FINANCIAL MANAGEMENT

Assignment # 5 Financial Management

Assignment # 5 Financial Management

Introduction

Leadership as a term coins different concepts in only one word. It not only defines the personality trait of a person but it also defines the need and role of different approaches to get the things done in an effective manner by leading a group of people. An effective leadership mechanism involves set of competencies to influence and drive the actions of people especially when working in a group or as a team leader. Leadership enables to lead team while maintaining their enthusiasm and motivation continuously for the accomplishment of goals and objectives.

Different researchers have presented different concepts related to leadership. These concepts mainly differ based on the need of specific leadership style and its importance in multiple contexts. All these leadership style encompass the concept of capability to lead, manage, direct the behavior, motivate team/group members, guide their actions, and encourage initiative and goal-oriented behavior in them (Northouse, 2009). Leadership styles basically concerns with influencing other and persuasion. Over a period of time, multiple leadership styles have been developed based on the impact of each leadership style in situation demand.

Contemporary organizations are more concerned with adapting effective leadership practices that enable the organization to become more oriented towards goals by involving employees as a key component in their course of actions (Daft, 2007). Leadership is not restricted to any particular domain but can be employed in all business fields (DuBrin, 2001). It is necessary to focus on key factors of leadership methodologies and effectiveness to have maximum impact on the goals achievement.

There are various leadership frameworks that have presented a vast understanding of leadership concepts. These leadership theories which include behavioral theories, contingency theories, trait theories, and power and influential theories have a significant implication in different contexts. Each theory presents different leadership styles that differ in their practical benefits (Winkler, 2009). Key benefit of leadership is realized by having a good knowledge base. The main objective of this paper is to discuss and compare three different leadership styles and assess the requirement and implication of each leadership style.

Profit Oriented Entrepreneurial Approach

Different leadership theorists have presented leadership styles that are arranged in dimensions based on control and autonomy given to employees. Style of leadership varies with the kind of leader deal with. The main focus of entrepreneurship in creative industry varies from that of the traditional entrepreneur businesses. The entrepreneur of creative industry mainly invest in either their personal talent or in that of the others (Lussier, 2009). These entrepreneurs with fresh minds bring new and innovative ideas which are the basic requirement of industry.

Steve Jobs is a strong charismatic leader. As a charismatic leader, he is exceedingly inspirational, likes using stories to motivate, and his passion for perfection is inspiring. When relying on behaviors that emphasize the directive style, Steve does not hold back his thoughts about the direction of a project or someone's ideas on how to resolve a problem (Colette, ...