Many people have a misconception that entrepreneur is a person who transforms his great ideas into products and market them by using energies of people. But, it is not as simple as it sounds; it is far more beyond this. Entrepreneurs must have deep and profound understanding of latest business practices and also learn to interact and surround themselves with people of experience (management of people), apart from having broad knowledge of strategy, business operations, marketing, technology, finance, accounting etc.
The breaking or making of great organizations is mostly dependent on the way how the entrepreneur manages people. Effective management of people is instrumental in success of any organization, immaterial of the size of the organization. Therefore, entrepreneurs must channelize their efforts to create, innovate, explore, manage and empower their talent pool in order to materialize their goals.
There are different styles that entrepreneurs follow to manage people .Whatever may the style they follow; the main objective is to create a good work environment, to keep the employees happy and motivate them to drive their efforts towards realizing their organizational goals. The main qualities of a successful Entrepreneur should posses to manage people
- Great emotional Intelligence to tackle people.
- He should be able to get along with all the people, who can get their business done.
- Convince people who can fund the Venture and Market the products.
- An active listener, and should be able to command, control the market, people and industry.
- He should have good networking with people at all the levels local, national and international scenario of business.
Need to interact and Guide a great deal:An Entrepreneur should walk around and interact a great deal with all levels of people (from floor level to higher managerial levels) and should successfully and strongly communicate the core idea of the product and the goals to be achieved. The person needs to mentor and convince people on building the same. He needs to strictly adhere to his own guidelines, rules and standards and lead by example to deliver value to the customers and create a conductive working environment. As relations matter in bringing out the work efficiency from the teams and can influence them by giving enough thought about their valuable ideas and suggestions and brainstorming with the entire team. Also appreciation, motivation and monitory rewards will create more wonders. Empowering the teams will build great organization. Entrepreneurs with good interpersonal skills will be able to adjust and survive as their organization grows and becomes more structured. The rest won't make it.
Build an extremely good organization Culture: The organization culture which is summative and formative result of shared values and behavior patterns of individuals come from the top down. All your employees follow the culture transferred to them and behave in a way you permit them to behave. Therefore, as an entrepreneur you need to create a productive and positive working environment, as all the employees follow your path. Maintaining good work culture works wonders by keeping the employees happy, they enjoy their work and dedicate their efforts towards achievement. Providing the employees required amount of flexibility, freedom and independence in making their work decisions, on long run builds a great working environment.
Creating Transparency: Entrepreneur should be very transparent to the employees about the operations and interactions of the company both financially, technically and processes wise. Even in crisis or product failure, all the employees should be kept aware and informed and the team should be guided to work unified towards the necessary solutions for problems that stemmed up. This will create a charectertic image of this person and open doors for great trust, support, and employee confidence.
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