Seven key leadership skills all business owners should develop:

1. Develop a strategic vision

Passion and a great business idea aren’t enough to succeed in business. You need a strategy for
your company. Plan where you want your business to be in five years and how you are going to
take it there.

2. Communicate with transparency

Share successes and failures with your people. Information clearly transmitted gives them
context and a sense of belonging to the company. “If you are making money, your employees
should know about it and be rewarded’. “This will motivate them and your company will
continue to grow. The success of the company isn’t yours alone, it belongs to your team.”
If the company is facing problems, your employees will be a valuable source of ideas on how to
improve things.

3. Spot and retain the best talent

Great leaders who created successful companies have one thing in common: They surround
themselves with talented, courageous, loyal people. Once you have recruited them, invest in their
development through training and coaching.

4. Know how and when to delegate

“When it comes to their company, almost all entrepreneurs will say: Nobody can do it better than
me.”
But those who are going to be successful are those who admit they can’t be the CEO, the chief
financial officer, the marketing director and the sales manager at the same time. They share,
delegate and empower their teams.

5. Lead by example
Be honest and ethical in everything you do. Have strong values. Live what you are preaching.

6. Ask for advice

No matter how well you know your industry, change is reshaping business so fast that
entrepreneurs develop blind spots or become uncertain about how to proceed.
Who created and developed seven businesses over the years, says these experiences taught him it
pays to seek out impartial, professional advice? “The first line I always put in a budget was
$10,000 for a business adviser. You can pretend you know everything about business, but keep
in mind that innovation never stops, and it is easy to be left behind.”
 7. Develop leaders
Leadership should start at the top of the organization, but leaders don’t necessarily come from
positions of power. They can be found at all levels in an organization. Identify them and help
them to develop their leadership skills.
The transfer of knowledge through mentoring allows you to build a strong leadership pipeline in
your company.

Why Manager required qualities of Entrepreneurial qualities?

While managers don't have to be good entrepreneurs, entrepreneurs almost always have to be
good managers. Entrepreneurs need to pull together a variety of people and manage them to run
a company well, even if it's just for a short time before they can pass the management reins to
someone else.

At least six intersect with the same skills you would expect to see in any great
manager:
1. Assemble and motivate a team: Selecting the right people to perform required tasks and
motivating them to reach company goals are at the center of what a manager does. As
noted by the Corporate Finance Institute, this also includes delegation.
2. Efficient decision making: This is an important quality in most business positions, and
managers must be able to make strong decisions even when they don't have all of the
information they would like to have.
3. Building networks: For an entrepreneur this skill is usually important for raising capital;
for a manager it's vital in finding the people with the skills you need to work for your
company.  
4. Collaboration and team orientation: A good manager, like a good entrepreneur, needs to
be a good team player who can put ego aside when required to ensure the company is
successful. 
5. Management of operations: Both a manager and entrepreneur need to be able to oversee
the daily operations of a company and to have a strong understanding of its mechanics to
oversee its success. 
6. Finance and financial management: Managers and entrepreneurs must both have a strong
understanding of a company's finances, its budget and its projected revenue. 

Traits of Management skills:

1. Identifying opportunities*
2. Vision and influence
3. Comfortable with uncertainty
4. Assemble and motivate a team
5. Efficient decision making
6. Building networks
7. Collaboration and team orientation
8. Management of operations
9. Finance and financial management
10. Sales skills
11. Preference for established structure