Ep #341: 6 Key Leadership Components to Master for Success- with Bill Stratton

This week’s episode features a conversation with Bill Stratton, Founder of the Entrepreneurial Leadership Associates, LLC. There are six key components that result in entrepreneurial success: Vision, People, Data, Issues, Process, Traction. Bill also introduces the concept of LMA (Leadership + Management = Accountability) and how this even guides better hiring practices to reach company goals.What You’ll Learn From This Episode:03:42 #1 Vision: Using the Vision Traction Organizer05:53 #2 People: Find the right ones and the right fit06:57 #3 Data: Implementing the Entrepreneurial Operating System (EOS)11:35 #4 Issues: Using the Identify, Discuss, Solve (IDS) process14:18 #5 Process: Doing key processes optimally for consistency and scale15:35 #6 Traction: Taking your vision and executing on it16:27 LMA: Leadership + Management = AccountabilityQuotes:08:22 “Vision in that everyone, starting with the leadership team, knows where you’re going and how you’re going to get there. Traction in that they’re working with a hundred discipline and accountability in every single part of the vision. And healthy in that they’re working as a healthy and cohesive team.”16:43 “Leadership is about working on the business, providing clear direction, creating an opening, and thinking.”16:51 “Management is about working in the business, setting clear expectations, having two-way clear communications with your direct reports, and doing more executing.”17:09 “If people are afraid of accountability, maybe they shouldn’t be on the team. The people who love EOS are people who love being held accountable.”