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Today’s business leaders are a different breed. They must do everything that yesterday’s leaders excelled at but at higher levels. This list is an important one because without understanding what is required, you virtually have no chance to succeed. Here is a list of some of the key requirements of a modern leader.

They are Philanthropists

Modern business leaders like Lloyd Claycomb II know that giving is crucial when you operate a successful business. Whether that giving is to local charities operating in your businesses’ city or an international charity doing good work overseas, the idea of giving signifies a true business leader. Employees consistently say they want to work at a company that is interested in the well-being of others. Millennials list this as a top priority for their deciding on an employer. Why? Because they know that these types of companies will have compassion for their workers and their existence will not only be about making money, but making a better world. And giving does make a better world. So smart business leaders are also philanthropists.

They Persevere

Thomas Edison failed at inventing the light bulb more than 1,000 times before he finally got it right. You can imagine how many times he and his team wanted to give up and say that it could not be done. His persistence is what made him to become known as one of the greatest inventors in history. Being able to fail again and again and still remain committed to your goal is a core requirement for success and a quality every modern leader must have.

Many people think that the great leaders never taste defeat and that they always get it right. Michael Jordan missed more shots than he made and every professional baseball player must get comfortable with failing more often than they succeed. With this knowledge they must get up to the plate every time and perform like they will get a hit. This attitude must often be self-motivated because it has to be an internal feeling that moves outward. It also helps quite a bit if you have a support group around you who you can lean on when things do not go well, which will be often. In any case modern leaders need to stay the course.

They are Very Resourceful

Until you are the height of your business success (and even then), you will have a limited amount of resources to work with and will need to be resourceful to succeed. Even if you start out with all of the funding you need, you will still not have the benefits of the optimal team, the experience of working together and knowing how each other reacts in all situations, and the benefit of the marketplace looking beyond your shortcomings or mistakes. So being able to work well without everything you need is a top requirement for modern leaders.

This means that you have to work in close coordination with your team members and every effort you undertake has to yield multiple benefits. For example, team members should have two or more skill sets. Teams should be prepared to work flexible hours, and on short notice be somewhere important for the company. Further you need to find vendors who will work with you based on helping to get your business to grow rather than a strict business for services relationship. Remember, you are building something that will be amazing for everyone involved, so asking for their assistance now will bring them great benefits in the near future. You must be able to use every resource to your great advantage.

These qualities will position you to be prepared for the long road to success. Take them seriously and you will be on the top one day!