What makes a great business leader, according to a 20-year-old serial entrepreneur

The opinions expressed by entrepreneurs contributors are their own.

As a lifelong entrepreneur, I know firsthand the ups and downs of running a successful business. I've run several marketing companies, each catering to different national markets, as well as co-run a financial investment firm and several lucrative mobile app businesses. Although it hasn't always been perfect, I don't regret the ups and downs for a second: all the learning experiences have made me the leader I am today.

It can be both exhilarating and challenging, but serial entrepreneurship is just the thing for me. In truth, not everyone is cut out to be the head of a business. There are certainly specific features and components that make for effective components. In this article, I will discuss some of the elements that make a great leader in .

Related: 22 Qualities That Make A Good Leader

Empathy

One of the most important aspects of being a great leader is being empathetic. Empathy is so important, but so often it's not something that's encouraged in the corporate world. Yet being empathetic is crucial for good leadership. When a business owner shows empathy towards his employees, he in turn earns the respect of his members. This allows a leader to be authentic about their experiences and connect with employees on a human level.

Empathy helps you retain top talent. If you're a jerk or unable to respond empathetically to your employees' concerns or sensitivities, they're destined to leave. In my opinion, you simply cannot grow a business with a high turnover rate.

A clearly defined vision

Another essential ingredient that makes a good leader is having a clearly defined vision for the organization. Likewise, the ability to articulate the long-term and short-term goals of the organization is equally important. When team members clearly understand the company's vision and purpose, that clarity inspires trust and a sense of camaraderie.

Enthusiasm

Being enthusiastic is of paramount importance for any leader. Leading with enthusiasm and having the ability to motivate team members towards a common goal is crucial. Enthusiasm is contagious and permeates an entire organization.

Endurance

As entrepreneurs, we know that with any business there are successes and failures. In any business, some things go well and some things go wrong. The way a leader handles failure is truly demonstrative in character. It is essential to learn endurance for when something goes wrong or when a goal is not achieved as planned.

Most importantly, it sets the tone for how the rest of the organization handles failure. Of course, accountability and responsibility are necessary. The best approach to failure is to be pragmatic with your team, to access together and come up with concrete solutions that will lead to improvements.

Related: 7 Traits All Great Business Leaders Share

Effectively manage change

One of the most difficult situations for any leader is change. Having the ability to effectively manage change in an organization is vital for a great leader. Regardless of what caused the change, a leader must approach the situation from a constructive standpoint with the utmost professionalism.

Embrace learning

As business owners, we need to embrace learning for several reasons. A great business leader understands that knowledge is essential to staying abreast of industry changes and innovations, as well as improving personal skills. Also, don't be afraid to improve your skills with more formal training in certain areas.

Personally, I took language courses with Lingoda and iTalki, while taking technology courses on Udemy and Hubspot Academy in order to continue my training throughout my career.

Foster high performing team members

A great business leader understands that a company's most important asset is its people. Assemble a talented and skilled group of individuals who excel as team members with...