There is a new definition to entrepreneurial leaderships in today’s dynamic markets. Dynamic markets are characterized by a high pace and direction of change that continually accelerates every now and then (Tarabishy, 2002, P. 14). This therefore calls for entrepreneurial leadership for success. In addition, Case, Kouzes and Drucker all agree that successful entrepreneurs are supposed to have effective leadership skills.
For instance, Case argues that for one to be a successful entrepreneur, he must combine all the three elements of people, passion and perseverance (Case, 2010, P. 7). These relates well with the new paradigm of entrepreneurial leadership that revolves around transformational leadership. Today’s dynamic markets demand that leaders should celebrate values and victories. This will enable them to recognize individuals for their success. In this case, employees and followers will be encouraged to be more committed to the organization.
As far as entrepreneurial leadership is concerned, it should not be a preserve of the entrepreneur alone. This is because it is embedded in economic, social, environmental and cultural aspects. In addition, entrepreneurs should have an economic orientation that will enable them to take risks and focus on tasks. This is why Kouzes says that leadership should be about searching for opportunities. In this case, it should be a practice of enabling others to act and collaborate more effectively (Kouzes, 2008, p. 10).
Entrepreneurial leadership is supposed to deal with ideas and concepts. Sometimes, these ideas and concepts might not be of an organizational nature. This is why leadership is supposed to be forward looking. In this way, it will be able to uplift futures and search for new opportunities as advanced by Kouzes. Entrepreneurial leaders are nowadays operating in dynamic markets that offer various lucrative opportunities. This therefore demands consistency, clarity, vision and self confidence for success (Tarabishy, 2002, P. 24).
Leadership style
I aspire to use a visionary approach to leadership. This leadership approach relates well with the transformational leadership style. I believe in stimulating and enhancing creativity within an organization for success. This is because people with a passion and vision will always achieve great heights (Tarabishy, 2002, P. 26). In addition, the only secret to getting things done is by injecting enthusiasm and energy in people’s lives. This relates well with transformational leadership style that puts passion in everything that takes place in an organization.
Transformational leadership style lays more emphasis on the future. This is mainly concerned with the development of good leaders who will contribute positively to the achievement of an organizations goal. In addition, it acts as a catalyst for change to individuals and organizations as a whole. In the long run, it will add value to an organizations framework thereby enhancing its operations (Tarabishy, 2002, P. 14). In my own understanding, followers are supposed to be given a sense of identity.
This can only be achieved through a transformational leadership style. In this case, they will be aligned to the mission and collective identity of the organization. This can also be enhanced by challenging them to take up a greater ownership for their work. By doing this, a leader will be in a good position to know their strengths and weaknesses and hence align them with tasks that will optimize their performance.
Resources and tools
An entrepreneur can only be successful by using resources more effectively and efficiently. Sometimes, these resources can be minimal but they need to be optimized for success. As an entrepreneur, there are many challenges that need to be attended to for guaranteed success. Small business administration was established to aid and assist the interests of small businesses (Small business administration, 2010, p. 9). As an entrepreneur, I will use their resources to help me in planning for my business.
This is because they acknowledge that careful planning is the key to success. Although I might be having my own plans ahead, it will be good to incorporate their advice as they are more experienced. This is because they have guided many businesses to success. In addition, they have information and resources that I can use at any stage of the business cycle. On the other hand, they also have services and programs that I can use to grow my business as an entrepreneur.
Small business administration backed loans can also help the business to expand in case there is need for additional funding (Small business administration, 2010, p. 13). There are also contract opportunities that can be seized to enhance business operations. Since businesses are vulnerable to disasters, they will help my business to be prepared for any eventualities that might occur.
Score is a premier source of confidential and free business advice. Advice is offered online and in-person to entrepreneurs. Since they have a good track record of assisting business start ups to succeed, they can offer me good advice on how to go about my business activities (Score, 2010, p. 6). Business counselors will offer me lessons on their experiences and in the process I will be able to build my business ecumenism. Since they work together with small business administration, I will be educated on the best way forward as far as entrepreneurship is concerned. There are also various business tools that can help my business to move forward.
Personal principles of leadership
In order to lead others and in this aspect lead well, we are supposed to develop the necessary personal principles of leadership. Leadership is supposed to develop people (Drucker, 1985, p. 32). This means that success can not be achieved single handedly. In addition, there will be no need to declare victory until all people have succeeded.
Personal leadership should revolve around cultivating creativity. This is because creativity is a source of power. In this case, old issues are exposed to new options. This is the only way that fresh approaches can be developed for sustainability. Another personal principle of leadership is customer-centric. It should be understood that unless someone buys something, then it will be totally irrelevant to continue with operations.
To be successful as leaders, we are supposed to demand transparency. In this case, decisions should be grounded on facts. This can only be achieved through proper exchange of information between employees and customers. In addition, leaders should seek opportunities to tell everyone what they need to know in a given scenario. By doing this, employees and followers will be free to express themselves. This helps in coming up with good and long term solutions to problems (Drucker, 1985, p. 35).
Good leadership lays more emphasis on inspiring people. This means that a leader should always find imaginative ways of transforming others positively. Employees are supposed to be motivated to reach high levels of performance. This can be enhanced by linking great ideas to settle on a good and efficient outcome. In the long run, an organization will be able to deliver exceptional results. All employees and followers should be personally committed to excellence.
Reference List
Case, S. (2010). People, Passion, Perseverance: You’ve Got Entrepreneurship. Web.
Drucker, P, F. (1985). Entrepreneurial Strategies. California: California Management Review.
Kouzes, J. (2008). Rising to the Leadership Challenge. Web.
Score. (2010). Business tools. Web.
Small business administration. (2010). Small business planner. Web.
Tarabishy, A. (2002). Understanding Entrepreneurial Leadership in today’s Dynamic Markets. USA: George Washington University.