Entrepreneurial Leadership Assignment:Context Of Corporate Innovation And Entrepreneurship
Task: Write the research assignment on the topic.
a. Entrepreneurial leadership
You are required to complete an essay on the topic which addresses the following:
a. What is the topic about?
b. Why is the topic important in the context of Corporate Innovation and Entrepreneurship?
Entrepreneurial leadership involves motivating and organising of different groups of people for the common purpose of achieving the set objectives and goal through risk optimisation, innovation, identifying opportunities and using it to the organisation’s advantage and lastly managing the overall dynamic ambience of the organisation. When entrepreneurial leadership is compared with traditional leadership style, the former is more risk oriented and whereas the later mindset is focused solely on processes and systems. Leaders are the guide lights for any crucial projects and their insights and knowledge is highly acknowledged in the same (Leitch and Volery 2017). Entrepreneurial leaders are required to be honest, persuasive and have great communication skills.
The success of an organisation depends highly and majorly on their leaders and their leadership styles. Leaders are expected to be true visionary, to have a clear picture of the market way ahead of times. A successful entrepreneurial leader has a clear vision on what he wants and how to proceed about the same. His vision provides him clear direction on what to seek and how to get the work done. Their vision is communicated to their team to carry forward the task for the purpose of making the vision a reality. Communication skills are extremely important to be a successful entrepreneurial leader (Renko 2017). The leader is required to clearly articulate the ideas he have and the plan to achieve common goals and objectives. Communication is highly encouraged by them and it’s also cross departmental and across other various levels. A proper communication network and flow aids in the avoidance of generalisations and ambiguities. Smooth communication lines and initiatives reduce the chance of misunderstanding and conflict within the group and even in the departments(Leitch and Volery 2017). An entrepreneurial leader has the skills to realise the significance of the initiative and are seen to have the urge to support and encourage their teammates to achieve their objectives and set goals. An entrepreneurial leader understands and hence it is seen that when a calculated risk misfires on the team, the blame is not dictated on the single person. The failures are analysed by the leader along with his team mates to gather a better understanding of what went wrong and how the plan can be improved (Harrison, Burnard and Paul 2018). It is crucial to analyse the failures on the road and gain important lessons out of it to avoid the same mistake in future. Entrepreneurial leaders have a strong self belief in them and are highly confident about their way of working which they have gained from years of experience and thorough observations at times of adversity and failures. The leaders are highly aware of their weaknesses and strengths as their skills are demonstrated without any haughtiness. The leaders make sure that success is shared with each and every individual in the team. The limelight is not consumed only by the head, but credit is bestowed among each and every member present in the team. The contribution of the team members is acknowledged and they are well appraised.
Entrepreneurial leadership in context of Corporate Innovation and Entrepreneur
The corporate world is highly competitive and there is a continuous need to innovate business process to keep at par with the potentials competitors in the market. Innovation and improvisation is the key factor for any organisational success teamed up with skilled leaders helming the project. Leaders are required to comprehend the contribution of other individual’s in the team to gain organisation success leading to growth and international expansion. Creating and conducive work atmosphere is critically significance to keep work flowing and ideas emerging. Leaders are required to build a work ambience which creates a space for every individual to share new ideas, grow and thrive on their own. In a corporate gateway it is important if there is a healthy dynamic between the employees and their leader. The entrepreneurial leader also provides positive feedback when employees come forward with an opinion.The employees are encouraged to seek opinions of the others and come up with creative solution to the challenges faced by them and the firm (Newman et al., 2018). There are times when situations get tough and highly challenging, this is when entrepreneurial leaders perseveres. Leaders are required to constantly innovate their thinking process to provide creative solution for organisational challenges.
Corporate innovation is important to industry success and development. Leaders are seen to highly invest in learning and enhancing their knowledge on the subject matter and at the same time they work on creating a learning environment within the organisation for the purpose of encouraging others to improve their knowledge which will aid them in the process of tackling multiple challenges (Supriyanto et al., 2018). Learning aids in the process of developing innovative strategies and methods for the organisation which helps the company to gain a competitive edge on the market. Leaders need the contribution of employees to make a company succeed which can rarely be done be single self. Developing trust and building confidence among the employees are important as leaders can influence the employees to gain self goals thus leading to the achievement of company objective. Leaders constantly work towards gaining technical skills for the better performance of the team. Decisions are crucial to leaders and a lot of entities are at stake. Entrepreneurial leaders are excellent in making informed decision in challenging times which leads to the success of the organisation. Gaining of innovation in the organisation is a rigorous process. Leaders cannot impose the solutions on their teams or also suppress or exclude the potential of a different solution. Challenging the status quo constantly is one of the key attributes as this enables them to find out an optimised solution for performing the task in a minimum cost induced manner. Entrepreneurial leaders lead and ensure that their work reflects value they espouse and also encourage individuals to examine their own found values.
Leitch, C.M. and Volery, T., 2017. Entrepreneurial leadership: Insights and directions. International Small Business Journal, 35(2), pp.147-156.
Renko, M., 2017. Entrepreneurial leadership. Forthcoming in" Nature of Leadership", 3rd edition. Edited by David V. Day and John Antonakis. SAGE Publications.
Supriyanto, A.S., Ekowati, V.M., Wekke, I.S. and Idris, I., 2018. Respective contribution of entrepreneurial leadership through organizational citizenship behaviour in creating employees performance. Academy of Entrepreneurship Journal, 24(4).
Newman, A., Herman, H.M., Schwarz, G. and Nielsen, I., 2018. The effects of employees' creative self-efficacy on innovative behavior: The role of entrepreneurial leadership. Journal of Business Research, 89, pp.1-9.
Harrison, C., Burnard, K. and Paul, S., 2018. Entrepreneurial leadership in a developing economy: a skill-based analysis. Journal of Small Business and Enterprise Development.