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Role of Leadership in Organisations for Entrepreneurial Success - Term Paper Example

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"Role of Leadership in Organisations for Entrepreneurial Success" paper states that people management is essential as motivating and retaining the employees is essential in an SME entrepreneurship venture. Most importantly, entrepreneurs require the drive, the urge to achieve and excel. …
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Role of Leadership in Organisations for Entrepreneurial Success
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Download file to see previous pages It has also been defined as “a multidimensional concept encompassing the firm’s actions relating to product-market and technological innovation, risk-taking and proactiveness” (Kellermans & Eddleston, 2006). Thus an entrepreneur is a person who is prepared for new challenges, face adversities, take the risk and achieve profits by identifying opportunities and utilizing the resources available. An SME operates in an uncertain environment characterized by multiple and frequently competing stakeholders. Thus it is essential to determine whether the entrepreneur should be a good manager or posses the leadership qualities. It is also essential to evaluate the leadership role that an entrepreneur has to play.

Entrepreneurs require people skills, analytical thinking abilities, financial skills, and technical competence. Entrepreneur led SMEs also face challenges like lack of procedures and lack of financial control both of which are critical to the success of the business. People management skills require motivating, communicating, negotiating and team-building skills while analytical thinking skills include the ability to take risks in uncertain environments (Perren & Grant, 2000). It also includes the ability to draw organizational goals with the right strategy, has the ability for opportunity recognition and possesses the instinct to take the decisions at the right time. Entrepreneurial attitude can be measured in terms of achievement, innovation, personal control, self-esteem, and opportunity recognition (Lindsay, 2005). Lindsay further clarifies that innovation includes recognizing and acting upon business activities in new and unique ways. Achievement can be associated with business start-up and growth results, while self-esteem includes self-confidence. Personal control involves individual perceptions of control and influence over business affairs. Creativity is one of the key characteristics of entrepreneurial and part of the innovation process.   ...Download file to see next pagesRead More
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