# How Leadership Helps Emerging Entrepreneurs, According to Dr. Parwiz Daud Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-03-09 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Developing Leadership Skills for Entrepreneurs Meta Description: Learn the importance of strong leadership skills for entrepreneurs from Dr. Parwiz Daud at Validus. Find out how vision and empathy can set you apart. URL: https://financedigest.com/how-leadership-helps-emerging-entrepreneurs-according-to-dr-parwiz-daudhtml There are many skills that are essential to becoming a successful entrepreneur. You must have knowledge of your industry. An understanding of your target audience. And of course, the ability to differentiate your [product or service](https://www.financedigest.com/document-admin-drains-productivity-businesses-especially-financial-services.html "Document admin drains productivity in all businesses, especially those in financial services.") from everyone else in your niche. But while all of these [attributes are essential to success](https://www.financedigest.com/acca-sets-out-magnificent-seven-attributes-vital-to-success-in-modern-business.html "ACCA Sets Out ‘Magnificent Seven’ Attributes Vital to Success in Modern Business"), a focus on these areas often causes emerging entrepreneurs to overlook an equally important trait: leadership. I recently had the opportunity to speak with Dr. Parwiz Daud, CNO at Validus. During our conversation, Dr. Daud highlighted how crucial it is for entrepreneurs to develop their own [leadership skills](https://www.financedigest.com/5-essential-leadership-skills-for-family-owned-businesses.html "5 essential leadership skills for family-owned businesses"), and how these play a role in their business. ## **Leaders Establish the Vision** “Every [entrepreneur](https://www.financedigest.com/10-secrets-every-entrepreneur-needs-to-thrive-in-2023.html "10 Secrets Every Entrepreneur Needs to Thrive in 2023") starts with some kind of goal that they want to accomplish with their business, but true leaders turn this into a vision that they can share with others to inspire them,” Dr. Daud explains. “Leaders [set the tone for their business and how it will make a difference in the world](https://www.financedigest.com/uks-most-liveable-city-manchester-sets-its-sights-on-the-world-from-tourists-to-property-investors.html "UK’s most liveable city, Manchester sets its sights on the world, from tourists to property investors"). They are then responsible for communicating that to their employees, [business partners](https://www.financedigest.com/the-evolving-role-of-the-cfo-from-scorekeeper-to-business-partner.html "The Evolving Role of the CFO: From Scorekeeper to Business Partner") and clients. This is a valuable skill in and of itself, because that vision is what encourages buy-in from others. Without your leadership to guide the way, the vision [becomes little](https://www.financedigest.com/scottys-little-soldiers-become-incentive-fm-groups-chosen-charity-in-three-year-partnership.html "Scotty’s Little Soldiers Become Incentive FM Group’s Chosen Charity In Three Year Partnership") more than an empty statement.” With that in mind, leaders [must find ways to incorporate their sense of vision at all levels](https://www.financedigest.com/2016-must-be-the-year-of-board-level-transparency-and-good-governance.html "2016 must be the year of board level transparency and good governance") of the company. The vision should be instilled in the organization’s [values and practices — particularly in how it engages with clients](https://www.financedigest.com/iris-acquisition-enables-accountants-to-add-greater-value-to-their-clients.html "IRIS acquisition enables accountants to add greater value to their clients"). Most importantly, however, leaders set the example for others to follow. When a leader’s actions are in line with their stated vision, their team will follow suit — making [business goals](https://www.financedigest.com/how-to-create-financial-goals-for-your-business-in-2021.html "How To Create Financial Goals For Your Business In 2021") much more attainable. As leaders, entrepreneurs must use their vision to guide their decision making, while also relying on other reliable sources of information (such as internal data). When your team is debating different potential courses of action, the most effective leaders strive to ensure that the final decision is in line with their vision and values. A strong sense of vision can also help leaders [turn challenges into opportunities](https://www.financedigest.com/how-finance-leaders-can-turn-the-inflation-challenge-into-opportunity.html). ## **Leadership As Your Ultimate Differentiator** “Today’s workers crave quality leadership more than ever — but all too often, the leaders within their companies are falling short,” Dr. Daud says. “When you are able to demonstrate true leadership that engages your employees and business partners, treats them with respect and helps with their own career goals, you can turn your business into a desirable destination for [top talent](https://www.financedigest.com/5-steps-hiring-top-talent-youre-just-start.html "5 steps to hiring top talent when you’re just a start-up "). Simply getting more quality talent through your door can make all the difference for the growth of your [emerging](https://www.financedigest.com/tough-times-and-risky-business-which-emerging-market-assets-are-a-bet-worth-taking.html "Tough times and risky business – which emerging market assets