Entrepreneur

4 Pages 1047 Words

Entrepreneurial leadership is very crucial to an individual and to a corporation’s success. Entrepreneurial firms are a major source of change and innovation. They create jobs, new tax revenues, and other transfers of money. At a time when U.S. productivity growth is lagging behind other countries, and when our large corporations are laying off workers and focusing on core businesses, entrepreneurial firms assume a more significant role; they do what large companies are not doing.
Entrepreneurship is defined as “The process of creating value by bringing together a unique package of resources to exploit an opportunity.” (Fournies) The process itself consists of the set of activities necessary to identify an opportunity, develop a business concept, and then manage and harvest the venture. As a process, it has applicability to organizations of all sizes and types. The entrepreneurship construct has three underlying dimensions which consist of innovativeness or the development of novel or unique products, services or processes. It also consists of risk-taking, or willingness to pursue opportunities of having a reasonable chance of costly failure or an emphasis on persistence and creativity in overcoming obstacles until the innovative concept is fully implemented. Entrepreneurial leadership within management success for entrepreneurs requires innovation. There are several ways to achieve this according to Drucker. The following are:
• Entrepreneurial management first requires that the organization be made receptive to innovation and willing to perceive change as an opportunity rather than a threat. It must be organized to do the hard work of the entrepreneur and create the entrepreneurial climate.
• It requires systematic measurement of a company’s performance as entrepreneur and innovator, and built-in learning to improve performance
• Entrepreneurial management requires specific practices with respect to organization s...