Entrepreneurial Leaders: Unquestionable Importance & Necessary Traits

pexels-photo-26168Exceptional leaders will communicate, with truth, that making one’s way to the top is no easy feat.

Entrepreneurship has its doubtless benefits, but an entrepreneurs’ early days are ones without financial banking and little support. The essential nature of being an entrepreneur means facing off with conformity, and understanding that acceptance, stability, security, and belonging come later. Entrepreneurship is a shifting vessel, which takes unforeseen twists and turns, and the things sought when aboard that aren’t as accessible as ambitious individuals would like.

The long winded transformation of a business, from what it hopes to be to what it will someday be, is a determined process, which could take years or even decades. Established entrepreneurs, such as Elite Daily’s Gerard Adams, will explain that it can take more than a few years to build a company and grow a brand into something that’s proven to be of high value. After 15 years of constructing and assembling a product to be proud of, Adams and partner sold their online news platform to Daily Mail for $50 million. Adams’ latest endeavor,  Fownders, intends to educate and embolden aspiring entrepreneurial leaders.  Adams, like many others, knows that there are a few qualities, above all others, that make leadership more accessible, and those traits are humility, courage, and perseverance.

These traits are items that push determination to the next level. Humility, for instance, is about more than modesty, diffidence, and humbleness; it’s about managing  your strengths, weaknesses, and ego. It’s also about standing ready for education. Looking to other entrepreneurs as teachers opens you up to a well of first-hand knowledge. By accessing that knowledge, you’re enabled and embrace essential quality.

Perseverance is yet another trait that entrepreneurial leaders should take on. Everyone from Oprah Winfrey to Walt Disney has heard ‘no’ and experienced rejection during their pursuit of success. Channelling steadfastness in the face of delay and difficulty, and functionally embracing tenacity and indefatigability is the tried and true way to lead an enterprise.

Courage is fundamental. Having the fearlessness and pluckiness to lead and be a leader shows that you have the necessary conviction and the required ownership of an idea, your business, and your success to excel. Vision and courage go hand-in-hand, and it’s essential for prosperity and achievement.

Entrepreneurial journeys succeed best when  leaders are equipped with valuable leadership skills. The essential nature of entrepreneurship centers on directorship and the accumulation of managerial, influential, and authoritative traits.

Characterizing Entrepreneurs & Freelancers, and Their Working Relationship

hands-people-woman-meetingEntrepreneurship is recognized as a function that finds the gap in markets, while freelance is known for its ability to identify gaps in projects.

Entrepreneurship and freelancing are considered to be two paths toward freedom. Writers and contract workers frequently seek out freelance opportunities, which allows ownership of their personal and professional time. For the same reason, individuals belonging to numerous industries seek out entrepreneurship. The difference between the two routes is that entrepreneurship is a bolder choice that has the potential to offer something greater than the expectancy of money, but the formation of personal legacy.

Certainly, freelancing can be more attractive, for entrepreneurship is more demanding. Freelancing offers a more direct and active role in income creation, it’s simpler and requires fewer financial risks, opportunity risks, or emotional risks. Freelancing is frequently chosen because it’s a way to make money while focusing on quality, without the worry of solving critical world problems. As a freelancer, you manage portfolios, find and retain clients, and you’re able to decide how much compensation you’d like to receive for your projects. There’s immediate gratification promised after the completion of the assignment. Freelancing offers a great deal of agility, but entrepreneurship has greater rewards in the long run. Freelance doesn’t promise you long-term assets, but it promises a stream of income.

While you’re building your business, you create assets belonging to you and your organization. Even when dealing with the dark complexities of entrepreneurship, you are fashioning an economic structure that can bring you great eventual success. The trouble and thrill of entrepreneurship rests with the knowledge that it ebbs and flows; while one month may see success, the next month may be struggling the very next month. As a business leader, you control your business, but you can control market behavior. Entrepreneurship demands that you manage your business well, but that you also have a firm understanding of the market that you serve, ensuring that all products align with customers’ needs.

