What Makes a Great Business Leader?

The greatest business leaders are made, not born. Their triumph is a product of years of sweat, blood, hard work—and of course—some traits that made them who they are today. Below are certain characteristics that great business leaders possess that earned them success.

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Courage

Successful business leaders are not cowards. They take calculated risks, and they know the repercussions of their actions. Leaders need the courage to face competition, challenges, and failures. They do not stop after one failed attempt—they use their failure as motivation to improve their craft. Without courage, one can never lead a business.

Strong will

Great leaders stand by their beliefs and are not easily swayed by negative comments and adversaries. Take Walt Disney for example. Others told him he lacked imagination and his ideas weren’t that great. But he did not let these comments stop him from doing what he did best. After a few years of hard work, he became a household name for his animations, which landed him 22 Academy Awards and cemented his legacy.

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Creativity

It’s hard to resist competition, but innovation will make one distinct from the other. Effective leaders understand the need for something new and they make it work.

Team oriented

A good leader encourages teamwork. While they may be great on their own, they have an eye for great talent. They bring wise, talented, and trainable people on board who can help them make the best out of their business. They do not get all the credit for every success. They know how to delegate tasks, and they acknowledge the hard work their team members put into the success of their brand. They may have started the vision, but their team members help in the execution of that vision.

Dougherty Marketing has been helping individuals achieve business success through mentorship and training services since 2001. Learn more about the company’s programs by visiting their website.

Understanding The Risks Involved In Starting a Business

Starting a business can be a rewarding journey with the startup economy experiencing an abundance of opportunity, innovation, and potential. However, it is not without challenges, as risks come along with creating, growing, and seeing a business succeed. It is, therefore, essential to have the right game plan to overcome obstacles – and this includes understanding the risks involved.

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Market risk

Any product or service offering is dependent on the market. Competition, oversaturation, economic uncertainties, customer preference – these are just some of the risks that are inevitable and uncontrollable for most businesses. Creating an extensive market analysis, forecast, and plan can help manage or even avoid risks altogether.

Financial risk

Managing company finances requires the correct knowledge, skills, and experiences. And the ability to sustain the financial standing of the business can make or break its success.

Various financial risks accompany startups, such as insufficient capital, miscalculation of startup and operation funds needed, the wrong projection of cash flows, and unforeseen calamities.

Management risk

Human capital remains to be one of the riskiest resources a business manages. This is more evident in businesses that are in their initial stages. Hiring the wrong or misfit people and mismanaging employees can hurt business functions as well as the company’s overall performance.

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Dougherty Marketing offers mentorship and training services to those who aspire to level up their entrepreneurial and leadership skills. Through these program, the company’s clients develop and grow the successful business they are striving for. For more information, visit this website.

Ambiverts: The New Breed Of Leaders

Image source: Huffingtonpost.com
Image source: Huffingtonpost.com

The world of business and marketing welcomes all personality types. Whether a person is outgoing, shy, or somewhat in the middle, it’s his or her business ideas that will determine profit.

Celebrated psychoanalyst Carl Jung introduced the idea that no individual is a pure introvert or a pure extrovert. Coincidently, recent studies on personality show that most people are ambiverts. To the unfamiliar, ambiverts are people who are uniquely equipped to move comfortably in buzzing social gatherings and in situations where calm is called for.

This personality can explore many opportunities in the business world. In most cases, introverts are branded as the type who does well with logistics and analysis while extroverts make good salesmen and communicators. An ambivert could be someone who is intuitive and yet assertive. As they are good with strategizing, some of them also prove to be charismatic salesmen.

Image source: Urbanpro.com
Image source: Urbanpro.com

The business world is not just about products and services. It is also about building networks and creating opportunities. Those who aspire to make their mark must learn that balance is key. Getting to know the different aspects of the business world will make a person efficient and discerning, which will lead them sooner to success.

Since 2001, Brian and Jenny Dougherty have been helping clients become the best in their respective careers through the training services offered by their company, Dougherty Marketing, in North Carolina. To know more business insights, visit the company’s official website.

The Major Pitfalls Of First-Time Business Ownership

For businesses to succeed, owners need to be on their game. They need to know (and do) several things at once. They need to get the job done and done right. Business owners also need to avoid making mistakes that could potentially cost them their businesses, or a whole lot of money. Here are a few major pitfalls that first-time entrepreneurs should avoid:

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  • It takes time for most businesses to take off. Many businesses fail within the first six months because their capital only allows them to survive in deficit for four. Ideally, business capital should take care of operational expenses for a year, or at the very least six months. This is a safety net that business owners should have.
  • Some business owners become overconfident that they ignore the competition. This is a huge mistake, since all the competition needs to do is offer a similar product or service and slash their prices. That alone could prove devastating to smaller businesses.
  • Some businesses fail because the owners put all (or a majority) of their eggs in one basket. Business owners should always have a back-up plan for when their biggest clients decide to terminate their contracts.
  • For businesses with more than one owner, if partners aren’t flexible enough to meet halfway especially on issues that could potentially affect the future of the entire company, that could mean the end. When the decision-makers of the company are at odds with one another, time, effort, and money could be lost. And before anyone knows it, the company could be going under.

