Entrepreneruship is Merely a Special Case of Leadership

Question: Discuss about theEntrepreneruship is Merely a Special Case of Leadership. Answer: Introduction The entrepreneurial leader has been referred to as a powerful aspect of todays growing society. These leaders are responsible to drive change in business and society. An entrepreneurial leader is often viewed as a charismatic individual with long term visions influential powers so as to introduce change within the society (Vecchio, 2003). The importance of entrepreneurship can be seen with respect to job creation innovation in creating a new venture as well as playing a major role to cope with never ending pace of the society. According to Drucker, entrepreneurship has been referred to as term which either depicts to small businesses or new ventures. In order to consider the relationship between leadership and entrepreneurship, one must take into consideration the definition of entrepreneurship from various perspectives. Once upon a time, entrepreneurial leaders have been referred to as heroic innovators who have the eye of spotting the opportunities. In 70s the term entrepreneursh ip was referred to as risk takers (Strubler Redekopp 2010). In 80s the term evolved to venture capitalists. In 90s the term was aligned with innovation. In the last decade, the real importance of entrepreneurship has come into place. In todays society, entrepreneurship has been viewed from different perspectives. Some take it as a synonym to creativity and some to innovation. Some look into their personal traits, optimistic overview and drive to do something new in the ever growing society. Entrepreneur refers to a term which is derived from a French word i.e. enterprendre i.e. to undertake. A person who undertakes risk in creating a new enterprise is known as an entrepreneur. The process of creating the new enterprise is known as entrepreneurship. Entrepreneurship has been referred to as the process of creating new enterprisesas well as exploitation of newer opportunities in the business environment (Sine David, 2010). Some of the characteristics of an entrepreneur have been characterized by the following features which are discussed in the coming paragraph. The first characteristic of an entrepreneur is its economic and dynamic activity. Entrepreneurship has been referred to as an economic activity as it involves the creation of a new business keeping in mind the wealth or financials associated with the same. Secondly, entrepreneurship has been related to business innovation i.e. to research new business ideas. Entrepreneurship provides an individual to continuously evaluate the mode of business operations along with efficient and effective systems which can be evolved or adopted. In other words, entrepreneurship has been referred to as the process of optimising the resources in a well - defined manner (Sheppardson Gibson, 2011). Third characteristic of an entrepreneur is its risk bearing capacity. Entrepreneurs have been known as risk takers. They assume risks while creation as well as implementation of new business ideas. It shall be seen that, the new business ideas are not always profitable at the first go. An entrepreneur would be required to have patience in order to seek positive results in the long run. It shall be taken into consideration that, an entrepreneur shall be able to take risks or else it will never succeed in the long run (Ripoll, Rodriquez, Barassa Antino, 2010). Lastly, profit potential also displays the success of an entrepreneur. Profit potential is referred to as the level of return which would be reaped in a business venture in a long run. Entrepreneurial has been referred to as a process or journey of creation of a new business venture. Some of the successful entrepreneurs are Bill Gates, Mark Zuckerberg, Steve Jobs, Gordon Moore, Jamshedji Tata Warren Buffet. There is an entrepreneurial process which is followed by all the entrepreneurs in order to create a new business venture. The entire process is divided into three parts i.e. entrepreneurial job, operation promotion. Entrepreneurial job is further divided into two parts i.e. preparation of the feasibility report generation of the new idea for business proposal (Chand, 2016). In order to generate a business idea, the entrepreneurial process will take three more steps i.e. germination, preparation incubation. Germination refers to the first step in the entrepreneurial process. It is more or less like planting seeds in order to have a grown up plant in the near future. It shall be seen that, creative ideas shall be linked according to the taste of individuals interest or specific problem or level of curiosity. The second step in the entrepreneurial process refers to preparation. In this step the idea which is germinated in the previous step is moulded based upon ones interest, levels of curiosity and start to search for various problems which might occur in the years to come. The last stage refers to incubation. In this step, the entrepreneurial process enters a subconscious intellectualization (Ripoll, Rodriquez, Barassa Antino, 2010). The unrelated ideas are joined together in order to find a perfect resolution. The second step in the entrepreneurial process refers to the feasibility study i.e. to see whether the business venture or idea is feasible or not. This means that, only a realistic business model shall be taken into consideration as idea alone does not have any meaning. The second step in the feasibility study refers to verification. This means that, to verify whether the business model is useful realis tic (Mukul, 2014). It shall be implemented that, the business model is useful to the society or not. Some of the benefits of entrepreneurship have been discussed in the following paragraph. One of the biggest significance of entrepreneur is the fact that, it helps to identify as well as develop the managerial capabilities. An entrepreneur is one who takes into consideration the feasibility along with the risks associated with the same. This also helps in sharpening the decision making skills of the entrepreneurs (Kempster Cope, 2010). Entrepreneurship also helps in creating organization which helps them to achieve the objectives in the best possible manner. Improving the standard of living is also one of the major advantages which are done by entrepreneurs. This helps to provide wide variety of goods services to mass economy which in turn leads to high standard of living. Possessing luxury cars, expensive mobile phones, growth of malls have helped in