Cash positivity isn’t promised, that’s the case whether discussing entrepreneurship or freelancing. For entrepreneurs, who’ll likely need to elect the help of others, this can be a challenge. A large part of being an entrepreneur is being able to assemble a team of individuals who are like-minded or people who know better than you, this is the case when hiring designers, developers, a salesperson, or any other staff support. Learning to hire, motivate, and retain great talent can be a challenge if you’re worried about the profitability. Conversely, freelancers don’t require a team. While they sometimes partner with others, much of their work is solitary, focusing on their respective area of expertise, whether that be writing, marketing, sales, designing, or customer support. Freelancers provide a core service while entrepreneurs tend to sell services as products and make products.

Skills and services provided by these leaders often work in tandem. Freelancers can be valuable supporters for entrepreneurs, offering their unique abilities as developers or writers, thus helping faithful entrepreneurs to continually seek out their dream even when they fail. Freelancing is a field for specialists, for those who an absolute understanding of their field, and they have the ability to serve was being requested. Entrepreneurs become generalists as they supply numerous resources to their teams, you pass on support and services to the public.

Enterprising Teens Launched Startup in Under a Week With Business Leadership Camp

Startup Stock Photos

Enterprising teens with tasked with the challenge of launching a startup in under a week with a very small budget at a Business Leadership Camp. Among the ten-member team of summer campers was her 16-year-old Kaylah Clark.

The youths developed an apparel company began to run a profit early during the five-day Free Enterprise Leadership Challenge at Palm Beach Atlantic University. Known as the One of a Kind Stylecation, they earned $86. Miami Northwestern Senior High School senior Kaylah Clark served as president of the company that transformed a humdrum t-shirt business into an enterprise that sold tie-dyed creations. The students launched their own advertising campaigns and they created a commercial, which showed campers and celebrities wearing their fabulous tie-dyed attire.

Bandanas were sold for just $3, shirts for $6, and both sold for $8 to fellow FELC participants. Patrons bought items for themselves and their family members.

Another team of students sold concessions, while another sold tickets to evening entertainment events. The transactions involved real company money, encouraging students to take on real responsibility. This summer challenge marked the fourth year where the challenge was held at Palm Beach Atlantic University, an institution that seeks to exercise and uphold principle around the enterprise. The FELC program is one developed by the non-profit organization Jesse Helms Center, and they hold a five-day program at four other universities during the summer months.

Teams were allowed to keep profits at the end of the week, though most opted to donate earnings to micro-finance website kiva.org or to a scholarship fund established in honor of Reagan Hartley, an FELC counselor who tragically died at the age of 22. Student teams also invested $1 million in a virtual stock market, and the top-performing company in the virtual competition received a $20 infusion into the company’s profits.

Additionally, students composed fictional business plans to sell a product. More than 30 high school students participated in this year’s PBA challenge, with students coming from Florida and Illinois. While students expected the program to be more lecture-based, the hands-on activities proved to be more challenging and more enriching.

Miami’s 2nd in the Nation for Startup Creation, Ranks Low for Growth, Scalability

8408220671_22438e9046_bMiami is known for its heat, but equally, it’s known as an attractive home for startups. However, while Miami earns the distinction of being the second in the nation for startup creation, it also ranks low for growth and scalability.

Kauffman Foundation published a study that demonstrated that Miami-Fort Lauderdale metro area ranked second from the bottom out of 40 metro areas in the growth of fast-growing companies. This news comes just one year after Miami came in second for job creation and sixth in the nation for small business activity.

The 2016 Kauffman Index of Growth Entrepreneurship utilized data on revenue and employment to rank metro areas and states. Looking at the first five years of business, they looked at fast-growing companies reached at least 50 employees by year 10, high-growth company density, or the number of private businesses with at least $2 million in annual revenue. Comparably, Washington, DC came in No. 1, performing three times better than Miami in every category (No. 39). In the state of Florida, Jacksonville (No. 23), Tampa (No. 26), and Orlando (No. 35) ranked higher than Miami. In the nation, only Detroit ranked lower.