are a bet worth taking") business.” Just how powerful can your leadership be? It is estimated that only [48 percent](https://www.zippia.com/advice/leadership-statistics/) of employees feel their company has high quality leadership — and 77 percent of businesses feel their leadership is lacking. [Empathetic leaders](https://www.financedigest.com/how-empathy-in-leadership-is-the-answer-to-the-great-resignation.html) ensure that their employees and business partners feel heard and valued. They provide growth opportunities and look for [ways to help team members become](https://www.financedigest.com/ways-to-become-a-millionaire.html "Ways to become a millionaire") more engaged. This could be as simple as offering recognition for a job well done or laying out an achievable roadmap for advancement within the business. Such actions can directly counteract many of the [leading causes](https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/) behind the Great Resignation, such as feeling disrespected at work or not having opportunities for advancement. Instead, your emerging business can become a place where people want to [work for the long term](https://www.financedigest.com/apples-australian-workers-go-on-christmas-strike-demanding-better-wages-work-terms.html "Apple’s Australian workers go on Christmas strike demanding better wages, work terms"). ## **Understanding Essential Leadership Traits** While the value of strong leadership is abundantly clear, many entrepreneurs remain uncertain as to what their leadership should look like. To that end, Dr. Daud highlights a few [key skills that he believes all entrepreneurs](https://www.financedigest.com/hiring-smart-is-the-key-to-success-for-entrepreneurs-heres-how-you-do-it.html "“Hiring Smart” is the key to success for entrepreneurs. Here’s how you do it.") should strive to develop. “Great [leaders find positive ways](https://www.financedigest.com/3-impactful-ways-that-leaders-can-contribute-to-the-independent-development-of-their-employees.html "3 Impactful Ways that Leaders Can Contribute to the Independent Development of Their Employees") to motivate their teams, such as expressing gratitude for their contributions. They work with [employees and business partners to set goals aligned with the company’s](https://www.financedigest.com/why-more-companies-are-asking-new-employees-to-commence-employment-before-christmas.html "Why more companies are asking new employees to commence employment BEFORE Christmas.") vision and provide constructive feedback to help them achieve those goals. Leaders strive to create an environment of [communication and collaboration](https://www.financedigest.com/putting-collaboration-and-community-at-the-heart-of-the-metaverse.html "Putting collaboration and community at the heart of the metaverse"), finding healthy resolutions to conflict when setbacks occur. They serve as a firm voice of reason that others can trust to provide sound guidance for any situation in the workplace.” [Successful leadership](https://www.financedigest.com/young-leaders-forum-debating-what-successful-leadership-looks-like-in-the-digital-age.html "Young Leaders Forum, debating what successful leadership looks like in the digital age") ultimately defines how you are able to interact with those who work with you. By incorporating these attributes into the [way you lead](https://www.financedigest.com/bank-of-the-future-challengers-leading-the-way-to-cloud-adoption.html "Bank of the future – challengers leading the way to cloud adoption") your team, you can earn their trust, driving motivation and engagement. Demonstrating these attributes of successful leadership also provides a valuable example for others in your organization to follow. A leader’s example sets the tone for the entire [company culture](https://www.financedigest.com/alone-together-how-to-maintain-a-positive-company-culture-while-working-remotely.html "Alone together: How to maintain a positive company culture while working remotely"). If you want to create an inviting and supportive work environment free of toxicity, you must [set the expectations](https://www.financedigest.com/dollar-set-for-weekly-loss-amid-expectations-fed-will-slow-hikes.html "Dollar set for weekly loss amid expectations Fed will slow hikes") and example. ## **Become a Better Leader** Entrepreneurs should always [consider their role](https://www.financedigest.com/the-rise-of-the-paraplanner-why-consider-a-career-in-this-up-and-coming-role.html "The rise of the paraplanner: why consider a career in this up and coming role") as a leader and how they can improve. Like developing any other skill, becoming a better leader requires practice and diligence — but it can be done. As Dr. Daud explains, “Every effort makes a difference. The more you do to improve your leadership abilities, the better [equipped you’ll be to handle](https://www.financedigest.com/crowdsourcing-of-data-to-drive-the-patient-handling-equipments-market.html "Crowdsourcing of data to drive the Patient Handling Equipments Market") the ups and downs that are a natural part of entrepreneurship. You’ll be able to guide your [team through whatever situations come your way](https://www.financedigest.com/top-5-ways-your-business-could-benefit-from-a-team-breakfast.html "Top 5 Ways Your Business Could Benefit from a Team Breakfast"), helping everyone achieve their best results. Your ability to lead will ultimately determine your potential for lasting success.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---