Each day, business leaders are presented with scenarios meant to keep them at their toes. However, the most important lessons learned during this period are barely talked about. Scott Paterson Toronto, a successful media and technology venture capitalist, is an inspiration to many new leaders. Here, there’s a detailed explanation of those overlooked lessons in business leadership that will help distinguish between two confusing concepts. Business associates or partners as well as anyone who inspires to lead in the workspace will find this insightful.
Leadership Lesson #1 – “Personal success is not the same as business results”
It is quite easy to confuse business results with personal success. Running a business is like running a marathon; the business goals are the finish line, but business leaders must also ensure that each team member has enough energy and motivation to get them there. Every business leader would like their business to grow exponentially, but in a hurried bid to do that, a confusing mix-up happens. It was the amazing leadership qualities of Scott Paterson Toronto that made him successful in his business ventures. Far too often, business leaders are shaped by the business results they generate. The most common business definition of success is to grow and increase market value. This obsession with growing business results can harm business leaders’ personal growth and significantly shorten business life.
As a business leader, remembering that growing a business is not the same as cultivating and displaying leadership qualities. When this confusion happens, it creates internal competition, increases stress among business leaders and business partners, and can often lead to business failure if they decide to take shortcuts due to pressure. Running a business with a view for the future is not an easy race. Running a business can be led to personal success, but having leadership traits will determine business survival. Success should be defined by how well it is led, not just business results, because, in the long run, that’s what will keep the business afloat. Business leaders must set business goals that are aligned with their personal, business, and business partner’s objectives. And then, they all need to work hard towards reaching them together. After all, success is created through teamwork in a positive environment. Business leaders who are constantly focused on business results – at the expense of everything else – will not last long in the business.
Leadership Lesson #2 – “Business leaders make business decisions based on business relationships and knowledge”
Many business leaders are intelligent and have business knowledge but lack business relationships as a result of their own choice – they prefer to be the business expert above everyone. Business leaders who make decisions based only on their knowledge live in solitary confinement. They must always be aware of the opinion of others in the team, not undermining them. Only through this can they merge the knowledge of others with theirs and take a potentially beneficial decision. Both business knowledge and business relationships help to make the leadership awesome like in the case of Oprah Winfrey. Those that take the lead can skillfully combine the two. If properly done, a good workspace would be created with future leaders being trained.
Business leaders should constantly take leadership training that will foster their growth and be ready to listen to the advice of others – even if they may end up not following.