Being a business owner is a dynamic and demanding role that requires adaptability as well as constant growth. here, Council of Young Entrepreneurs members share the skills every business owner should aim to cultivate this year to be a more effective leader and why these skills are key to the success and longevity of their companies.
What is one skill every business owner should aim to cultivate this year to become a better leader and why?
The leadership skills small business owners need to focus on improving
1. Emotional intelligence
In the dynamic landscape of today’s business world, one skill that is paramount for any business owner who aims to be a better leader is emotional intelligence. In a world where adaptability and human-centered approaches are increasingly valued, emotional intelligence emerges as a key skill for leaders who aspire to thrive and make a meaningful impact. —Adam Toren, Kidpreneurs.org
Great leaders constantly ask questions. Why is the customer unhappy? What more can the product do? How can an employee get a bigger raise this year? Then, they listen carefully and ask follow-up questions. When all ideas are brought to light, they encourage exploration and failure – because creativity and innovation can only happen when the team is not afraid to try. — Vanessa Nornberg, Metal Mafia
3. Written communication
Good written communication is an increasingly important skill as we continue to operate with remote workers or freelancers around the world. It’s especially essential as it allows leaders to work with their teams asynchronously, minimizing the friction of coordinating in-person meetings or scheduling phone calls. — Firas Kittaneh, Amerisleep Mattress
4. The ability to manage your well-being
The number one area that will impact your business and leadership is the ability to effectively manage your mental, emotional and physical state. Build a daily routine that helps you prioritize your mental, emotional and physical well-being so you can operate at peak performance. Your energy sets the tone. Invest in yourself every day and watch your team grow. — Kevin Getch, Webfor
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5. Digital reading
I think business owners today need to cultivate digital literacy in order to survive the evolving market dynamics. It is essential to be familiar with the latest technology trends and familiar with the relevant tools that can help improve business operations. We live in a digital age. So, to grow your business, it is important to have the ability to use sustainable solutions that suit your needs. —Chris Klosowski, Easy Digital Downloads
If we’ve learned anything from the past few years, it’s that we must be prepared for anything and everything. One of the best skills to cultivate in 2024 is the ability to lead in unpredictable and ever-changing environments. To successfully lead your team through ongoing challenges, learn how to make agile decisions. Make it your goal to foster a culture of continuous learning and adaptability. -Blair Thomas, emerchant broker
7. Ability to motivate others
One of the most important skills for a business leader is the ability to motivate and bring out the best in others. This goes beyond just giving motivational speeches and requires you to study each person’s needs and goals. Try to identify what makes each member of your team tick so you can find the best way to communicate with them and inspire them to do their best. —Kalin Kassabov, ProTexting
8. Creative problem solving
An essential skill for any business owner is creative problem solving. Cultivating this skill improves a leader’s capacity for adaptability, strategic thinking, and overcoming challenges in the ever-changing business landscape. It makes people more flexible, stimulates critical thinking and helps businesses succeed by finding creative and innovative solutions to problems. — Jared Weitz, United Capital Source Inc.
About the Author
Young Entrepreneurs Council (YEC) is an invitation-only organization comprised of the world’s most successful young entrepreneurs.
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