When you think of a leader, some traits that come to mind are strength, decisiveness, and passion. Exhibiting all of these traits is critical, but in addition to these qualities there is a new set of skills that are required for success in today’s business world. The 21st century business world is fast-paced, information-driven, and technological. At the current pace, today’s leaders need to constantly evolve and adapt to problems as they arise. It’s not just about being decisive; it’s about making a compelling decision in minutes. Using the recent global economic downturn as a prime example, business leaders needed to seek new solutions, fast, and confront threats to their businesses head-on.
Be a 21st century leader and climb the corporate ladder - Image courtesy of Getty Images
Adaptability to the ever-changing marketplace is a characteristic that will help 21st century business leaders thrive. The ability to innovate and execute is essential, but without adaptability, your business will fall behind in our rapidly evolving world. Exploring creative solutions to challenges is fundamental in the 21st century business world because businesses constantly face trade-offs. A successful leader will be adaptable by being open-minded and bringing in new perspectives to confront new business challenges.
Accurate foresight is another essential trait for 21st century business leaders. You need to have a clear vision of who you are, your business goals, and where you see you and your business develop. Many leaders spend their days dreaming about the future without taking initiative. Articulate a compelling future vision, develop an operations strategy, and execute that strategy. As a part of the aforementioned adaptability trait, reevaluate your strategy from time to time so it stays current with the changing times in which we live.
Have an articulated vision of your goals and you will finish first - Image courtesy of Getty Images
A 21st century business leader is decisive, flexible, and have an articulated vision that they are willing to execute. But most importantly, leaders need to have the ability to inspire trust. Inspiring trust is critical because your vision will not move forward without the trust from your investors and co-workers. Investors won’t want to take a risk on your venture unless they are convinced about your vision, and co-workers will not recognize you as their leader unless they trust you. Make ethical and moral business decisions and you will become a successful 21st century business leader.
Want to learn more about being a 21st century business leader? Take a look at Building the 21st Century Leader and Leadership Qualities for the 21st Century.
Important Lessons for Young Entrepreneurs
With NVC’s intent to compete deadline right around the corner, February 13, we at NVC got to thinking about what components make up a winning pitch.
In our search for a better understanding of what incentives help innovators to bring their ideas to business plan competitions (besides the inherent motivation investment capital), we came across a textbook example of success featuring a college student.
One year ago, Alex Loijos earned his Master’s in Technology and Policy from Massachusetts Institute of Technology (MIT) and to accompany his graduate studies, he competed in various business investment competitions. The knowledge he gained and time he spent formulating his business plan in preparation to compete ended up being well worth his time investment.
Loijos and his teammates took each competition seriously because they hoped to launch their business as quickly as possible. The numerous competitions provided his team with motivation to continue polishing their business pitch and this became incredibly relevant to his venture’s future success.
Now a proud co-founder of LinkCycle, Loijos used his invaluable experience from business plan competitions to launch the start-up company that he and co-founder Sahil Sahn developed while studying at MIT.
Loijos and Sahn competed in several business plan competitions during their time at MIT and won the following awards in three competitions sponsored by MIT:
Granted, not every hopeful entrepreneur can study at MIT, but they can learn from the basic elements of Loijos’ experience as he worked to develop LinkCycle. Loijos attributed most of his success to MIT’s entrepreneurial program, which emphasizes three fundamentals required for success: feedback, viable business plan, and good mentorship.
If you’re interested in competing in a business investment competition, chances are you have a business plan ready to pitch. If you’re intending to or have already registered for NVC 2012 in Portland, then don’t sweat the feedback portion- we’ve got you covered.
NVC provides a panel of business professionals who evaluate your plan and offer their suggestions and provisional mentor advice. This leaves us with the last element in completing the equation: mentorship.
Adam Toren, writer for Entrepreneur.com, outlined 8 steps in his article “Mentors: A Young Entrepreneur’s Secret Weapon” to getting the right mentor for you. The steps provide a great beginning blueprint to help guide you in the right direction to finding a mentor that’s right for you. Good luck and we hope you choose to let NVC develop your plan and guide your path to success!
- Erin Suss
Want to learn more about what makes or breaks new business ventures? Take a look at Business Plan Competition Offers Insights.