Every entrepreneur needs a strong team behind them if they are to succeed. Team members will believe in the company vision, values and mission just as passionately as their leader does and it is this that will drive the business forward and accelerate its growth.
Within the Management Team there are a number of areas of responsibility which must be fulfilled:
Those assigned to manage functional areas of the business must:
- effectively manage their individual area and the resources they are allocated
- recruit, train and retain good people
- communicate strongly so that everyone within their area understands the business values, mission and long term plan
Even the greatest entrepreneurs have an executive team to help them. Executive team members must be able to:
- implement the business plan through effective management
- act as a role model for problem-solving, teamwork and innovation
- help other members of the team to succeed
Those assisting the entrepreneur in the Leadership team must:
- provide assistance in the plans for future company growth
- cultivate and build a company ethos to support growth and development
- achieve company goals through optimisation of available resources
How the Management Team supports the entrepreneur
In order for the business to expand and grow, the leader’s focus must be on strategic planning and all-important future growth. The day to day running of the business falls within the remit of the Management Team and they will keep the entrepreneur informed of any procedural or systems issues but will deal with them directly.
The right team members will bring new perspectives, fresh ideas and specialist knowledge to the company that the entrepreneur does not yet have. This combined with the entrepreneur’s dynamic approach will help to improve existing processes and generate new ideas which will drive the business forward whilst making it more efficient.
It can be difficult for the entrepreneur to hand over the reins to others. The business is his ‘baby’ and he will be reluctant to trust its success or failure to anyone other than himself. Perhaps the greatest challenge faced by the entrepreneur is that of choosing and training the Management Team, but without them his business ideal will surely fail.
When recruiting Management Team members, the entrepreneur should choose candidates as if he was seeking a replacement for himself. They must be people he trusts and who can handle all the duties he is likely to delegate to them. His managers must treat others with respect and use good judgement when recruiting for their own teams as ultimately their performance will reflect directly on the entrepreneur.
A very important element of the Management Team’s role is to recruit, train and promote good people within the business. If the company is to survive and flourish into the future, a new generation of company leaders must be waiting in the wings.
The saying, ‘no man is an island’ is especially true in the competitive world of business.
No entrepreneur can hope to grow a great business idea into a flourishing, successful enterprise with longevity unless he has a great team behind him. There will always be challenges in commerce and it’s crucial that the leader has the right people with the right industry knowledge to support him.