“Miami is a place that does very, very well on startup activity – a lot of people are becoming entrepreneurs and starting companies,” said Arnobio Morelix, senior research analyst and program officer in Research and Policy at Kauffman, which studies and supports entrepreneurship. “But when we look at how firms grow after they start, we don’t see Miami doing very well.”

The good news? Miami has a good density of startup companies, so it’s just a matter of engineering businesses to scale better. Some important facts that key to grow an entrepreneur are connectivity, density, fluidity, and diversity.

Knowing one’s proximity to similar companies, knowing how to connect for the purposes of resources, know how to assemble resources locally to grow talent and money, and recognizing the diversity of skill sets. With Florida ranking 24 out of the 25 largest states ranked for growth entrepreneurship, Florida still marked the state ranked in the top five for health entrepreneurship.

Miami is working toward developing a robust entrepreneurial ecosystem. Within the past few years, the Knight Foundation has committed more than $20 million to more than 160 entrepreneurship projects and organizations throughout the city. Numerous Miami-based organizations are focusing on scaling up.

Also, Florida ranked 14th in the nation for venture capital growth in 2015. Ultimately, the Kauffman Index of Growth Entrepreneurship offered that U.S. entrepreneurial growth across industries and states. Miami’s entrepreneurial business growth has helped the region to the Great Recession, and it’s directly helped to spark wealth, job, and innovation increases.

Gen Z Entrepreneur Mikaila Ulmer Can Teach Millennials & Other Young People a Great Lesson

lemon-1198006_1920Entrepreneurship is on the rise. This is particularly true when it comes to millennials, who are developing and running their own businesses in great numbers. With that said, many millennials function under the assumption they’re “too young” to launch their own business –that simply isn’t true. 

Mikaila Ulmer, an 11-year-old entrepreneur, is teaching the world what it means to fearlessly move toward personal dreams. Last year, Ulmer appeared on the acclaimed television series Shark Tank, where she unveiled BeeSweet Lemonade, an incredible lemonade that’s both her great-grandmother’s recipe and sweetened with flaxseeds. Ulmer struck a deal with the FUBU CEO and television personality Daymond John for $60,000. His timely investment into her business instigated a four-state deal with Whole Foods to sell her lemonade, recently rebranded as Me & the Bees Lemonade.

While Ulmer is quite younger than the millennial generation, that subset can look to the Gen Z member as a source of inspiration. Her success teaches numerous lessons, including the understanding that entrepreneurship can happen any age, and innovation needs only determination as a dedicated partner.

The idea that an individual is too young to launch a business is totally false. That statement is a symptom of a defeatist attitude. If Ulmer’s success teaches anything, it communicates that no one is too young to make ripples within an industry. This is particularly true if you’re launching a business that seeks to solve a real problem, and you conceived a viable solution to correct said problem. Age is nothing but a number when it comes to innovation, do not resign yourself based on lack of experience. Instead, remember that your age and energy can be a source for success.

Any particular personal and/or professional experience can help to motivate you toward your dreams. Ulmer was just a playful child when she was stung by a bee, and the idea for her lemonade was born. Her zesty beverage doesn’t only promise to satisfy thirst, it also endeavors to help save the lives of bees, which are dying out. By reviewing a personal experience, we can identify past events that sparked a greater interest, much like being stung by a bee generated a greater interest in bees for Ulmer. There are countless money-making moments scattered throughout our lives, which own the potential to become great success stories. Life sometimes hands us tangible solutions, which could be profitable if we recognize its potential.

And when it comes to realizing this dream, and appearing on television in order to pitch your product/business/service/brand to a team of expert investors, you have to be ready. Ambition is not only necessary, it’s powerful when it comes to actively reaching seemingly unattainable goals. The risk may be scary but always proven to be rewarding in some way. Stay committed to yourself, your continued success, your ideas, your products, and your mission, and you’ll find exactly what you need.

Be like Ulmer, use your personality and spunk to find your way toward success, and hopefully millions.

Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.