As an entrepreneur, you get to guide the direction of your company and establish a company culture you believe in. One determining factor that will strongly influence culture is your leadership style. Do you savor the thought of ruling with an iron fist or do you want an egalitarian company where everyone has a voice?
Below are five distinct management styles for entrepreneurs. You may lean strongly towards one leadership style, or embody characteristics from a few different styles. There are pros and cons to each, but understanding your distinct style can help you increase the positive effects and minimize the negative aspects. Which management style suits your personality and creates the type of company culture you believe would fit your business?
The director leadership style is perfect for entrepreneurs who like to take control of their environment. If this is your preferred style, you generally like to do things your own way and are unlikely solicit input from others. One advantage of this unilateral management style is that tasks can be completed faster according to your exact specifications, but your employees may feel stifled and undervalued.
Do you like to empower others? Entrepreneurs that embrace the idea of serving others tend to hire talented people and trust their employees are competent enough to do their job without micromanaging them. This management style encourages everyone to take the initiative and serve their customers.
Task-oriented entrepreneurs are great at noticing the details. If you gravitate towards this type of management style you may frequently delegate key roles and tasks to other employees while coordinating every aspect of the project. If you have an eye for detail and love to set firm benchmarks, this may be the ideal management style for you. Employees that are also task-oriented will flourish in your company.
An entrepreneur that favors a flat management style will encourage employees to make decisions based on their own knowledge. They will also specifically assign employees to different projects according to their expertise. This type of management style will allow the collective whole to create an atmosphere of innovation in your company.
A democratic leadership approach focuses on gathering everyone's opinion and reaching a mutual consensus before making a final decision. If you would like to get insight from others, this is a great option. However, it should also be taken into consideration that your decision making process will be dramatically slower.
Overall, only you can decide which management style works best for you and your company. Based on your personality type and entrepreneurial spirit, you probably already identify with one or two management styles.
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