Five Leadership Characteristics That Entrepreneurs Need

In my role as Associate Professor at the University of Wollongong in Dubai, heading up

the institutions MBA program and with a keen research interest in entrepreneurship, I
often get asked two questions: What exactly is leadership? and What characteristics
do I need? If I was given a dirham for every time somebody asked me these questions,
Id be a very rich woman indeed! The answer to What is leadership? is a relatively
simple one in my book- its an innate ability to motivate, influence and lead people in an
organization towards a common goal or purpose. Leadership as a quality, however, is a
much harder subject to broach as its a constantly evolving phenomenon. My overriding
Melodena Stephens opinion is that there are different answers to What characteristics do I need to be a
Balakrishnan (Phd), is the
Founder and President of the successful leader? depending on which stage of business growth an entrepreneur is
Academy of International currently facing.
Business Middle East North
Africa Chapter, a nonprofit social
initiative founded in 2009 in Its imperative that as an entrepreneur you focus on each area in turn, taking time to
Dubai under the University of update your leadership skills as your company grows and develops. The results for those
Wollongong in Dubai (UoWD),
UAE. It is a self-financing that dont make the effort to do this are clear: research has shown that very few founders
volunteer organisation. The
purpose of the organization is to
were successful as CEOs once their companies went public, hinting that the leadership
act as an ambassador and skills that are required to be successful change as a company grows in size. To help
champion for the MENA region
by fostering research and budding entrepreneurs navigate their changing business environments, here are my top
teaching in the field of five leadership characteristics that you should take time to develop over the course of
international business. She is the
Professor of International your career:
Marketing Strategy and
Entrepreneurship and Head of
Degree Program International
LEADERSHIP STAGE ONE - CREATIVITY
Business, Karlshochschule
International University in All successful entrepreneurs have something in common: creativity. Sure, maybe other
Germany. Previously, in UoWD
she held the position of Deputy people have had a similar idea to yours, but how you make it work, convince others of its
Dean and program head of MBA,
potential and get people to fall in love with its possibilities is an extremely creative
leading multiple accreditations.
She has 20+ years of industry process. Many entrepreneurs find that early on in their ideas lifecycle, creativity is the
and education experience, and a
multi-cultural perspective (India,
biggest trait they need to be a successful leader. You have to be creative in your use of
USA, Taiwan, UAE & Germany). limited resources, have the ability to catch a potential investors eye -especially if youre
She is a winner of several
teaching and research grant looking further than their circle of friends and family for funding- and see things that
awards, including two UAE other people cant, including having faith in your own vision when others may not.
National Research Foundation
Grants. She is the series editor of
the Actions and Insights: Middle
East North Africa Series and
has five books published. She is
passionate about emerging
LEADERSHIP STAGE TWO - DIRECTION
markets especially the MENA
region, actively working with As your business starts to enter its first stage of growth, you need to be able to articulate
industry and is frequently invited
to panels and discussion forums. your direction in measurable goals. As one venture capitalist told me, There is no
Her areas of research are brand formula for investment at the seed stage because there are no numbers and tractions for
strategy, social entrepreneurship
and crisis management. us to look at- but the team is everything. If you can measure what the entrepreneur is
speaking about and express it in numbers, then they are up to something.

Although financial goals are of course extremely important, direction is not limited just to money matters. It also
includes having a clear idea about your target market, articulating your vision in a sentence which is measurable,
inspiring and achievable and communicating effectively with key stakeholders. Focus on being fluid in your direction
too- it may need be redefined as circumstances change, more investors come on board, resources change, or indeed,
you change!
 LEADERSHIP STAGE THREE - DELEGATION
As your business grows, you may find yourself getting increasingly inefficient as you handle more responsibilities.
The key to combating this is delegation, delegation, delegation! Hiring the right team who you trust to believe in and
respect your vision is of upmost importance at this stage. Knowing your weaknesses and hiring people for their
competencies, concentrating on building up a diverse workforce made up of different genders, background and
skills, developing mutually agreed goal posts and investing in good governance to track finance and business
relationships have all been proven to contribute to successful growth. Whats more, you shouldnt be afraid to take
tough decisions as the organization evolves. Be clear about your own accountability and role within the business too.

LEADERSHIP STAGE FOUR - COORDINATION

As your organization grows further, silos might develop within your business which could lead to inefficiencies,
miscommunication and loss of trust. If this happens, you should focus on effectively and skilfully coordinating
between various personalities, expertise and management levels. Concentrate on creating a strong corporate culture
where the business vision and values for the future are deeply embedded. A recent survey by McKinsey & Company
suggests that those leaders who create a sense of ownership amongst their frontline staff fare better during periods
of change. Work closely with other stakeholders to develop a structure to help to manage decision-making too try
to avoid the paralysis that sets in through too many meetings that have no outcome except frustration!

LEADERSHIP STAGE FIVE - COLLABORATION

Research by ESI International proposes that 65.5% of teams feel that if they worked more collaboratively, they
would be more successful. As your startup matures, attempt to collaborate more both with your internal team and
external agencies, working to build strategic alliances and seek external advice on business strategy and staff
recruitment from suppliers, customers, legal teams and other business sounding-boards. Focus your energies on
effectively networking too, building strong relationships which might help you to discover opportunities, source
resources and get that all important foot-in-the-door with potential customers, clients and future opportunities.