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Entrepreneurial Leadership - Essay Example

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Assignment 1: Entrepreneurial Leadership Entrepreneurial Leadership Teresa L. Stevenson Dr. Brenda Harper BUS 508: Business Enterprise July 14, 2011 Introduction Strong leadership rises to the top again and again as the key advantage that separates world-class companies from the rest…
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Download file to see previous pages Great leaders are able not only to craft winning competitive strategies, but also to drive critical innovation, implement change, and create agile organizations that can succeed in complex markets. (www.exed.hbs., 2011). Hence, entrepreneurial leadership is a hybrid leadership theory combining the principles of effective leadership and entrepreneurial skills. Such hybrid theory aims to ensure an optimal business results in practice. Hybrid Theory In today’s dynamic market, there is a need to combine the best principles and practices available in every entrepreneurship, management, and leadership theories. In short, looking at a wide range of possible help is important for an organization to survive. Since an organization is about people, it is imperative to understand the dynamics operative in the lives of people and how these can be made assets to the good of the organization. Arguably, the issue in every organization is “people knowledge” and “people management.” Entrepreneurial leadership is skills-based, competence-driven, and value-laden kind of leadership that aims to bring business companies to succeed. Entrepreneurial leaders are able to identify the right people for the right posts in order to ensure the effective and efficient operation of the company. They can achieve it by working hard, maintaining a constant message and/or being available to solve employees’ problems, and influencing them to meet the company’s standards, among others. Entrepreneurial leaders can build trust and confidence in employees, by showing employees that they are fully committed to achieving the vision. (www.growthink.com. The Definition of an Entrepreneur) Types of Organizations Entrepreneurial leadership builds on certain types of organization that give flesh to the theory. As such, every organization rises or falls with the theory it adopts for operation and sustainability. Every organization then becomes a necessary context within which a theory is bound up – for good or ill. The types of organization are the following: 1) Transactional Leadership Transactional leadership is a style of leadership in which subordinates seek motivation from their leaders via a combination of punishment and rewards in the workplace. An example would be subordinates might receive a punishment if they do a task incorrectly. In contrast, a reward might be given to subordinates who accomplish their tasks correctly and in a timely manner. Max Weber, one the founders of modern sociology, developed this leadership theory in 1947. However, there are things which transactional leadership needs to avoid. These are NEVER to: (1) assume that such leadership can be applied across all situations; (2) fail to harness the power of positive leadership; (3) rely on a reactive posture that can be characterized by indifference, delayed action, and/or absence; (4) provide leadership over task areas in which leaders have no expertise in; (5) coerce employees to do unethical actions. (cf. www.leadership-and-motivation-training.com. Transactional Leadership). 2) Transformational Leadership Transformational leadership is a type of leadership style that leads to positive changes in those who follow. Transformational leaders are generally energetic, enthusiastic and passionate. Not only are these leaders concerned and involved in the process; they are also focused on helping every member of the group succeed as well. (www.psychology.about.com. Transformational ...Download file to see next pagesRead More
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