...principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today¶s Dynamic Markets. Entrepreneurial Leadership has many different meanings across disciplines. The new definition of Entrepreneurial Leadership is one of an enterprising, transformational leader who operates in adynamic market that offers lucrative opportunities (Tarabishy, Fernald, Solomon, 2010). The theoriesof Case, Kouzes, and Drucker share many similarities to the new definition of entrepreneurialleadership. The main elements shared by these individuals and the new definition of entrepreneurialleadership is entrepreneurial leaders have a clear vision, create opportunities, and adapt to change.One common element Case, Kouzes, and Drucker share with the definition of Entrepreneurialleadership is that entrepreneurial leaders have a vision for their business aspirations. Each theory of the characteristics of entrepreneurial leadership states that these leaders have a clear picture of theaspirations for their business venture, potential success, and the means in which to achieve thegoals. Entrepreneurial leaders not only vision, but can effectively articulate their vision to employees,stakeholders, and others in order to inspire and facilitate a shared vision. The vision oftentimes is thefoundation that entrepreneurship based. Another similarity among these philosophies is that entrepreneurial leadership creates and/ or seizesopportunities. These...
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...Entrepreneurial Leadership BUS 508 10/21/10 Entrepreneurial Leadership There is a new definition of entrepreneurial leadership that has evolved over time and this paper will examine that evolution as it relates to some business leaders of our time. It will look at the theories of some of those leaders like Steve Case, former Chairman of AOL, and James Kouzes, co-author of The Leadership Strategies and also Peter Drucker. Also this paper will discuss my leadership style and the principles of it as well as what tools and resources that I would use through the Small Business Administration as a new entrepreneur. Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership. One of the common elements that is described in the theories of Case, Kouzes, and Drucker is discovering what drives the motivation of the people under one’s leadership. Steve Case discussed in a lecture at Stanford University on February 24, 2010 about People, Passion, and Perseverance. He talked about that the leaders of AOL and Time Warner had not discovered their people before their merger which in turn allowed culture clashes when the two companies merged. The people that had been more innovative in the past became more corporate which aided in the downfall of the company. (Case 2010) In essence he was stating that if you know...
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...Create a hybrid theory/philosophy which combines the common elements found in the thinking of Case, Kouzes, and Drucker. In your philosophy, be sure to include the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. It was ironic that many of the struggling corporations and or businesses established by entrepreneurs who had an innovative idea, saw an opportunity in the market, and turned their dreams into real-life juggernauts. But, at some point in the growth process, these same entrepreneurs became overlarge, multifaceted, highly structured, and bureaucratic. The founding entrepreneurs were no longer present, and these companies started to evolve into entities in which the ability to nurture new ideas into real products and customer-attracting services was often hindered by processes, procedures, structures, systems, executive perks, and maintenance of power. In many respects, these organizations were increasingly trapped by their own success. Often, people in these organizations agreed that they needed more entrepreneurial spirit, increased cleverness, and enhanced innovation, but feared that their company could not get out of its own way to accomplish these things. When I see entrepreneurs with great motivating ideas and all of a sudden tank into the water, I think back about the successful story of former American Online (AOL) CEO and Chairman Steve Case and his “three P’s” (People, Passion...
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...Entrepreneurial Leadership People are the number one commodity in the success of every business. Without the commitment, a vision, and the love for what one believes as it relate to entrepreneurship, the likeliness of a successful business is extremely grim. According to former CEO of AOL, Steve Case and Author James Kouzes, the common philosophy that the two of them share are strategies that relate to Entrepreneurial Leadership which include being risk takers, innovators and specific motivational practices. They believe that people play the most vital role in the success of one’s business. They both acknowledge that people need to be recognized and celebrated for the contribution they make to a successful business. (Case) It is said that “one never works a day in their life when they are doing what they love” (unknown). James Kouzes goes on to further describe five points that the best leaders use to motivate. He spoke on setting examples that are clear values and expectations. He further stated that credibility is the foundation of leadership, which is the most precious asset. If people aren’t seeing that you are a living breathing example of the things you speak on and expect, it is only natural that you won’t be taken seriously Inspired shared vision is another point that was made; it is envisioning, forward looking and shared and common purpose. In my opinion, this is a trait of transformational leadership which will be discussed later on in this paper. Another point...
