As a leader, having a great idea, and assembling a team to bring that concept to life is the first step in creating a successful business. While finding a new and unique idea is rare enough; the ability to successfully execute this idea is what separates the dreamers from the entrepreneurs. However you see yourself, whatever your age may be, as soon as you make that exciting first hire, you have taken the first steps in becoming a powerful leader.

When money is tight, stress levels are high, and the visions of instant success do not happen as you expected it to be, it is easy to let those emotions get to you, and thereby your team. Take a breath, calm yourself down, and remind yourself of the leader you are and would like to become. Here are the key qualities that every good leader should have and should learn:

Open-mindedness

As Daymond John, CEO, Shark Branding and FUBU says, one of the biggest myths is that good business leaders are great visionaries with determination to stick to their goals no matter what. It is not true. The truth is, a leader needs to keep an open mind while being flexible, and adjust if necessary. In the beginning phase of the company, planning is highly overrated and goals are not static. Your commitment should be to invest, develop and maintain great relationships with your employees.

Honesty

When you are responsible for a team of people, it is important to raise the bar even higher. Your business and its employees are a reflection of yourself, and if you make honest and ethical behavior a key value, your team will follow suit.

Try to make a list of values and core beliefs that both you and your brand represent, and post it in your office. Promote a healthy interoffice lifestyle, and encourage your team to live up to these standards. By emphasising these standards, and displaying them yourself, you will hopefully influence the office environment into a friendly and helpful workspace.

Delegate

It is important to remember that trusting your team with your idea is a sign of strength, not weakness. Delegating tasks to the appropriate departments is one of the most important skills you can develop as your business grows. The emails and tasks will begin to pile up, and the more you stretch yourself thin, the lower the quality of your work will become, and the less you will produce.

The key to delegation is identifying the strengths of your team, and capitalizing on them. Find out what each team member enjoys doing most. Chances are if they find that task more enjoyable, they will likely put more thought and effort behind it. This will not only prove to your team that you trust and believe in them, but will also free up your time to focus on the higher level tasks, that should not be delegated. It is a fine balance, but one that will have a huge impact on the productivity of your business.

Patience

According to Dan Brain, COO, WhipClip, patience is courage. It is meant to test your commitment to your cause. The path to great things is always tough, but good leaders understand when to abandon the cause and when to stay the course. If your vision is bold enough, there will be hundreds of reasons why it ‘can’t be done’ and plenty of doubters. A lot of things have to come together—external markets, competition, consumer demand, financial status and also a little bit of luck to pull off something big.