improving the standard of livi ng of the people at large (Kaushik Bhatnagar, 2009). It shall be taken into consideration, that entrepreneur deals with these things but so does the leaders and managers. This leads to high level confusion amongst an entrepreneur a leader. The field of entrepreneurial research is mainly concerned with understanding new opportunities, new products services (Karol, 2015). This is seen from different perspectives such as business strategies, management tactics personal traits of leaders who are able to mobilize the resources in the best possible manner. Some of the important functions of an entrepreneur are to provide innovation in terms of use new technology, product along with markets. Innovation involves either new business ideas or old business ideas which are projected in a different manner (James, 2016). An entrepreneur uses its innovative thinking to exploit the opportunities in the market. An entrepreneur has been referred to as a risk taker or risk bearer. He is always prepared to bear any loss which might occur in near future . It shall be seen that, an entrepreneur requires management skills in order to plan, organize, staff direct people. The management skills will help the entrepreneur to bridge the gap between effective business organization as a whole. New innovations which are done by entrepreneurs make changes within the organization. An entrepreneur first makes use of the business idea at his end before making it public for others (Ives, 2011). An entrepreneur has been referred to as a catalyst as it helps in accelerating pace of economic development. Apart from various characteristics and factors which affect entrepreneurship, there are certain myths about entrepreneurship which have been discussed as follows. Entrepreneurs are born leaders, they cannot be made. The thinking process of entrepreneurs is way different from normal leaders or individuals. For an entrepreneur to be successful, a great idea is the only ingredient. Entrepreneurs have been referred to as people who supplies risk capital as risk maker and monitors as well as controls the various organizational activities. The person can either be referred to as decision maker, risk taker the one who decides upon the product of services. Leadership along with entrepreneurship together helps to enhance the effectiveness within the business. It helps to improve the effectiveness and performance of the same (Hisrich, Peters, Shepherd, 2008). This might affect the development and implementation of the business. This also affects the performance of the same. In todays ever growing society, an entrepreneur helps to meet the organizational goal along with the performance of the business. It shall be taken into consideration that, the concept of entrepreneurship was developed in late 70s which lead to the creation of new businesses. Entrepreneurs have led to the creation of the huge advantages high profits. The main of any entrepreneur is to enhance th e level of innovation which also focuses upon high levels of improvements. They also help in witnessing newer ways of doing things in an effective manner. It shall be seen that, today is the world of entrepreneurship which helps to meet the concept of organization level of entrepreneurship (Greenberg, McKone-Sweet Wilson, 2011). Leadership refers to an old concept which came into place in late 70s and meant to create something which is extra ordinary in business aspect. Leadership helps the business to attain high levels of profits in a long run. Its main aim is to drive innovation and focus on huge improvements. This means new ways of performing the tasks will come into place, various permutations and combination shall be used in order to gain high profits. Leadership helps people in the organization to create better ways of doing things and perform newer activities to enhance the profit level (Giuliani Kurson, 2002). On the contrary, entrepreneurship refers to the term which cre ates option in order to meet the ingredients i.e. economic, social employment growth along with the various opportunities. Entrepreneurship has been referred to as the primary source of job creation, growth in income levels decrease in poverty levels. Therefore, entrepreneurship helps in creating innovation, leadership, satisfaction, dedication flexibility along with self-confidence, passion other factors. Entrepreneurship can be referred to as a spark in order to meet innovation improvement. It also helps in continuous learning as well as thinking about the future in the best possible manner (Day, Fleenor, Atwater, Sturm McKee, 2013). It shall be taken into consideration that, every entrepreneur possesses the quality of strong sense of opportunity. Thus, it will help in the achievement of the financial rewards as well as the capability to meet the total costs goals of the business in the long run. Entrepreneurship also helps to create greater opportunity in person along with various innovation strategies (Day, Fleenor, Atwater, Sturm McKee, 2013). For example, Steve Jobs have been referred to as one of the most influential entrepreneurs of its time. Steve Jobs have applied various innovative strategies in order to attain success as well as achieve high amount of profits. There are various principles of entrepreneurship which are followed so as to have a greater effect of the same. Entrepreneurship has been referred to as one of the most impressive choices in ones career. Its main focus is to look into better decisions which help in managing the business in the long run. Entrepreneurs motivate their employees so as to attain the work goals in an effective and efficient manner. They also help to meet the business goals along with their personal goals. This helps to achieve better vision strategies in order to run the company in an efficient manner. Effective choices shall be maintained by the entrepreneurs so as to choose better personal qualities and skills in order to help the business to expand in the due course of time. It shall be seen that, entrepreneurs can belong to any age group and hence they will bring out the best of the potential in individuals so as to meet the new services. The success entrepreneurs create new ways of differentiation along with innovation in the niche market. Thus, entrepreneurship shall focus on effective communication strategies i.e. to directly communicate with the suppliers, customers distributors. Entrepreneurship also attracts a potential customer which helps to concentrates on the business effectively. Entrepreneurship focuses