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...World of Entrepreneurial Leadership Shanteka Glover T. A. Swinney, MS The Business Enterprise BUS 508 October 24, 2010 Abstract Leadership is a set of skills and practices that are available to everyone and is found everywhere. Leaders foster relationships that are built on trust and confidence and allow people to take risks, be creative, and become leaders themselves. They also hold to personal values that drive commitment, make an impact, and allow for high hopes to be set, which can lead to high performance. Typically, leadership revolves around one big concept, which is either doing things different or doing existing things better. In getting task completed, leaders may posses one or more leadership styles depending on the function of the leader, employees, and the situation. However, there is no single leadership style that is considered as being the best strategy. Leaders must simply rely on the task at hand, the vision, and type of employees in order to choose a leadership style that best suits the needs of the business. Keywords: leadership, entrepreneur, leadership principles, leadership styles Entrepreneurial Leadership Have you ever entertained the thought of becoming an entrepreneur? Do you know what it takes to become an entrepreneur and establish a successful and thriving business? Entrepreneurs are risk takers in the private business system that seek after a profitable opportunity and takes the necessary risks to set up and operate a business. Although...
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...n Entrepreneurial Leadership Llami Sloman Dr. Terry Dowdy Contemporary Business 508 July 21, 2011 Common Elements The common elements that were found in the thinking of Case, Kuzes and Drucker were some important factors of the decisions that were made. There are many risk that business along with people can take that will help change the world, as well there are many creative approaches that will help keep things fresh ad the product changing to stay current with the economy. Hiring people to work for the business that have a driven purpose is important, as well getting to know them along with there opinions is a way off being successful, also rewarding the employee when they are doing something successful. Its important to have a good management team that will lead the way for the employees to follow, be passionate about working and the employees will be the same about there work. Theory My “Business Driven” theory would be a business that can manage under the constant change of the economy rather its good change or bad change, this business will still be able to function and meet the needs of the customer and still be successful. The article “understanding entrepreneurial leadership in today’s dynamic markets” means entrepreneurial leadership has the privilege of being able to find different opportunities that are open in the global driven market. Being a business person a person must first know when to change directions in a market that is constantly...
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...AOL and Time Warner. He mentioned that the merger happened at the peak of the Internet frenzy and the failure of the economy. He used the three P’s to explain why the merger was a failure: People- people began to focus on their own issues rather than innovation; Passion-that AOL lost its original drive and that the innovating, pioneering people started to become more corporate; and Perseverance- they assumed that the Internet was a fleeting phenomenon and preceded to back away from it. Case then concludes with a quote by Thomas Edison, although the P’s are necessary that “vision without execution is hallucination” (Case, 2010). James Kouzes’ theory consisted of five characteristics of an effective leader and how to achieve exemplary leadership. Like Case, Kouzes had specific characteristics to explain what a leader should possess. Kouzes five points were model the way, inspire a shared vision, challenge the process, practice of enabling others to act, and encourage the heart. He then described a way to achieve all of his points. “Model the way” is achieved by establishing a clear set of values and expectations...
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...Abstract An entrepreneurial leader lends his or her vision, leadership style, and strategy to the core of the business. This individual is a major independent variable influencing the outcome and success of the business. For the new century, there is a new definition for entrepreneurial leadership. This new leader will need to be able to operate in a highly unpredictable world where competition is fast moving. This case analysis will define entrepreneurial leadership and discuss theories that relate to the new definition. Great teams have vast leaders who encourage and reward both individual and team success because of great leadership. The ability that the success of a company will continuously grow will be by its entrepreneurial leaders. Keywords: leadership, entrepreneurs, democratic leadership, motivating people New Definition of Entrepreneurial Leadership Entrepreneurs play an important role for making a company succeed, but they cannot do it alone. Entrepreneurs need to identify employee needs and lead the team to success. Entrepreneurial leaders are important for many businesses to succeed. Entrepreneurial leaders build trust and confidence in employees. To have a successful business, there are many theories and principles an entrepreneur should know. Steve Case former Chairman and CEO of AOL (Case, 2010) referenced that in order to have a successful business, the entrepreneur must focus on the three P’s; people, passion, and perseverance. He...
