ENTREPRENEURIAL LEADERSHIP

Entrepreneurial Leadership



Abstract

Entrepreneurship is when you undertake a business venture and bring forward an innovative business idea based on their business acumen. Entrepreneurship in the contemporary era includes social and political forms of entrepreneurial activities, as well. For a new business to be successful, it takes the ultimate dedication and unrelenting perseverance of its founders. Thus, these entrepreneurs go on to become entrepreneurial leaders.

Table of Contents

Abstractii

Introduction1

Discussion1

Ethical and Social Responsibilities of Business1

Profit Oriented Entrepreneurial Approach2

Founding Leaders2

Leadership Style2

Business Principles3

Social Responsibility Oriented Entrepreneurial Approach3

Founding Leaders4

Leadership Style4

Business Principles4

Useful SCORE Tools for Small Business Administration5

Conclusion6

The Best Approach6

References7

Entrepreneurial Leadership

Introduction

Leadership is yielding influence over others with the purpose of achieving a common goal. A business needs effective leaders in order to succeed. A leader who understands the challenges of the rapidly changing global environment can lead his company to success. The leadership style of an entrepreneur has an impact on the organizational development and performance (Fernald, et al., 2005).

With the world having changed into an entrepreneurial economy, more and more new business come up and become successful by focusing on an untapped market niche (Fl?istad, 1991). Entrepreneurship is encouraged for the purpose that it leads to economic development (Tarabishy, et al., 2005).

Mr. Drucker's article proposed two theories for entrepreneurial strategies. “Being fustest with the mostest” this theory aims at market domination through innovation. “Hit them where they ain't”, this strategy suggests exploiting success from others by using “creative imitation” and “entrepreneurial judo”. The first entrepreneurial strategy discussed in Drucker's article was “fustest with the Mostest”. Not all fustest with the mostest strategy work. It's not one of the dominant ones let alone the one with the lowest risk or the highest success ratio. It is also a great gamble, no allowances for mistakes or second chances. Hofmann-LaRoche of Basel used that strategy and was very successful. He gambled with the idea of Vitamins, and it worked for him. Multiple examples of cases where Being Fustest with the Mostest was used to gain success were given in the article like Apple computer, Mayo Clinic, March of Dimes and plenty other inventions. Being “fustest with the moistest” requires an ambitious aim or it is bound to fail otherwise. In order for this strategy to succeed it requires though and careful analysis of the opportunities for innovation. Even then it requires extreme concentration of effort. Drucker talked about the old Swiss story of Wilhelm Tell the archer, whom the tyrant promised to pardon if he could successfully shoot an apple off the top of his sons head on the first try. Now he could either kill his child by shooting him, or he would be killed because he was not successfully at shooting the apple from the child's head. This is exactly the situation of the entrepreneur in the "Fustest with the Mostest" strategy. There is no "almost success" and no "near-miss." There is only success or failure.

Discussion

Ethical and Social Responsibilities of Business

Entrepreneurial organizations have a different structure than the conventional ...