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The method through which an individual mobilises people and resources to achieve a goal is known as leadership. It necessitates the acquisition of a set of abilities as well as the cultivation of particular characteristics. Others are inspired, challenged, and encouraged by leaders. They can persuade and influence others, as well as resilience and perseverance. There are leaders in every facet of society. A CEO, a prime minister, a general, a sports team captain, or a school principal may come to mind when thinking of a leader; instances of leadership may be found in a wide range of organisations.
Entrepreneurship is the process of finding new ways to pool resources. Entrepreneurs make profits when the market value created by this new combination of resources is greater than the market value they can generate individually or elsewhere in other combinations.
What is Leadership in Entrepreneurship?
In entrepreneurship, leaders should be able to lead from any position. It is not that leaders should always come from top echelons. They are high performers and problem solvers. Entrepreneurial leaders can transform problems into opportunities. They create an impact to make things better. They are action-oriented.
There are risk minimizers and innovators who seize opportunities. Such leaders take personal responsibility and manage “change in a dynamic environment for the benefit of the organisation” and “organize a group of people to achieve their goals.”
Definition of Leadership in Entrepreneurship
This type of leadership aims to foster entrepreneurial individuals and teams who can maximize their creative potential to add value to their organisation.
This is achieved through leadership in the entrepreneurial way of “enhancing the individual’s ability for self-generation, introspection, and self-correction in the workplace.”
Entrepreneurial leadership in the fragmentation of large companies may include the effective use of skills associated with successful individual entrepreneurs within a large company. This seems to be especially important for organizations where these skills have been lost and replaced by a “corporate” attitude that prioritizes processes, systems and risk mitigation over corporate behaviour.
Leadership and Entrepreneurship
Leadership
“The power to influence others, with or without authority, is what leadership is all about.” When you are superior in the chain of command, it is pretty easy to persuade others to obey your commands; the key is for those who can get others to share their vision and follow them without pulling rank. Consider a soccer or basketball player who can inspire their teammates and convince them to follow their direction while not being the captain.
Influence Consists of Three Components
Awareness or the recognition that every action has consequences
Communication, dispute resolution and decision-making competence
Commitment to your ideals entails making decisions that may or may not be popular with everyone and dealing with the repercussions
Vision, personality, honesty, perseverance, and dedication. It can be tough to identify with all the attributes assigned to leaders. The ability to influence people, on the other hand, is undoubtedly a leadership trait.
Entrepreneurship
Adaptability is the talent of an entrepreneur. Entrepreneurs don’t always know where they want to go, and sometimes they need to find new ways. You need an open mind to use them. Therefore, entrepreneurs often adapt their business models when they find that the original idea doesn’t work. Entrepreneurship is the process of starting a business. Entrepreneurs are often portrayed as creators of new ideas, products, services and business operations.
Leadership in Entrepreneurship
The ability to manage yourself as an entrepreneur, regardless of your environment, is important for your growth. Building leadership skills is essential to recruiting and retaining staff, introducing new products and services and improving efficiency. If you keep your business small, you may not need to invest in leadership development. Entrepreneurship is often associated with leadership and vice versa. People with leadership qualities can be more successful as an entrepreneur.
Business Owners Should Strive for Four Leadership Qualities
Concentrate
There is one thing that all small business owners have in common. It is essential to the company’s survival. Owners take a glimpse of an idea and transform it into a product that helps solve problems in the real world.
Communication
In both certain and uncertain times, leaders should communicate more information with their team members, and more frequently. Share your expectations and plans with your team, as well as concrete methods.
Grit
The personality of a leader begins to reveal grit. They will attempt once more and perform better than before. They will persevere despite the difficulty of the work at hand. They’ll keep their heads held high, do their best, and be their best.
Generosity
Kind leaders can lead with an open heart and mind. Leaders have a greater understanding of the importance of each team member. Kindness is also a continuous process. The more leaders who actively practise kindness, the more people will notice and be motivated to follow suit.
Conclusion
The basic form of strategic leadership in entrepreneurship. Understanding entrepreneurship and leadership as a driving force in various cultural contexts is crucial to social progress. The complexity of entrepreneurship is understood by emphasizing the importance of cultural and leadership styles.
A study on entrepreneurial leadership would help executives, entrepreneurial scholars and strategic leaders overcome the vast uncertainties of diverse and competitive global markets. It is also important to understand the factors that influence entrepreneurship through the ideals of cultural leadership.
