The People Entrepreneurial Leadership “Process of creating an entrepreneurial vision and inspiring a team to enact the vision in high velocity and uncertain environments”
Pro-activeness Influencing & lead future rather than waiting to be influenced, exploit opportunities & accept responsibility of failure Proactive response to environmental opportunities (anticipate future problems, need for change and improve) Innovativeness think creatively, develop novel & useful ideas in response to opportunity recognition, resource utilization & problem solving Distinctive attribute of entrepreneurial leadership Risk Taking Willingness to absorb uncertainty and take responsibility Prudential and calculated risk taking - common characteristics particularly in the early stages of entrepreneurship process
How Entrepreneurial Leaders Think Take Initiative (critical role) Entrepreneurial Creativity (opportunities) Takes Risk Takes Responsibility I nvolves instilling confidence to think, behave and act with entrepreneurship in the interests of the intended purpose of the organization and beneficial growth of the stakeholders
Essential Qualities of Entrepreneurship Leadership
Vision and Dis-satisfaction with the Present “Change depends on a defined dissatisfaction with present - vision for how things should be and clear idea of first steps that need to be taken” – (John Kotter in “Leading Change”) Bill Gates - business- oriented Entrepreneurial Leadership Mr Patrick Awuah; President of Ashesi University College Ghana – Social oriented Entrepreneurial Leadership
Knowing &Taking Advantage of Your Unfair Advantages Effectuation - How entrepreneurs use their unfair advantages to build their enterprise in advantageous ways Analogy to cooking Bill Gates Mr Patrick Awuah
Ability to Get People On-board & Add to Vision Good entrepreneurs are always recruiting Tend to engage others to build a core team Engage people by encouraging participation, rewarding success and thus adding them to the vision
Flexibility to Adapt, Openness to Feedback and Ability to Learn Entrepreneurial leaders are flexible Entrepreneurial leaders are also fair and open to receiving feedback Entrepreneurial leaders give employees credit for suggestions
Persistence and Execution Single attribute vital to successful leadership entrepreneurship Multifaceted component of leadership entrepreneurial motivation & drive Accentuate positive, downplay negative & guide to success Relentlessly focused on activities that get them to their vision
Key Benefits of Entrepreneurship Leadership
Takes responsibility so that organization generates its own order & responds creatively to environment Productive for the organization & liberating for leader Entrepreneurial leaders are unleashing their own creativity Creativity
Value addition - innovation that was introduced and how the customers accepted it Designed to cover a gap Good entrepreneurship solves the world’s problems Google (finding new websites / sources), Microsoft (system for computers), Amazon.com (e-commerce). Facebook (social connectivity) ……… Value Addition to Society
Driven by an overriding purpose when starting their business Develop a multi-faceted vision for future growth Guides the day-to-day operations and strategic decision-making Multi-faceted Vision
Ideas for fostering national economic growth and development Productive for the organization & liberating for the leader Important input in the economic development of the country Trigger head to give spark to economic activities by his entrepreneurial decisions National Development and Growth
Entrepreneurial Leadership for Development of Country Promotes Capital Formation Creates Large-Scale Employment Opportunities Promotes Balanced Regional Development Reduces Concentration of Economic Power Wealth Creation and Distribution Increasing Gross National Product and Per Capita Income Improvement in the Standard of Living Promotes Country's Export Trade Facilitates Overall Development
"It is a constant struggle to find people who can be both entrepreneurial and conventional leaders... Finding them is the fundamental issue in any company that wants to grow." (Roger Ackerman, Chairman and CEO, Corning - A Fortune 50 Company)