Entreprenual Leadership

7/29/2019 Entreprenual Leadership

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Entrepreneurial Leadership

The Business EnterpriseBUS 508

Introduction

Leadership is the single biggest factor influencing personal decisions. A good leader is the most

powerful asset any business can dream of. A true leader is able to inspire people to do their work.

The workers will look up to the leader and admire the leader making the most of their guidance.

Leadership is not an attribute anyone is born with. It is developed throughout life. If you want to

become a leader, but think that no-one will ever be interested in following you, you need to

change your mindset! You can develop yourself into a leader. Leadership is a constant active

effort in order to improve skills and ability to help others. Leaders are decision makers. They

know what needs to be done and they make sure that it gets done. Leaders know how to delegate

effectively. Management and leadership are not the same concept. Leaders decide direction and

management heads towards that direction. Lead people, manage things.


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Discussion: Elements of leadership

Steve Cases elements of Leadership: Steve Case has mentioned three keys to be a successful

entrepreneur which are People, passion and Perseverance. He considers people are the most

important asset for any company. The reality is the most important asset is the right people.

People will make or break your team and your company. Get the right people in the right seats:

that can make a big difference. It can be the difference between success and failure for your

venture. Passion is a unique quality of a successful entrepreneur. If you want to be successful, do

the stuff that you are passionate about and hire passionate people. Perseverance is the hard work

you do have you get tired of doing the work you already did. Starting a new venture, running a

business, being a parent, it all takes effort. If you want to generate long-term results, you will

have to persevere. You have to endure.

James Kouzes: In the book named the Leadership Challenges, Kouzes describe leadership as

a challenge.He said, The Leadership Challenge is about how leaders mobilize others to want toget extraordinary things done in organizations. Its about the practices leaders use to transform

values into actions, visions into realities, obstacles into innovations, separateness into solidarity,

and risks into rewards. Its about leadership that creates the climate in which people turn

challenging opportunities into remarkable success.

He mentioned five practices of leadership which are: Model the Way, Inspire a Shared Vision,

Challenge the Process, Enable Others to Act, and Encourage the Heart.

He explained these five practices of leadership as follows:


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Model the Way - Lead by example: Set an example for others to follow. Practice what you

preach. You reap what you saw. What you do comes back to you. Those in glass houses

shouldnt throw stones. Take a stand. Stand for something. Find your unique voice.

Inspired a shared vision - Create an inclusive picture: In Steven Covey terms, these would be

avoiding the scarcity mentality. Have an abundance mentality. At work I see turf wars when

theres a scarcity mentality. The solution is to frame out a bigger space where everybody gets to

play.

Challenges the process - Practice continuous improvement: The Japanese term is Kaizen. Focus

on small, incremental improvements. Build momentum from small wins. Start with something

small. Success snowballs.

Enable other to Act - Lift others up: In Covey terms, this would be help others find their unique

voice. Find the good in others. Leverage the unique values that others bring to the table.

Encourage the Heart - Live with passion: Link passion with results. Celebrate the small wins.

No good deed goes unrewarded. What goes around comes around. Stop and smell the roses.

Peter F. Drucker: Drucker have mentioned some entrepreneurial strategies in California

Management review which are as follows:

1. Being fustest with the moistest, 2. Creative Imitation, 3 Finding and occupying a specialized

ecological niche, and 4. Changing a economic characteristic of a product, a market or an

industry.


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Every strategy has an individual aim. The aim of the first two strategies is aim at leadership,

dominance. The aim of the third one is aim at control, and the aim of fourth strategy is aim to

create a customer.

Entrepreneurial Leadership for todays Dynamic Market

According to Lippitt (1987), Fernald & Solomon (1996), Gupta & MacMillan (2002), Tarabishy,

Solomon & Fernald (2002), the most important elements of todays dynamic leadership are 1.

Risk taker, 2. Focus on Task, 3. Assume Responsibility, 4.Decision Maker, 5.Provide Vision,

6.Visionary Scenarios, 7.Motivator, 8.Facilitating Proactive Transformation, 9.Builds,

10.Committed cast of Characters, 11.Capable Manager, 12.Reward Equity, 13.Communicator,

14.Credible, 15.Creative, 16.Confident, 17.Follower-Centered, 18.Visionary, 19.Principled,

20.Facilitating Proactive Transformation, and 21.Dynamic Market Leader and Entrepreneur.

Based on the analysis of old strategies and todays new dynamic strategies, the best leadership

style would be risk taker, focus on task and assume responsibilities style. Leadership qualities are

more than being an administrator or a manager. As an art, it means orchestrating the totality of

the enterprise with energy, self-confidence, persistence, and learning capabilities. One could

associate entrepreneurs with leadership functions such as providing vision to the development of

a new product, service, or organization. A leader has to be entrepreneurial as well.

Entrepreneurial leadership deals with concepts and ideas, and these are often related to problems

which are not of an organizational nature. Instead, they tend to be individual characteristics or

behaviors. They include vision, problem solving, decision-making, risk taking, and strategic

initiatives.


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Conclusion

Today's leader must know their core values and be able to voice them. They must be flexible,

able to relate to all groups within the constituency, adapt well to change and be prepared for

times of uncertainty. Leaders have always had a voice but now followers do also. The

description of transformational and transactional leadership blends all of these qualities in the

Full Range of Leadership.

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Entreprenual Leadership