To most entrepreneurs, building a successful business is all about finding opportunities and being able to act on them. This often takes the form of finding an innovative solution to a problem, taking on an underserved market, or acting early on new trends. As such, most entrepreneurs tend to focus on such opportunities, failing to realize that human capital is also an opportunity in itself.
Leadership is all about identifying such an opportunity and taking the best decisions to take the most advantage of your team’s talent, not just about a position of authority. By being effective leaders, founders can increase their company’s chances of success by boosting innovation, improving morale, and establishing a solid foundation for the future.
Serial entrepreneur and investor Brook Taube has helped hundreds of companies improve their business models and get off the ground over the years. Through his work with startups and small businesses, Taube has found that most entrepreneurs often focus too much on the outside aspects of their business, neglecting core aspects like their teams.
“It is a shame, really, that most entrepreneurs overlook the value of their human capital. Effective leadership means making the most of your team’s potential and creating an environment that fosters success and nurtures your team,” explains Taube. “The best way to achieve that? Gratitude, hard work, and delegation of authority.”
These are the 3 key traits that Brook Taube has aimed to develop over his career. Under his leadership, his teams were able to thrive in uncertain conditions and develop novel approaches to problem solving in several industries.
According to Taube, great leadership starts with gratitude. An often overlooked quality in leaders, it is one that can make a significant difference by creating a strong sense of unity among team members. By recognizing the contributions of other team members, leaders can develop a positive work environment and loyalty.
“Gratitude is the foundation of effective leadership. When you appreciate the hard work and dedication of your team, they are more likely to be motivated and invested in the success of the company,” says Brook Taube.
Hard work, on the other hand, is all about leading by example. By being persistent, determined, and committed to success, a leader is more likely to inspire their team into doing the same. Do the opposite and the effects can be disastrous.
“Nothing is more demoralizing than having to cope with a boss that doesn’t seem to be invested in their company’s future. If you are not working hard enough as the leader, do you really expect your team to do the same?” adds Taube.
While hard work is essential to be a great leader, there is no point in overdoing it. Many executives, founders, and team leaders believe that working hard is the same as micromanaging or being on top of everything you can. Nothing could be further from the truth. Being a successful leader requires being efficient and deliberate in your efforts, which is why trusting in others’ abilities is paramount.
“You hired these people for a reason, trust them. Delegating authority can help you create leaders in your organization by giving opportunities for growth and skill development. It also allows you to have a better understanding of what is going on at any given moment.” concludes Taube.
It is easy to believe that applying these values is an easy task but in fact, it can be quite difficult for young entrepreneurs. This is because the same fire that leads them to disrupt and build their own path can often get in the way by resulting in over-eagerness. However, with patience and deliberate action, any entrepreneur can become a leader their team will follow anywhere.