Entrepreneurial leadership is a popular topic for discussion in recent years. In today’s business, leadership or entrepreneurship qualities as the leaders of the business are not sufficient for the success of the organization. The leaders must have qualities of both leadership and entrepreneurship for the business to succeed. This leads to the emergency of the concept of entrepreneurial leadership. So, this article explains leadership, entrepreneurship, entrepreneurial leadership, and its qualities.
What does leadership mean?
According to Esmer, Y., and Dayi, F. (2014) Leadership is the process of influencing the employees of the company to attain its corporate objectives. It is about the ability to create confidence and support required to attain organizational goals through people. Meanwhile, there are various definitions of leadership. In those different definitions, there is a common point emphasized upon. Leadership is the process of influencing and guiding the members of a group to the right path.
However, the leaders use their leadership characteristics to influence the members of their groups to achieve the organizational goals. To direct people to achieve the organizational goals requires various persuasion skills by the people who have such skills and can use them to influence others toward the attainment of organizational goals. So, leadership can be regarded as a social phenomenon with a certain purpose. It is the process of using power to influence others. According to Esmer, Y. (2011), every group requires a leader and both groups and leaders together create value to establish a trademark.
What is entrepreneurship?
Based on the early research carried out on entrepreneurship, it reveals that entrepreneurship is the 4th factor of the science of economy after the capital, nature, and labor factors and it is regarded as the most vital factor of production. This is because it involves the creation of goods and services by bringing factors of production such as labor, capital, natural resources, and technology together. An entrepreneur is an individual who coordinates other factors of production by exploiting the opportunities in the market and bears the risk of profit or loss.
Definition of entrepreneurial leadership
Entrepreneurial leadership can be defined as the new type of leadership that combines the qualities of leadership and the qualities of entrepreneurship. The type of leader needed in these dynamic markets is an “entrepreneurial leader”. According to McGrath, R. G., and MacMillan, I. C. (2000), fast-changing markets provide people with an entrepreneurial approach to be able to advantage of available opportunities for their company than other people.
However, entrepreneurial leaders are individuals who act on the available opportunities to create value for their stakeholders and society as a whole by understanding themselves and the contexts in which they work. They are desired to create economic, social, and environmental opportunities by remaining undiscouraged as a result of high levels of uncertainty and lack of resources. They solve these problems by experimenting with different actions and solutions (Wilson, H. J., and Eisenman, E. 2010).Finally an easy way to get up to $5,000 at BadCreditLoans.com Get Started!
Qualities of the entrepreneurial leader
The entrepreneurial leader has a very clear vision and effectively communicates the vision to the employee.
The ability of a leader to effectively communicate his/her vision, ideas, and plan enhance the achievement of the organization’s goals.
Entrepreneurial leaders are not afraid of taking risks of starting a business. So, they have an inherence tolerance for risk.
Self-belief and confidence
They always have belief and confidence in themselves based on the years of learning and experimenting.
Entrepreneurial leaders always strive to improve themselves so that they can become better leaders.
Another great quality of Entrepreneurial leaders is the ability to make informed decisions.
Adaptability to environment changes
Entrepreneurial leaders can quickly adapt their business to the changes in the environment to achieve the business goals.
Entrepreneurial leaders are very passionate about what they are doing and always aim for success.
Afeez is one of the founding partners of Marasas Consulting limited. He consults for both individuals and entities in the area of accounting, management, audit, tax, and investment. He has a wide range of experience both online and offline which allows him to provide relevant and timely professional advice and assistance to business owners with their accounting, tax, management, audit, and investment plans.
Afeez is a member of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the Nigerian Institute of Management (Chartered). He is a certified Google analyst and strategist. He earned his Bachelor degree in Management and Accounting from Obafemi Awolowo University, Ile-Ife, Nigeria, and earned an ordinary national diploma in Accountancy from The Polytechnic of Ibadan, Oyo State, Nigeria. He earned certification in “Excel Crash Course” and “Reading of Financial Statement” from Corporate Finance Institute, Canada.
Afeez is dedicated to helping clients achieve business success by helping them to establish solid and sound accounting, tax, and financial processes.