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...Assignment #1- Entrepreneurial Leadership T’Juan Rucker Dr. Birmingham The Business Enterprise- BUS 508 October 28, 2010 Discuss the common elements described in the theories/ philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Entrepreneurial Leadership has many different meanings across disciplines. The new definition of Entrepreneurial Leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities (Tarabishy, Fernald, Solomon, 2010). The theories of Case, Kouzes, and Drucker share many similarities to the new definition of entrepreneurial leadership. The main elements shared by these individuals and the new definition of entrepreneurial leadership is entrepreneurial leaders have a clear vision, create opportunities, and adapt to change. One common element Case, Kouzes, and Drucker share with the definition of Entrepreneurial leadership is that entrepreneurial leaders have a vision for their business aspirations. Each theory of the characteristics of entrepreneurial leadership states that these leaders have a clear picture of the aspirations for their business venture, potential success, and the means in which to achieve the goals. Entrepreneurial leaders not only vision, but can effectively articulate their vision to...
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...Assignment #1: Entrepreneurial Leadership Some consider Max Weber (pronounced VAA-ber) to be the father of sociology; however, he was also one of the earliest writers in the field of entrepreneurship. Weber viewed entrepreneurs as innovators, independent people whose role as business leaders conveyed a source of formal authority. As Weber discussed, among other attributes, successful entrepreneurs must possess effective leadership skills. For this assignment, you will listen to a podcast of Steve Case, former Chairman and CEO of AOL discussing his views of entrepreneurs. In another podcast you’l l hear James Kouzes, co-author of The Leadership Challenge, describe the five basic points that the best leaders use to motivate. In addition, you will read an article written by Peter Drucker entitled, Entrepreneurial Strategies. Drucker has been referred to as the most influential management thinker in the 20th century. Finally, you will read a conference proceeding from the Association of Small Business and Entrepreneurship that describes entrepreneurial leadership dimensions and offers a new definition of entrepreneurial leadership. Former AOL CEO and Chairman Steve Case have identified three words 1. People, 2. Passion, and 3. Perseverance as the foundation of successful entrepreneurs. He relies on these three P’s (people, passion, and perseverance) to guide his goals, direction, and decisions. Case states that if you have all three P’s in the right balance, almost anything...
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...analyzing the concept of entrepreneurial leadership .Before starting our analysis, two important concepts need to be addressed: Leadership and Entrepreneurship. Leadership is directing or inspiring people to attain organizational goals (Boone and Kurtz, 2011). An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business (Boone and Kurtz, 2011). In the past 15 years researchers have tried to merge those two concepts into one concept Entrepreneurial Leadership .The common point of those researchers is that most defined some of the main elements of what they taught entrepreneurial leadership meant (Tarabishy, 2003). According to the research result of Ayman Tarabishy (2003) entrepreneurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities. Entrepreneurial leaders are usually risk takers, driven, and can recognize when change will give an advantage. Entrepreneur leaders are engine of innovation, renewal, and job creation (Verheul, 2007). Entrepreneur leaders apply their talent in different situations and have different entrepreneurial approaches. Thesis Statement: In analyzing the importance of leading entrepreneurs to determine their entrepreneurial approaches one of each of the following categories will be addressed: (1) profit oriented, (2) social responsibility oriented; 3) personal approach and leadership style identified; and...
