During the current economic downturn, many business professionals have speculated on what it takes to become a leader. What is it like to be a leader? Does it mean that you are able to grow your company and not stop trying to make money? Without profits, a company cannot exist. We’ve seen some leaders sacrifice the greater good of the society for maximum profits. To many people, the term leader could mean many different things. This paper will provide an in-depth analysis on the topic Business Leadership.
To understand the characteristics and traits that make successful business leaders, it is important to first identify the characteristics and traits that they have. Globalization has led to a rapid change in the business world. Businesses everywhere are now experiencing rapid and unpredictable changes. Many companies now look to their leaders to steer them through these challenging waters. All companies place a greater emphasis on business leadership at every level of their company.
Many managers of the past were promoted by large economic growth. However, they may not have expected to change the status quo. Many business leaders and managers must think outside of their comfort zones to provide growth to their shareholders and superiors. Visionaries are what we are seeing among the new generation of business leaders. They seek to understand how the market is changing, and then adapt strategies to meet it. Many large institutions went bankrupt due to recent scandals involving subprime loans and the housing bubble. Brandon Long Denver are now seeking business leaders who will keep the profits coming and build an ethical and moral foundation for their organizations.
Following extensive research, here are some top characteristics or traits found in business leaders today. Great leaders need to be able maintain their heads and cope with stress and frustration. Today’s business leaders need to be able and able to maintain their calm in times of stress. Emotional stability is another trait that makes a leader a success, also known to be called locus de control.
Self-esteem is the next important trait. Being a business leader means that you have to be constantly analyzed and make fast decisions. Leaders have to believe that they will steer the business in the correct direction and feel confident in their decisions. This can in turn inspire others in an organization to work towards the same goal.
Many business leaders today are known to have the drive or need for success. If a leader settles for average results, he or she won’t continue pushing the envelope. Often productivity and profits will suffer. A true leader is always driven or motivated to achieve. They are always seeking out the next challenge, and they find creative ways to overcome obstacles.
Today’s business leaders also have the ability to quickly and efficiently filter information. Business acumen is another term to describe it. Ted Prince observes that leadership development was essentially an boom-time phenomenon, even before the Great Recession. It was possible to focus on traditional leadership competencies, such as interpersonal skills. It is possible to see leadership development as a secondary subject in the study and practice of leadership.
Today, things are very different. Business acumen involves showing how our behavior directly impacts and improves business outcomes. Business acumen development fills the gap left by traditional leadership development programs. It focuses on the behavioral skills that will lead to increased profitability and greater market value. Business acumen is defined by the “ability to bring about positive results for business” (Prince).
Any leader who is successful in business will have a strong streak of optimism. Leaders see problems as a challenge. They also view setbacks and obstacles as opportunities to improve. They never lose sight of the main goal and are determined to reach it. They believe that if they do not sell, it will be the next day. This optimism can often drive them towards their ultimate goals.
Tolerance towards ambiguity refers a person’s tolerance to uncertainty. This will be a challenge for business leaders every day. They must have this ability to be successful today. Art Petty writes on his blog that “top performers battle the routine. High performers in all areas of life, athletes, leaders, and great contributors to the community work hard to resist the temptation to stay in the same rut. High performance individuals and organizations find their comfort not with routine and consistency but in the uncertainty of the world and the constant need to adapt. Some of the greatest leaders go out of their ways to encourage their teams and them to try new things to keep their senses sharp, collective minds expanding, and ideas fresh” (Petty).
In business leadership, courage is a key trait. Leadership and entrepreneurship require a high tolerance of risk. Most businesses fail because they are starting from scratch. A true business leader is willing to take calculated risks, and not give up when things get difficult.
These traits seem to be the most desirable in business leaders. The traits of high energy, intelligence, maturity and team orientation are also highly desirable but not always found in business leaders. Empathy, empathy, charisma, and maturity are some other traits that may be more desirable. Let’s look at these traits more closely to discover how leaders can benefit from them.
A business leader must be able to work long hours in order to see the vision through. High-energy leaders are able to keep the business focused and on track, regardless of any obstacles. A business leader should also possess intuitiveness. This trait could also be called business acumen. Many scholars agree that leaders must have a deep understanding of themselves. If a leader is aware and comfortable with their weaknesses, they can make adjustments to fit the current circumstances.
Leadership must be humble to be effective. Leaders should be able to recognize the fact that they might make mistakes and may not know everything. Though logic and reasoning can be helpful in many situations, the human spirit will often prevail over logic. Leaders of business today have maturity and are adept at creating a team orientation strategy. A leader knows that his best employee is his worst. A positive work environment among employees is more important than achieving success and accolades. Recognize that empowerment is better than trying and control others, or having a didactic approach to management.
The charisma and empathy are two other qualities that are frequently found in highly successful business leaders. Being able and able relate to people at all levels can allow you to see the world in many different ways. When you’re able to empathize with employees and customers, you can start building trust. Building trust with customers and employees is essential to achieving the best results.
There is much debate about whether leaders can be created or born. After much research, I believe that leaders are eventually developed. While certain traits or characteristics can be acquired naturally, it is the way you use them that determines how far you can take your leadership skills. Successful leaders have the ability to persevere, be punctual and work under pressure.