Today’s entrepreneurs need to go beyond having a great idea or a product that meets a need. They need to be effective leaders with an understanding of how to motivate people – to incentivize them to build a great business.
Today, Mark Litwin, accomplished entrepreneur and President of Marissa Holdings Inc., offers practical advice for being a successful entrepreneurial leader.
Vision: Setting A Clear Direction
“Entrepreneurs who have a strong vision and who can communicate it clearly are much more likely to be successful,” says Litwin. He stresses that staying focused on long-term goals is crucial for guiding a business through its ups and downs, especially in the beginning. “As the leader of the business, you have to see the bigger picture. You have to know exactly what you need to achieve and set the plan of action for people to follow.”
A clear and confident vision will inspire both employees and investors to believe in the business and to do whatever it takes to make it successful. “Leaders provide the much-needed sense of direction, which is vital for setting high standards for performance.”
Resilience: Navigating Setbacks and Challenges
Obstacles are inevitable in every entrepreneurial journey. In fact, obstacles are to be expected. How a leader responds to these challenges determines the long-term success of a business. Litwin defines resilience as the will to stay focused, to persevere through any situation and to adapt if needed.
“Entrepreneurship is all about overcoming adversity,” says Litwin. “The hurdles will come, but good leaders project a sense of calm and focus during times of uncertainty. When there are setbacks, they’re transformed into opportunities for learning and development – a very important mindset to instill in your team.”
This kind of leadership is in itself a motivation, providing peace of mind that difficulties will be handled efficiently.
Empathy: Building Strong Relationships with Teams and Customers
Empathy is another critical trait for successful entrepreneurial leadership. Litwin argues that truly effective leaders take the time to understand the needs and concerns of their teams and customers. “Leadership is about listening to people. When you understand the needs of your teams and customers, you can make decisions that truly benefit them,” says Litwin.
Empathetic leaders build a culture of trust and transparency, making their employees feel appreciated and empowered. This results in improved employee satisfaction, increased productivity, and retention. When these principles are extended to a company’s customers, they create the same sense of loyalty.
Empathy, resilience, and having a vision – these are the central tenets of Mark Litwin’s approach to entrepreneurial leadership. When these fundamental traits are cultivated and applied by business leaders, the chances for success increase exponentially.
‘“True leadership comes from inspiring people and encouraging them through times of adversity,” concludes Litwin. “When you ground your approach in these principles, you’ll be able to accomplish that.”
