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Managing entrepreneurially - Essay Example

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Course Date Entrepreneurial management refers to the use of entrepreneurial skills in the management of business and its practices, as well as in all its aspects (Price). This management method is used to increase efficiency and effectiveness in the running of business using shift in the priorities of an organization (Hortovanyi 11)…
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Managing entrepreneurially
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Download file to see previous pages In the use of entrepreneurship skills in management, maximization on the available resources is usually the highest priority to increase the level of output in a firm, without incurring additional costs both financially and through labor. As per the definition of entrepreneurial management, an entrepreneur is a good manager who assumes all the risks of a business by taking control of the company, as well as its goals and direction. The entrepreneurship model of management is made up of six different styles that are generated from a combination of one or more styles, but all aim at the earlier mentioned goals of effectiveness and independence. The first style is the classic and is more of a traditional entrepreneurial management style based on monitoring and supervision (Roslan et al 91). With this in mind, all hired personnel are monitored and supervised on a personal level, where personal refers to the manager taking the role of supervisor. This style also focuses on lack of delegation of responsibilities in the firm all thanks to the personal nature or attachment of the manager to the firm in taking the lead to oversee everything personally. The down side to this style lies in the failure to delegate duties and responsibilities due to the neurotic urge to do everything by oneself, which is more of a negative way to run a firm. The style is reformed by defining that which can be delegated and that which cannot, in order to create a convention on that which is right and wrong in running of the firm in relation to effectiveness. However, due to the common belief that this style uses team management, businesses often become too complicated to be run by the entrepreneur using this style; thus the inclusion of managers from outside to run the business. Still, due to the lack of trust in the delegation of responsibilities to subordinates and other members of staff, there is usually conflict in the running of the firm, as the leader needs to be in control. This is concerning running and supervising everything personally, which leads to over regulation what the managers are supposed t do for the development of the firm. As a result, it disillusions the subordinates and the firm is left without members of staff since they cannot handle the occurrence of such events on a regular basis as it appears disrespectful to the members of staff by subjecting them to some of the responsibilities that one cannot handle on his or her own. To correct the situation of the classic style of leadership with its down sides, to is crucial to identify the role of one’s leadership in relation to one’s ability to delegate. Therefore, when one cannot delegate effectively, it is crucial to keep the complexity of the business to a minimum in order to eliminate the need for managers and disillusionment of subordinates. The second style is the coordinator, which is an alternative to the classic method in that it takes the recommendations of reforming the classic to mind. A firm can be easily run with a very limited number of employees together with the leader, where the role of the leader revolves around organization. In this case, entrepreneurial management involves the leader verifying that everything is done in the form and that the firm is ...Download file to see next pagesRead More
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