Entrepreneurial_Leadership

Entrepreneurial Leadership Question 1: Create a hybrid theory/philosophy which combines the common elements found in the thinking of Case, Kouzes, and Drucker. In your philosophy, be sure to include the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Entrepreneurial leaders help develop and sustain organizational culture. They are risk takers, favor change and innovation to gain a competitive advantage. James Kouzes explains that leadership is not a just a position. He highlights five practices of leadership. First practice is “model the way” leaders need to be the example, set the foundation of leadership. If people do not believe in the leader personally they will not believe the leaders message. Second practice “inspire a shared vision”, leaders are forwarding looking and envision what the organization can become. Third practice, “challenge the process” leaders should be asking themselves “what have I done this week to help improve what I will do next week'” Leaders need to continue to learn and grow. Fourth practice, “enable others to act”, leaders should focus on what the team or an individual needs and find ways to motivate and help them build those skills. Fifth practice, “encourage the heart”, leaders need to be able to celebrate milestones, praise others for work accomplished. Simply say “Thank You” (Kouzes, 2008). Steve Case, former CEO and Chairmen of AOL, talks about the three P’s: people, passion, and perseverance. People focus on what’s important, they have the passion to keep improving and they persevere through the hard times. Leaders need to have a vision and focus on taking the vision and turning it into a success. Case says “Vision without execution is hallucination” (Case, 2010). According to Peter Drucker, there are several aspects for entrepreneurial strategies. “Being fustest with the mostest, leaders aim at market domination through innovation. This strategy looks to the future which I believe is one common element in all three theories. Another common element is find ways to be creative as well as ways to improve the process (Drucker, 1985). Question 2: Describe what type of organization a transactional, transformational, and authentic leader would thrive in the most, as well as which type of leader would thrive the least. Explain your response using at least one (1) additional source. Transactional leaders create clear structures so that employees under them know exactly what is expected of them. This style of leadership also uses rewards or punishments in order to encourage employees to reach the goals that have been set. Transactional leaders are generally opinion leaders, governmental or party leaders. These types of leaders will thrive using this type of leadership because they have the ability to sway public opinion. Transformational leaders identify a need for change, create a vision for the change and execute the change with the commitment of the entire organization. There are four parts to transformational leadership: idealized influence, inspirational motivation, intellectual stimulation, and individual consideration (Hays, n.d.). These leaders are great role models for others; they are trusted and respected by their peers. They know how to motivate employees and encourage their teams to reach their goals. These leaders also encourage innovation and creativity and act as coaches to their employees. Lou Gerstner, retired Chairman and CEO of IBM was a transformational leader. He brought IBM back from an $8.1 billion loss in 1993 after identifying part of the company’s problem as ‘success syndrome’. He transformed the organizations culture by modeling desired behavior, the company had become very rigid (Hays, n.d.). Transformational leaders thrive in organizations where they are able to capture the emotions of employees and encourage them to achieve their goals. They are best in organizations where they are able to manage people in a changing environment. Authentic leaders have a vision for the future. They are able to demonstrate initiative, they always go first, and they are not going to ask others to do what they are unwilling to do. Authentic leaders have influence on others, they know how to make a difference and they exercise integrity. James Kouzes said that people will work harder for leaders they like. When leaders show that they have their employees’ interest in mind, the employees are more apt to want to do their best (Kouze, 2008). Question 3: Evaluate the resources and tools available through the Small Business Administration and SCORE, and determine which single resource or tool is most useful to the greatest number of businesses. Explain your rationale. The Small Business Administration (SBA) offers programs to support small business owners. They dedicate their energy and resources to providing small businesses across the country. SBA helps businesses across the country through what they call the “3 C’s” of service: Capital; Contracts; & Counseling (U.S. Small Business Administration). They offer programs related to financial assistance, contracting opportunities, disaster assistance as well as counseling and training. The SCORE Association is a non-profit organization that offers free advice to small businesses and entrepreneurs. They provide general business advice on all aspects of business planning, start-up, management and growth. They also provide business workshops and seminars on topics that are customized to fit the local business owner (SCORE). I think the tools for starting a business that the SBA offers are key for any new business, the SBA provides a ton of information from thinking about starting a business, to creating a business plan, to preparing your finances, and what forms need to be completed. Question 4: Create a list of leadership best practices that would apply to the greatest number of businesses (both small and large). Be sure to explain your reasoning. James Kouzes describes five key points for all leaders to remember, I believe those should be the start of leadership best practices. Successful leaders know they must set the example. Their creditability is important. They need practice what they preach! Strong leaders also enable others to act; they focus on how to improve their teams by asking them what they need in order to do their best. These leaders are caring individuals who share in the celebration of milestones. They hire people who share the same enthusiasm in achieving success. The know how to work through adversity and motivate others during difficult change. Communication is also an important aspect for business leaders to remember, both verbal and non-verbal communication can affect the success of any business.  References Case, S. (2010). People, passion, perseverance: You've got entrepreneurship (Podcast). Retrieved from http://www.entrepreneurship.org/en/resource-center/people-passion-perseverance-youve-got-entrepreneurship.aspx Changing minds. (2002). Transformational leadership, Retrieved from http://changingminds.org/disciplines/leadership/styles/transformational_leadership.htm Drucker, F. (1985). Entrepreneurial strategies. California Management Review, Winter 85, 27 (2), (pp. 9-25), Retrieved from Strayer Library Gupta, V., MacMillan, I.C., Surie, G. (2004). Entrepreneurial Leadership: Developing and Measuring a Cross-Cultural Construct. Retrieved from Journal of Business Venturing, Elsevier Inc., pp. 241-260. Synopsis by Adele Bergstrom ’05, Leadership Review Editorial Assistant http://www.leadershipreview.org/2004summer/BergstromArticle.pdf Hay, I. (n.d.). Transformational Leadership: Characteristics and Criticisms. School of Geography, Population and Environmental Management. Flinders University. Retrieved from:http://www.leadingtoday.org/weleadinlearning/transformationalleadership.htm Kouzes, J. (2008). Rising to the leadership challenge (Podcast). Retrieved from http://www.amanet.org/training/podcasts/James-Kouzes-on-Rising-to-the-Leadership-Challenge-08-27.aspx SCORE. (n.d.). Retrieved from http://www.score.org/index.html Tarabishy, A., Solomon, G., Fernald, L.W. (2003). Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Proceedings of the USASBE, Retrieved from http://usasbe.org/knowledge/proceedings/proceedingsDocs/USASBE2003proceedings-21.pdf Transformational Leadership. (2004). Retrieved Money-zine: http://www.money-zine.com/Career-Development/Leadership-Skill/Transactional-Leadership/ U.S. Small Business Administration. (n.d.). Retrieved from: http://www.sba.gov/index.html