Entrepreneurial Skills and Business Management - Coursework Example

Entrepreneurial Skills and Business Management Entrepreneurial Skills and Business Management Entrepreneurial leadership involves the emphasis placed on the use of design thinking, corporate social responsibility and business ethics with an aim of providing suitable solutions to problems. Business ethics focuses on the creation of long term organizational cultures by determining the right and wrong while considering, societal, legal and environmental perspectives. This means that entrepreneurial leadership should entail dynamic thinking in order to make informed decisions (Goossen & Stevens, 2013). Decisions are necessary for the growth of any venture since they determine how the venture will be operated. Henceforth, this brings a vital element of entrepreneurial leadership known as innovation. Innovation is the central idea in the success and maintenance of any viable venture. It entails the development and incorporation of fresh and new ideas in a unique manner to solve issues. The ideas are developed through the critical thinking process. Furthermore, leadership values and change are also vital for entrepreneurial leadership as discussed in this paper. According to Sheila Moorcroft, 2025 is just over ten years away, and there are a lot of changes expected to happen. In her views, individuals and organizations should embrace change as a means of dealing with the overarching global issues such as technological transformations, economic changes, political changes and threats among others. This change involves the ability of these individuals and organizations to learn new approaches to tackle these issues and reduce negative impacts (Moorcroft, 2014). In relation to global threats, Sheila Moorcroft suggests that with the projected population estimation of 8 billion people, a total of 5000 cubic kilometers of water will be needed in order to avoid water shortfalls. Moreover, by 2030 water shortages will be usual condition in the business environment (Moorcroft, 2014). Considering that water shortages pose serious threats such as death of human life and retarded industrial growth, entrepreneurial leaders or companies should invent ways of addressing this issue. This issue can be addressed through avenues such as global stakeholders, leadership values and social responsibilities. Ben Shaw’s Vets First Choice venture can appropriately be applied in the scenario because of its company culture and leadership values. To begin with, the venture is considered innovative since it offers online veterinary services. According to the founder, entrepreneurship entails creativity and commitment to solve issues (Thompson, 2010). This means the company believes innovation as one of the company cultures. In this context and culture, the company can come up with ways of addressing the projected water shortages. Another important culture of this venture is the improvement of the world. Ben suggests that the world should be improved through the provision of better living standards and environments. As such, the company can fit to address the water issue since water forms the basis of any living thing in the world. Water is also used in the production of virtually anything consumed human beings. Additionally, the company also embraces the economical cultures. This culture ensures that customers are properly treated in order to ensure business sustainability and realization of profits. Leadership values in this context are defined as the important elements that positively influence how a venture operates. In most cases, priority forms the basis of leadership values (Mind Tools). Prioritization involves defining values starting with the most important ones. For example, business success can be a priority in any venture. The success can be measured through customer satisfaction, profits realized or sustenance of the venture. Success is evident in this company since there is customer satisfaction and positive returns. Furthermore, other entrepreneurial leadership values include: achievement, dynamism, growth, preparedness, commitment and focus among others. Ben Shaw can be considered to posses some of the above leadership values. For example, customer commitment ensures he attracts new customers, which in turn lead to realization of profits (Thompson, 2010). He is also focused since he continues doing business despite the competitive nature of such business. Therefore, based on the leadership values and company cultures discussed above, the company can be best suited to address the projected water shortage issue. As the world begins to realize looming shortages of water, stakeholders, companies and investors care about the risk posed by global this issue. Water is essential for the life of any living thing. Its scarcity is characterized by risk factors such as: reputation, regulatory and its physical availability. Reputational risk factors relate to the impact of water values while regulation relates to water quality and quantity. These risk factors can impede business continuity in general. Water Footprint Network, World Water Week and World Business Council for Sustainable Development are some of the stakeholders that can be used to address this issue (Sarni, 2011). Alliance for Water Stewardship, GEMI water sustainability, UN Global Compact and the World Economic Forum are also other stakeholders that can be used to address water scarcity issues. World Business Council for Sustainable Development is a global water association that integrates global business communities to create a sustainable future for the society, environment and business. Alliance for Water Stewardship is a stakeholder company