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Dougherty Marketing is a company that has helped hundreds of groups and individuals start their business and achieve success through leadership skills training. Find out more about Dougherty Marketing by visiting its official website.

Looking Ahead: Expanding a Small Business

The innovations in technology and business have opened many opportunities for small business to thrive. The thought of expansion is no longer a far-fetched dream. With the right tools and an action-oriented mindset, growing a business is achievable. Here are some ways on how entrepreneurs can go beyond their current resources:

Pioneer and offer the business as a franchise
If there are many people who believe in a business model or idea, they will try their best to copy it. Instead of dealing with copycats, entrepreneurs can retain their status as trailblazers by offering their business as a franchise. This will also prove to be more convenient for those who want to start a business of the same nature. More people will be involved, which could result in more ideas and breakthroughs.

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Open a new location
For business owners who want to keep the management team exclusive, opening a new location is a good way to expand. Especially when a business is starting to grow an interesting consumer base that is far from the original location, it would be practical to get another space to welcome more patrons.

Use the internet
When it comes to selling unique products, bringing them to the Internet’s attention is a sure-fire way to increase sales. This is especially true if the products are reliable. If word-of-mouth fueled businesses in earlier generations, word online is the way to increase awareness nowadays. Entrepreneurs shouldn’t fear the online world but embrace it instead, as it opens them up to millions of potential customers. Creating a social media account and an online store is one easy way of expanding a business.

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Business owners aspiring for growth must take action in order to bring their services and products to the world’s attention.

Brian and Jenn Dougherty are the founders of Dougherty Marketing in North Carolina. To know more about its services, visit the company’s official website.

The Power of Mentorship in Business Success

Every successful entrepreneur credits a mentor. Even accomplished business owners reveal that somewhere along their journey of building a company, they have received advice and support from a mentor who has bolstered their success. Mark Zuckerberg, the tech genius behind Facebook, named Apple founder Steve Jobs as an important mentor who has helped him start his company and build his management team.

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A mentor is one of the most powerful weapons an entrepreneur can have. Finding a good mentor and accepting guidance is the first step to growing a company and increasing its odds of success. Mentors help entrepreneurs think through a business idea and spot holes in their plans. Additionally, they offer solutions to anticipated business risks. Mentors can identify potential problems more effectively because they have an unbiased look at the business. A great mentor can help business owners avoid predictable mistakes and to start off with more confidence and certainty.

Mentors play an important role in a company’s success. They suggest ways to generate capital and provide the wisdom and experience every startup or seasoned entrepreneur needs. They also help widen a business’ professional network through strategic partnerships and connections. Mentors guide entrepreneurs in every step of the process of building a successful business.

An entrepreneur guided by an experienced mentor is more likely to succeed. Accepting criticism, learning new habits, and taking sound business advice from a veteran business mentor has numerous benefits. A good mentor is a valuable asset who helps business owners find stability and success.

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Dougherty Marketing helps individuals start their business and achieve success through mentorship and training. Learn more about the company’s vision of creating opportunities for success through its official website.

Introverts At The Helm: Reasons They Make Great Leaders

The typical (or stereotypical) image of a great leader is usually someone who is friendly, talkative, and generally sociable. Normally expected to make connections with his or her own team and other industry players, business leaders could sometimes feel the pressure to make the rounds. Naturally, introverts MIGHT fare horribly in this field. Some CEOs even brand introversion as a hindrance to becoming a great leader. However, there is reason to believe otherwise.

Image source: entrepreneur.com

According to a study, nearly 40 percent of leaders are in fact, introverts. It was found that many introverts make great leaders primarily because of their caution. Since extroverts are motivated more by achieving rewards, they tend to make bigger risks. Introverts, on the other hand, are methodical and are more likely to ruminate on the best course of action. In other words, they make calculated risks. Risk is an important factor in business, but a honed decision-making skill is the key to growth.

Introverts are also good listeners. They then internalize what they have heard and speak with discernment. They do not feel the need to be heard immediately. Instead, they listen, digest insight, and learn what to say instead of thinking about what to say while the other party is talking.

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Lastly, introverts know exactly what they are capable of and thus, are more likely to exhibit humility. They can acknowledge when mistakes and knowledge gaps, and are open to new information.

Bottom line, leadership does not discriminate personality types. Whether one is an extrovert, an introvert, or something in between, great leadership is not out of reach. In the end, it is all about attitude, skills, network, and proper guidance from those who have been to the top.

Founded in July 2001 by Brian Dougherty and his wife, Jenny, Dougherty Marketing offers mentorship and training services to people who aim to improve their entrepreneurial and leadership skills. For inquiries, visit this website.