Table of Contents INTRODUCTION.......................................................................................................................................3 TASK 1...................................................................................................................................................3 P1) Exploretwokey global business challenges - What are the consequences for leadership theory and practice?..................................................................................................................................................3 P2) Critically discuss the importance of entrepreneurial and intrapreneurial leadership in a contemporary global context...................................................................................................................5 TASK 2.......................................................................................................................................................6 P3) Personal leadership philosophy explanation.....................................................................................6 P4) 3 Leadership incidents.......................................................................................................................8 CONCLUSION.........................................................................................................................................11 REFERENCES..........................................................................................................................................13 Books and Journals:...............................................................................................................................13
INTRODUCTION Leader is the person who takes all challenges of business and provides the best solution to the organization so that they achieve their targets and goals(Bobeva, Landmark and Khaled, 2020). Leadership is the art that performed by a person in organization to motivate the employees and workers towards achievement of goals and objectives in an efficient way. Leader is the person who directing the employees that they try to fulfill companies needs with the integration of individual and organizational objectives. Leadership is not easy task because in the process of leadership leaders face many challenges in the organization. The challenges can be external or internal that should be deal by the leader. Leadership can be performed by two ways first one is entrepreneurial and second one is intrapreneurial. In this report leadership theories are discussed for solving the global business challenges. It also covers importance of leadership with a reflective essay so that it can be analyzed in better way. It covers how the main challenges that deal by the business leaders in the global market with the accomplishment of organizational goals and objectives. Both leadership styles are important in the global context because their main focus is on organizational needs. TASK 1 P1) Exploretwokey global business challenges - What are the consequences for leadership theory and practice? In a survey by Robert half management resources survey said that today company leaders faces more challenges as compared to 5 years ago(Bode, Rogan and Singh, 2019). In the new business environment all leaders are able to make their team stronger. They are performed very well in recruitment and retention challenges. Today the business environment gets more dynamic in nature because the day to day competition makes the environment so complex. If the leader wants to cope up with these challenges than they should be proficient in their chosen field. If the leaders are proficient in a particularly then they can deal with easily. There are many global challenges that face by the leaders. The two key challenges are mentioned below that helps to understand that how challenges affect the business organization functions and how leadership theories helps to cope up with the challenges. Demand for skilled talent: In today's business environment there is continuously increasing demand of skilled talent because it give the productivity and profitability to the organization. Today managers face many
problems such as recruiting and retaining of the best performers in the company. Talent is the key element of success and growth of business organization. So it gets more difficult because every organization wants that they recruit and retain the best employees in their organization. So all the pressure is going on leaders because they are the person use their communication skills. It helps to direct each employee for their roles and responsibilities in the company's mission and vision(Bodnar). Wider range of knowledge: With the continued development of technologies and up gradation of knowledge in skills, leaders need wide range of knowledge for the successful running of organization. In the changing scenario of business environment it needs experts who deal with the organization challenges through their knowledge and skills(Rossano-Rivero, 2019). Leaders just not only focus on responsibilities but also so try to think beyond their duties. So that gets to know about the upcoming and unknown challenges that only deal with their knowledge. Leaders need wide range of knowledge as experts have so that they can cope up with unknown happenings. These challenges can be deal with the proper application of leadership theories according to the situation. Leadership theories get impact on organizations through employee’s morale, decision making speed and productivity. Some of the leadership theories and their consequences are mentioned below that has to deal with global business challenges: Employee morale: Leader is the person who always tries to motivate the employee’s morale so that did not get fear from upcoming challenges(Candra and Soenarmi, 2017). With the help of participative leadership theory, leaders involve the employees in the decision making process that helps to motivate and boost the employees morale in the organization. With the wrong application of leadership theory for example autocratic leaders generally did not include the workers in decisions. It directly increase employee turnover ratio because they feel they are absenteeism. So it is very necessary for the leaders that they should adopt leadership theories according to the situation. Decision making:
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
With the use of democratic leadership style the leaders include the subordinates decision in the decision making process. It helps to encourage suggestions and feedback from each and every employee. From this employees feel more power in the organization that productivity and their efficiency in the organization. With another use of leadership style that is laissez-faire leadership style that divide or delegate all the roles and responsibility according to the skills and knowledge. Every employee has some duties and responsibilities that give the right to take decisions in the organization(CELIK, NALCACIGILand GOZEN, 2020). It gives the motivation and direction to the employees of organization. From the above discussion it is analyzed that the leadership style plays an important role for dealing with the global business challenges. But it is also very necessary that leader considered to leadership style which are appropriate for the particular situation, it totally depends on the situation. To deal with the global business challenges leader should adopt write leadership style to cope up with the challenges. P2) Critically discuss the importance of entrepreneurial and intrapreneurial leadership in a contemporary global context There are two types of leadership first one isentrepreneurialand second one is intrapreneurial. Both are different from their nature as entrepreneurial leadership is the act that focus on innovative ideas, they have a common goal(Van der Westhuizen, 2017). Whereas intrapreneurial leadership use entrepreneurial skills and knowledge for innovate in the existing products in existing company. The importance of entrepreneurial and intrapreneurial leadership is explained below: Entrepreneurial Leaderships Entrepreneurial leaders have more innovative knowledge and ideas for launching the new business. They have much potential to innovate the business ideas and launched in the market (Colichi, Bonini and Lima, 2019). They always try to give new things to the market that attract customers for purchasing of new products and services. It directly increases the sales and revenue of an organization. Generally the small enterprises adopt entrepreneur leaders because they are the one who gives new ideas and designs which attract the customer to achieve targets and goals.
