Entrepreneurial and Leadership: Similarities and Differences
Not unlike its sister field of leadership, entrepreneurship has long struggled to identify a coherent theoretical and conceptual framework capable of explaining the phenomenon known as “entrepreneurship” and more importantly the role of the “entrepreneur. ” The focus of this paper is to examine similarities and differences between the fields of leadership and entrepreneurship and create a working definition of the “entrepreneurial leader. ” The field of entrepreneurship has long held that there is a symbiotic bond between the creation of the new venture and the role of the entrepreneurial leader-founder.
The entrepreneurship leader lends his/her vision, leadership style and strategy to the very essence or the core of the business. The individual is a major independent variable influencing the outcome and success of the business. Introduction The function of leadership and the role of the leader is a constant point of debate among scholars, researchers, and practitioners. Issues abound regarding whether leaders are “born” or “made. ” The early literature on entrepreneurship focused on trait theory and the role of the individual.
More recent studies have examined the characteristics and intentions between those entrepreneurs who start “lifestyle” business versus growth or “gazelle” entrepreneurs. The concept of “entrepreneurship leadership” is raising the intellectual debate to a new plane. This paper seeks to rise to the challenge be presenting arguments supporting the “entrepreneurial leadership” concept.
Entrepreneurial Leadership
Discuss the common elements described in the theories/philosophies or Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. After listening to the podcasts of Steve Case, former Leadership Challenge the reading the article written by Peter Drucker of entitled, Entrepreneurial Strategies and the conference proceeding from the Association of Small Business and Entrepreneurial. Former AOL CEO and Chairman Steve Case describe people, passion, and perseverance as the three words that are the bedrock of a successful entrepreneurial.
Heading into what may be a “golden era of entrepreneurship. ” Entrepreneurship is a very important to the underlining success of our country in the future. But, “he says that we must rely on the ‘’three p’s” as an assessment to help guide us with our direction and goals. When all of these three parts are in balance almost everything is possible, but if not nothing is possible. And an entrepreneur can achieve success like that of AOL; when they aren’t, you get the failure of the AOL-Time Warner merger.
Next, James Kouzes talks about five key areas in order to rise to the leadership challenge. He says that modeling the way is the foundation of creditability. Managers and front-line supervisors must always set a good example and doing what they say by personally modeling that way. And, because they have the most influential on a day-to-day behavior they must have a forward looking vision for the organization. They must also challenge the process by focusing on improvements by trying something new and different. They must enable other to act by focusing on the team in-order see what motivate them to do their best and last they must encourage the heart by simply saying “thank you” for a job well done.
Discuss your leadership style or the style you aspire to be and how it compares to transactional, transformation, visionary, charismatic, principled, and entrepreneurial leadership. In today’s connective global environment, it is very clear that a new type of principled leader is needed who can operate in this highly changing dynamic market.
This complex and volatile environments, calls for an entrepreneurial approach of having the right people are doing the right things, for the right people, in the right way, in the right place, at the right cost, and for the right reasons. This along visionary leadership increases efficiency by moving decision-making responsibility to the frontline. This efficiency is achieved with limited supervision to make the frontline responsibility effective; leadership must give workers opportunity to develop quality decision-making skills and learn to trust them. Wal-Mart stores use visionary leadership).
This will enhance the firm’s performance, its capacity for adaptation, and its chances to long term survival. We must now operate under the assumption that the landscape of business is not isolated by city, state, and US borders, so entrepreneurial leaders can gain strategic advantage by developing global strategies.
As new entrepreneur, discuss how you would use resources and tools available through the Small Business Administration and score. Starting a business involves planning, making key financial decisions and completing a series of legal activities. But, the U. S. Small Business Administration has several easy steps to help new entrepreneurs plan, prepare and manage their business. Such as, templates for writing a business plan, choosing a business location and determine the legal structure of your business just to name a few. Although, the federal and state government agencies do not provide grants to veterans like myself for starting a business. However, there are a number of low-interest loans programs that’s available to help us obtain start-up financing.
If you were to create your personal principles of leadership, what would they be and explain why you would chose them. Personal leadership helps in realizing one’s right traits, skills, and motives to produce positive and constructive results. Leadership is not easy and it is often linked to walking in a minefield. The people who become leaders with the consent of others are the ones that succeed, rather than the self-proclaimed leaders.
In order to be successful, a leader should abide by one’s own principles first and then tell others to follow. For instant, higher productivity from everyone, increased operational efficiency and effectiveness, improved motivation and morale from team members, and great job satisfaction in getting the best from the staff. Because, if an individual has a right vision to achieve the goals, he/she can never fail. Moreover, failures make one realizes their hidden strengthens and provide an opportunity to work better.