that drives collective responses of water scarcity risks. They help individuals to understand looming water issues and support the development of water scarcity strategies. Furthermore, World Water Week is an international water institute host program aimed at exchanging ideas among participants. Such programs usually consist of practitioners, experts and decision makers. This means innovative ideas or improvements are embraced in such water programs. The World Economic Forum is also another stakeholder that can be used to address economic issues. This international organization is committed to improving the world by engaging business, academic and political leaders in the society shape regional and global agenda. Therefore, the entrepreneurial leader can engage the above described stakeholders to start addressing the issue of water scarcity (Sarni, 2011). For example, the World Economic Forum can be used to address expected economic growth in relation to water strategies. There are various implications or issues that the entrepreneurial leader needs to consider in order create a viable and sustainable stakeholder network. Business opportunities and innovation, data provision and supply chain among others, are some of the implications needed to provide a sustainable network. Business opportunities and innovation relates the new technologies concerning the water industries. As an entrepreneur, one should come up with ideas associated with water recycling, water improvement or acquisition. With substantive ideas of water scarcity resolutions, investors or stakeholders would be willing to work with the entrepreneur. Data provision relates to relevant data facts gathered by the entrepreneur concerning this issue (Sarni, 2011). This means that the entrepreneur should do enough research in relation to projected population and water requirements before engaging the global stakeholders. Additionally, the supply chain ensures that clearly defined channels will be followed once water scarcity resolution techniques are implemented. With the above mentioned issues, stakeholder network value can be realized in terms of revenue enhancement, risk reduction, cost savings and improved environment. Revenue enhancement will be possible since the innovative business ideas will be aimed at providing opportunities for raising revenue (Goossen & Stevens, 2013). This means that the innovations should provide a means through which water is sold globally for purposes of gaining profits. In relation to risk reduction, sufficient research would be able to provide adequate data needed to address the water scarcity issue. Therefore, with data such as projected population, water scarcity risks will be reduced by innovating and implementing ideas that serves this population. Moreover, the ideas should also address the environmental risks such as water pollution. Additionally, an established stakeholder network would save on budgeted costs needed to implement water scarcity issues. As discussed earlier, adequate data would sufficiently provide for informed costs of providing water. For example, data would determine the exact amount of cubic kilometers of water needed. Finally, stakeholder network would provide a means of improving the environment through provision of quality and safe water. There are various social media platforms that can be used to raise awareness concerning water scarcity issues and create new innovations. LinkedIn, Twitter, Google+, facebook, Blogging platforms and discussion forums among others are some of social networking platforms that can be used to raise awareness or promote new ideas. Since twitter and facebook enjoy huge following globally, they can be used to raise water scarcity awareness. This involves posting pictures, videos or information concerning risks posed by water scarcity. For example, creating a group like “Global Water Scarcity Resolution” in such platforms would enable people to post various water scarcity strategies. From such posts, people would be aim at providing informed solutions of tackling this issue. Discussion boards or forums such as Lefora and vBulletin can also be essential in creating new innovations with stakeholders. The discussion forums are online platforms that enable engagement between members of the community or society. The also offer options that allows people to give advice. With such a platform, entrepreneurs can engage in productive discussions with stakeholders concerning water shortage issues. In conclusion, success of entrepreneurial leadership can be measured in terms of values, corporate social responsibility and critical thinking. Furthermore, innovation plays a vital role in the growth and sustainability of any venture. For example, innovation and utilization of business opportunities ensures sustained stakeholder network. Therefore, innovation and leadership values discussed above can help in solving global issues such as water scarcity. References Goossen, R.J., & Stevens, R.P. (2013). Entrepreneurial Leadership: Finding Your Calling, Making a Difference. Illinois: InterVarsity Press. Mind Tools. What are Your Values? Retrieved from http://www.mindtools.com/pages/article/newTED_85.htm Moorcroft, S. (2014, May 20). 2025-a very different world: are you ready? Retrieved from http://www.shapingtomorrow.com/home/alert/224339-2025---a-very-different-world--are-you-ready- Sarni, Will. (15 July 2011). 6 Ways Companies Can Address Their Water Scarcity Risks. Retrieved from http://www.greenbiz.com/blog/2011/07/15/6-ways-companies-can-address-their-water-scarcity-risks Thompson, J.L. (2010). The World of the Social Entrepreneur. The International Journal of Public Sector Management, 15(4/5), 413. Read More