They adopt the challenges very well because they analyze the risk factor of organization. Many studies show that entrepreneur leaders have different type of qualities such as risk identification and analyst, ability to anticipate and think strategically. Intrapreneurial leadership On the other hand intrapreneurial leaders are the one who has knowledge of entrepreneur skills and they try to apply in the existing company. Organization leads entrepreneur leaders because they know that how effectively implement the idea in organization. They are very well about the upcoming challenges of business because they already know the pros and cons of entrepreneur(Di Muro, Lecoeuvre and Turner, 2020). Organisations choose interpreneuer leaders because they know that those leaders have all capability that is similar to entrepreneur leaders. Every person thought that organisation needs innovation but no one thinks about changes. There is a single person who thinks about change intrapreneurial leaders. They fill the shortage of entrepreneurial leaders Bothleadershavetheirownimportanceintheirrespectivesituations.Because entrepreneurial leader is the person who gives new ideas to the organization(Haarla, Hakala and O’Shea, 2018). Whereas intrantrepreneurial leader is the person who implement those new ideas in the market. Organization needs both types of leaders for the success of organization in the global context. It totally depends on the situation where the organization wants which leader for their growth and success. TASK 2 P3) Personal leadership philosophy explanation There are many types of leadership theories I was read in the lectures. Every leadership theory has pros and cons but there are some few theories that I like to include in this report. I was read 7 leadership theories that are contingency theory, Transformational leadership theory, behavioral theory, trait theory, situational theory, transactional theory and great man theory. I was gained depth knowledge of these different types of leadership theories. Great man theory of leadership is the earliest leadership that stated that the leaders are born not made. But I was not
satisfied with the statement because I thought that leaders are made with their experiences and knowledge in their life(Hadad and Cantaragiu, 2017). They are as much similar to great man theory so that I was disagreeing. Explanation of these theories I found two theories that are very e essential to understand for the corporate bodies and leaders that are situational leadership theory and contingency theory. According to my experience I found that these theories are enough to achieve the organizational targets and goals. For the better explanation of these theories I explain below in the following points: Situational leadership theory According to the US professor, Paul Hersey and their leadership guru, Ken Blanchard states that situational leadership theory is the mixture of two factors. The two factors are maturity level and leadership style of the follower. This theory states that every situation is not same it demands different style of leadership. For the accomplishment of organizational goals and objectives leaders should be understand the applicability of situation on leadership theory. Because the business environment is not fixed, it is in dynamic nature(Joshi and Achuthan, 2018). So every situation is not similar that we already dealt with them. That's why the US professor said that situational theory demands understanding of different situations and apply other theories according with them. I found that it is one of the leadership theories that every organization needs in their life. Because I was already mentioned that business environment is not fixed so they need different types of leadership theory for the success and growth. Contingency leadership theory This is much similar to situational leadership theory but it states that there is no one single theory that apply to the all situations. In layman language it's simply refers to the theory that suggests the leaders that there is no one single theory applicable for all situations. There are many variables that influence the situations and a leader is the person who chooses the right corrective action that depends on the situations. According to the researchers White and Hodgson states that leadership needs the balance of leader behavior to deal with all situations. He said that the best leader should have the ability to analyze and identify the needs of followers so that they act accordingly(Loptes, 2019).