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...1. Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Upon reading the articles and listening to the podcast, it appeared to me that Steve Case, Kouzes and Drucker all have a different philosophy and strategy approach when defining the new definition of entrepreneurial leadership in today’s dynamic markets. Steve Case, use the “3 P” approach to entrepreneurial leadership which are People, Passion and Perseverance. He further describes these principles when discussing how he managed several companies such as; AOL and Pizza Hut. He disused how during those years to explored and recognized how people interact with others and while being passionate about what he does and using perserverance when it appeared that the vision fell short of their goal. Like Case, Kouzes also had specific characteristics to describe what a leader should possess. Kouzes developed five practices that the best leaders use or should use to manage and be a good entrepreneurial leader. These five practices are: 1. Model the Way which he states can be accomplished by simply setting the example. He further mentioned that modeling the way he delt with the leader creditability, which is the leaders best asset. If people don’t believe you they will not follow you. 2. Inspire Vision this...
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...Entrepreneurial Leadership Steve Epitropou The Business Enterprise – BUS508 002016 Entrepreneurial Leadership Steve Case is an entrepreneurial leader. He is a visionary and a deal maker. He cares about what consumers want, and is technologically savvy. Case “focuses on building a world-class team of colleagues, advisers, and managers to run the business operations” (Citrin, 2006, para.4). He surrounds himself with people that complement his strengths and balance his weaknesses. James Kouzes believes that leadership is a journey, that credibility is the foundation of leading, that leadership is a relationship, that to lead you must first look inside yourself and clarify your values, and that you need to be inspiring to lead (McCrimmon, n.d.). Kouzes believes that leadership can be learned. He and Barry Posner created “The Leadership Challenge” which explains “how leaders mobilize others to want to get extraordinary things done” (Kouzes, J & Posner, B., 2010. para. 2). They state that leaders put their values into action, achieve their visions, innovate around obstacles and make risk pay off. Peter Drucker has written about entrepreneurial leaders. He believes that successful leaders do not ask themselves what they want to do, they ask themselves what needs to be done and can they make a difference by doing so? (Ambler, 2006). He believes that successful leaders only do things that they are good at and that they let others do the rest. Drucker...
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...Running head: Entrepreneurial Leadership Entrepreneurial Leadership Heather Tanenbaum Alicia Luna BUS508116VA016-1118-001 October 23, 2011 Abstract Today’s entrepreneurs can learn how to profit and be social responsibility by studying the leading entrepreneurs of the past. In this paper we will learn Thomas Edison’s and Blake Mycoskie’s leadership style, and major business principles for a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit. Also their major business principles for a social-responsibility oriented entrepreneurial approach in which the primary is goal to make a positive impact on society (people, families, ecology, or similar) while providing a product or service to consumers and to make a profit. This paper will also show what three resources or tools available through the Small Business Administration and SCORE would be the most useful. Profit-oriented entrepreneurial Thomas Edison is well known for three main inventions. Those being the light bulb, the phonograph, and the X-ray but the invention he profited from you may have never even heard about. In 1874, Edison invented the quadruplex telegraph, which allowed the transmission of two signals in each direction down one wire. He sold this invention to Western Union for the sum of $10,000 which was a large sum at that time. He used this money to create a work space to work on his other inventions...
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...Entrepreneurial Leadership By: David Pruett Dr. ABCDEF Contemporary Business - BUS 508 Date A good leader has the same characteristics as a nurturing parent. That approach encourages the entrepreneur to be a genuine leader, who cares for and develops his or her employees, much like a parent wants the best for their child. During my nineteen years of being of working and climbing the company ladder, I have had very few bosses that made good leader, but each one taught me something as I was promoted into a leadership position. Leadership is a process through which an entrepreneur is able to influence employees to achieve the objectives of the organization. Rarely can an entrepreneur make a company succeed by him or herself. The entrepreneur needs to able to identify staffing needs, properly fill them, and lead their team to success. To be an effective leader, an entrepreneur must be able to build trust and confidence among employees and communicate effectively with them. Leaders can build trust by working hard, by maintaining a constant message, and by showing employees they are fully committed to achieving the company’s vision. Effective communication is equally critical to a successful leadership. Precise and clear communication with employees will engrain the company’s vision and goals over time. Other keys to entrepreneurial leadership include: * Seeking self-improvement. A great leader always seeks to become even better. * Accepting responsibility...
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