therefore recommend reviewing the "The Five 'Discoveries' Of Intentional Change Theory For Entrepreneurial Leaders" from experts Scott Taylor and Andrew Corbett with Babson College. I was recently introduced to this framework at an alumni event in Singapore, and I think this is a great presentation for any leader who wishes to be more entrepreneurial in their journey. Here's what the five discoveries involve:
1. Identifying your ideal self: Envision the leader you aspire to be.
2. Understanding your real self: Evaluate your current self, noting strengths and areas for development. Identify where your ideal and real selves overlap, and recognize gaps where they differ.
3. Building a learning agenda: Develop a learning agenda based on strengths and gaps.
4. Practicing leadership: Actively practice and experiment with leadership behaviors.
5. Developing trusting relationships: Cultivate trusting relationships for mutual help and support.
The journey doesn't end there.
Here are steps that I recommend leaders take once the change theory has been set in motion.
1. Encourage a culture of innovation. Foster an environment where creativity is celebrated and employees are encouraged to bring forward new ideas from the frontline and from customer insights. Allow new ideas to be tested without fear of judgment or punishment.
2. Facilitate cross-functional collaboration. Break down silos within the organization and encourage collaboration across departments. Communicating within different departments can often fuel the initial spark of innovation.
3. Fail often. I've found that viewing failures like opportunities can really spark innovation and growth. Encourage people to be forthright about failures and have open discussions about these setbacks.
4. Take small steps and foster incremental change. Embrace a willingness to take small steps. Recognize that meaningful transformation often arises from a series of well planned and executed small changes or steps.
5. Communicate a compelling vision around the purpose. Crafting and communicating an inspiring vision that aligns with the reason of being brings the entire organization together and fuels the necessary ingredients needed for innovation and passion to unfold across the organization.
In conclusion, through having a clear understanding of the present macro environment, leadership themselves and the organizations' motivation and culture, leaders can propel themselves and their teams into a future where entreprenurial leadership is not just a concept but a thriving reality—a reality marked by adaptability, innovation and sustained growth in this changing business landscape.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