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
That's why I found that these two theories are very essential to cope up with the upcoming challenges and unknown happenings in the business environment. I really thought that leader should know about these two theories so that they are get flexible and prepare for the the upcoming global challenges. Challenges can be competitors, political factors, environmental crisis and innovation and technology. For success of business leaders should focus on all these challenges with the appropriate applicability of leadership theories. P4) 3 Leadership incidents When I am a leader: In my college there was a act in which I was selected as a leader of the company. From that incident I was able to know that who is leader and what is the roles and responsibility of the leader in the company. I found that leader is the person who motivates the employees of workforce towards the organizational goals. He integrates the individual’s goals and objectives with organizational goals and objectives. I found that he is the person who indulges all the efforts such as communication skills with their maturity level for converting the individual’s goals into common goal. In my act, there was a situation where I was select a leadership theory that has to cope up with the situation(Ma,Liu and Karri, 2016). The situation was due to the brexit, company faces many challenges because it creates the possibility of threats. Because of that unemployment get rises and my all employees are in threat that they are removed by the company. So as a leader I have to do things that helped to remove the fear from employees that they are removed by the company. On that situation I found that how contingency and situational theory is important for a leader because situation is not predictable they are non happenings that we cannot guess. On that note I found autocratic leadership is not good in this situation because, it demotivates the employees and makes feel them absenteeism. So I was going to democratic leadership and participative leadership that become very helpful on that situation. Democratic leadership creates democracy in the organization that helps to remove the fear of absenteeism of employees or workforce. Democratic leadership invites employees of the organization involved in the decision making process or in other activities which helps to motivatetheemployees.Andafterthatemployeesfeelthattheyareimportantforthe organization. It helps to remove the fear of exploitation or job insecurity. Other leadership style which I found that it was suited at that time is participative leadership. The participative
leadership name says that managers and leaders include the decision of their subordinates. It motivatestheemployee’smoraleand ithelpsemployeestowork for theattainmentof organization goals and objectives. These two theories I found that were good and suitable for the situation and help to remove the fear of job insecurity. As a leader role I found the deep knowledge of leadership styles and the application of the styles in the organization. Where I followed a leader: In the present scenario of UK I found best leaders that run their business very efficiently and gives the examples in front of the people. All are good but I followed a one leader who is James P. Gorman. He is the CEO of Morgan Stanley the best leader that I followed. He gave the speech in Wharton leadership lecture in front of students that discuss the crisis that faced by the economy(Marcondes de Moraes and et. al., 2020). With their session, students gained much knowledge about the dynamic nature of business environment. They also discussed about the fallout in student’s career, due to the dynamic environment. He gives eight advisors to the students, future leaders and managers which were very important and relevant for the success and growth of the business. He stated that people should follow simplicity and always calculated the risk which you were faced in the future. He also said that physical and mental health is very important for success. He advises that people follow the calm leaders when there are crisis in the environment. He focuses on the team member that should be work together for facing the upcoming challenges. He also said that we should opt those career options which suits us and don't follow the friends career. Every person has different knowledge, experience and talent. So the success is only depends on that. That speech gives me a lot of knowledge which actually I need. I found that he is the leader who know the traits and behavior of every person and understand very well. I found very surprised in that man because he is different from others that's why and run their business very well. I thought that he is the only person who suggest me the right things which helps to grow my career. I found a very important note from the Gorman’s speech i.e. those people that are passionate about their jobs success in your life not one who are intelligent(Mehta, 2020). This line gives me calmness that intelligence is not much importance for the success but how are passionate about that is important. He use many type of leadership style according to the situation that I like very much about him. He also suggests that leadership is the main key
element for the success of business that I feel he is right. Because of my thinking is much more similar to my ideal. I also feel that all the situations are not same in the business every situation is different so the leader should adopt those styles or use who are suited at that time. Where I observed leadership in another in a global context: In the global market, I found that leadership should be at another level that means it shouldbeunderstandandapplyverywellintheorganization.Leadershipvitalrolein globalization of the business, it encourages international relation, international culture and international business. I found that leaders should make their visions and complete with tirelessly. I found that in the governmental and environmental crisis leader should adopt autocratic style. Because in that situation the leader is a person who takes action and it gives the solution to the workforce. Autocratic style is not right in the normal situations because it demotivates the employee's morale. So the adoption of leadership theories and styles should be based on the situations. Leadership process in which leaders always tries to motivate and encourage employees so that they give their best to the organization(Newman and et. al., 2019). In the