mainly on innovation, gr owth as well as various strategies to look into the newer opportunities. But, at the same time they would be responsible to protect the intellectual property invest in new products. Hence, leadership takes into consideration the high ability of individual in order to realize the vision of the organization in the long run. It shall be kept in mind that, leaders have various common characteristics in business front which provides the entrepreneurs with the ability to get financial benefits with this type of an approach. Leaders have standardised visionaries which might help the individuals to create a great sense of opportunities increase the chances of success. Entrepreneurial leaders are the one who understand themselves in better terms amongst market dynamics. Entrepreneurs have been referred to as world of business and its main focus is to drive the factors of development. They are mainly known as the symbol of business environment in terms of leaders, managers, innovators creators. Therefore, an integrated approach along with integrated concept will help to create high levels of business opportunities. Entrepreneurs start their business with some type of profit motive and look into various options to increase the revenue in the long run (Davey, 2012). They also possess various types of risks in terms of finance, competitors, market revenue. These risks will help to create opportunities to grow in the long run. The main motive of any entrepreneur is not only to be competitive but also be superior amongst its competitors and provide world class options for the same. Entrepreneurs have been referred to as risk takers who are highly aware regarding the risks and issues which might occur within the business. They also try to reduce the same by using the best possible ways and maintain the profits earned by any business. Entrepreneurs also provide high quality products or services to its customers so as to generate high profits loyalty amongst the same. They are very responsive in nature which helps them the customers to get quick easy response to any of their queries. Hence, exceptional services are provided to the customers and remain competitive in the growing business environment. One of the major core competencies of entrepreneurs is presence over the internet which in turn refers to as the major strength for the same thereby leading to an increase in the profits earned by the business (Davey, 2012). Planning has been referred to as one of the vital element in any business. Careful planning in business plays an important role in the life of e ntrepreneurs. The entrepreneurial activity plays a vital role in the proper planning of the entire business. It will help the businesses to achieve high efficiency as well as great focus in the market. Apart from proper planning, smart strategic skills are also required by entrepreneurs to benefit the business experience start a new business. Hence, this is will help to differentiate provide its customers with the best possible services or products. There are various factors which affects the entrepreneurship at large. Entrepreneurship process has been referred to as one of the complex processes which are affected by variety of factors. Some of them have been discussed as under. Firstly, personal factors play an important role in affecting the entrepreneurship (Ensley, Hmieleski, Pearce, 2007). Some of the core competencies of entrepreneurship are problem solver, risk taker, proactive, perseverance, and persuasion, self -confidence, decision maker, well planner self - critical. The second factor which affects entrepreneurs is the environmental factors (Davey, 2012). It refers to the conditions in which the entrepreneur is subjected to work. Environmental factors takes into consideration legal, social, economic and political system which might lead to a significant growth of entrepreneurship. Hence, combination of both personal along with environmental factors will affect the entrepreneurship process and provide desired results to the individual. Hence, it can be concluded that leadership and entrepreneurship goes hand in hand and benefits the business in the long run. It shall be taken into consideration that, entrepreneurship leadership helps to change the way of doing a business with high levels of effectiveness and efficiency (Dalati, 2015). In todays business environment, leadership plays a vital role in all positions of business. This will help to improve the overall working of the businesses as well as create a better place for business application. Clear vision and an eagles eye are required to look in to the opportunities in future which help to encourage the entrepreneurial behaviour. The leadership skills required to perform the various business activities in the organization helps in maintaining high levels of flexibility and create better ways of doing things. This will also bring various new opportunities which would not be required without leadership skills. Therefore, it can be concluded that entrepreneurship is merely a special case of leadership. The discussions done in the above paragraphs have deeply defined how entrepreneurship is merely a case of leadership. Leadership entrepreneurship goes hand in hand. Entrepreneurship derives from entrepreneurs. Entrepreneurs are those people who are either known as innovators or risk takers or control various management activities (Chand, 2016). One of the best examples of an entrepreneur is Steve Jobs, Director of Apple Inc. He has been known for its leadership styles entrepreneurship skills. Leaders use various leadership theories in order to perform a particular task whereas entrepreneurs use these leadership skills to innovate and come up with newer business opportunities. With the discussions done above it can be said that leadership is numerous but entrepreneurship is a special case of leadership. References Chand, S. (2016).Entrepreneurship: Characteristics,Importance, Types, and Functions of Entrepreneurship.YourArticleLibrary.com: The Next Generation Library. Retrieved 18 December 2016, from https://www.yourarticlelibrary.com/entrepreneur/entrepreneurship-characteristicsimportance-types-and-functions-of-entrepreneurship/5228/ Dalati, S. (2015). Leadership and Sustainable Entrepreneurship: Classical Approaches and contemporary contexts. Entrepreneurship and Sustainability Issues,2(4), 209-219. Davey, S. (2012).Is entrepreneurship merely a special case of leadership? - Scott Davey.Scottdavey.net. 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