As a startup founder, you’re likely no stranger to wearing multiple hats. But whether you realize it or not, leadership is one of the most important roles you’ll play. Strong leadership is what draws people to your project and motivates them to help you succeed. In fact, a study by Gallup found that organizations with high levels of employee engagement and leadership quality experience 26% higher profitability and 59% lower turnover.
So, how can you grow as a leader and inspire your team to do the same? Here are four essential tactics to get you started:
1. Seek Feedback: The Key to Self-Awareness
Self-awareness is the foundation of effective leadership. To develop it, you need to understand your strengths, weaknesses, and how others perceive you. One of the best ways to do this is by seeking regular feedback from your team, mentors, and peers.
For example, Airbnb’s CEO Brian Chesky has said that he seeks feedback from his employees by asking them to rate his performance and provide suggestions for improvement.
This helps him identify areas for growth and make informed decisions.
Create a culture of candor where feedback is encouraged and valued. Implement formal processes like 360-degree feedback, where team members provide anonymous feedback on your leadership style, decision-making, and communication.
2. Empower Your Team: Delegation is Key
Delegating responsibilities is crucial for leadership, especially in a startup where resources are limited. It not only helps you manage your time better but also empowers your team members by giving them ownership over their work.
For instance, Richard Branson, founder of Virgin Group, has said that he delegates tasks by identifying his team members’ strengths and weaknesses. He then assigns tasks that play to their strengths, allowing them to grow and develop in their roles.
Don’t hold your team back by doing everything yourself. Delegation also provides opportunities for your team to develop new skills and take on leadership roles themselves, fostering a culture of trust and collaboration.
3. Emotional Intelligence: The Secret to Strong Relationships
Emotional intelligence is essential for relationship management, a key component of leadership. Develop self-awareness through mindfulness practices or journaling, and focus on empathy by actively listening to others.
For example, Howard Schultz, former CEO of Starbucks, has said that he practices empathy by putting himself in his customers’ shoes. He asks himself, “How would I feel if I were in their situation?” This helps him make informed decisions that meet their needs.
This will help you build strong relationships, manage conflicts, and create a positive work environment. In fact, a study by TalentSmart found that emotional intelligence is responsible for 58% of job performance.
4. Lead by Example: Practice What You Preach
Leading by example is a powerful way to establish credibility and trust within your team. Consistently demonstrate the values and standards you expect from your team.
For instance, Tony Hsieh, CEO of Zappos, has said that he prioritizes company culture by living the values himself. He’s known for his transparency and approachability, often responding to customer complaints personally.
If you value transparency, be open about your decision-making process. If you prioritize hard work, show your
commitment by being punctual and meeting deadlines.