process of leadership I found that leaders make their calm behavior so deal with the challenges. Global business has many threats and challenges which every organization faces in their life. Leadership is the process in which leader convert the threats into opportunities. Leader is the person who identifies, analyze and then take any action for or the sustainable growth and success of the business. His function is not end with facing challenges and threat. He has many other functions which performed in the organization such as guider. He guides the employees that they should adopt those actions and behavior which they feel is right. There are many other benefits from leadership such as leaders promote organization structure and culture, make spirit of doing something and directing groups or teams. Leaders also develop good human relations that helps make nice culture in the organization. They utilize the limited resources by effectively and efficiently. They are the source of motivation and help to attain the goals and targets of the organization. From the above incidents it is analyzed that leadership theories are the tools dad helps to attaintheorganizationalobjectives.Butitisnotaparticularmethodbecauseitneeds
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
identification of situation and after that application of appropriate leadership theory. In the world three incidents where I act as a leader is the most experienced and knowledgeable incident for me because it gives me a practical experience of leadership theories. All theories have the pros and cons which can be the reason of success and failure of organization(Rae and Melton, 2017). It depends on the nature of situation that which leadership theory is applicable or suited for that moment. I also found that all leadership theories which explain in the lectures is more good when we use in the practical life. So the theoretical knowledge of leadership theories not enough to know their impact, it requires practical applicability of these theories. I feel blessed that I was choosing as a leader so that I got to know the practical applicability of leadership theories. It really gives the great impact on the success and growth of the business. CONCLUSION It is concluded from the above report that there are many challenges in the global business which have face by the business leader. It covers challenges like competitor threat, dynamic nature of business environment and political and technical changes. The challenges are not easily acceptable because it gives a positive or negative impact on the organization. It is very e important for the leaders who plays an important role in the organization that to identify all the challenges very well. It is the duty and responsibility of the leaders to analyze the risk factor in the business which affects the operations. So it is not a easy task for the leaders, it require s wide range of knowledge and skilled employees. Because the success is only depends upon the leadership style and maturity of the followers. All leadership theories are necessary for the organizations growth but it depends on the situation.It is also concluded that contingency theory and situational theory are important for the leaders. Because all these theories give the mean of dynamic nature of business environment. It helps to try to identify the factors that affect the organization operations positively or negatively. With the incidents it is analyzed that practical applicability of leadership theory is much more necessary than theoretical knowledge. So for the success of business and growth, a leader should be aware from the upcoming challenges and take all necessary corrective actions according to the situations.
REFERENCES Books and Journals: Bobeva, M., Landmark, K. and Khaled, A., 2020. Developing Global Talent for the World of Work through staff-student-industry collaboration and co-creation on a global scale.Journal of Educational Innovation, Partnership and Change. 6(1). pp.1-14. Bode, C., Rogan, M. and Singh, J., 2019. Sustainable cross-sector collaboration: Building a global platform for social impact.Academy of Management Discoveries. 5(4). pp.396-414. Bodnar, C. A., Creating a Master” Entrepreneurial Mindset” Concept Map. Candra, K. and Soenarmi, S., 2017. PENGARUH ENTREPRENEURIAL ORIENTATION, CULTUREORGANIZATIONINTERNALFACTORTERHADAP PERFORMANCEORGANIZATIONMELALUICORPORATE ENTREPRENUERSHIPCAPABILITYPADAUMKMBATIKTULISDI JAWA TIMUR.Riset Akuntansi dan Keuangan Indonesia. 2(1). pp.1-18. CELIK, A., NALCACIGIL, E. and GOZEN, A., 2020, September. The Importance of The ChamberofCommerceandIndustryinTheDevelopmentofInternal Entrepreneurship in Companies. In5. International EMI Entrepreneurship and Social Sciences Congress PROCEEDINGS E-BOOK(p. 689). Colichi, R. M. B., Bonini, A. B. B. and Lima, S. A. M., 2019. Entrepreneurship and Nursing: integrative review.Revista brasileira de enfermagem. 72. pp.321-330. Di Muro, P., Lecoeuvre, L. and Turner, R., 2020. Ambidextrous strategy and execution in entrepreneurial project-oriented organizations: The case of Pagani supercars. International Journal of Project Management. Haarla, A., Hakala, H. and O’Shea, G., 2018. Re-imagining the forest: entrepreneurial ecosystem development for Finnish cellulosic materials. InEntrepreneurial, innovative and sustainable ecosystems(pp. 191-214). Springer, Cham. Hadad,S.andCantaragiu,R.,2017.Corporatesocialentrepreneurshipversussocial intrapreneurship: same idea, different trajectories?.Management & Marketing. Challenges for the Knowledge Society. 12(2). pp.252-276. Joshi, D. and Achuthan, S., 2018. Leadership in Indian High-tech Start-ups: Lessons for Future. InThe Future of Leadership(pp. 39-91). Palgrave Macmillan, Cham. Loptes, K. A., 2019.A Systems Model for Internationalization in US Higher Education: Influence of Context, Culture, Leadership, and Faith. Eastern University. Ma, H., Liu, T. Q. and Karri, R., 2016. Internal corporate venturing.Organizational Dynamics. 2(45). pp.114-123. Marcondes de Moraes,and et. al., 2020. University Ecosystems and the Commitment of Faculty MemberstoSupportEntrepreneurialActivity.BAR-BrazilianAdministration Review. 17(2).
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Mehta, M., 2020. Effect of leadership styles on corporate entrepreneurship: a critical literature review.Organization Development Journal. 38(2). pp.65-74. Newman, A.,and et. al., 2019. Entrepreneurial self-efficacy: A systematic review of the literature on its theoretical foundations, measurement, antecedents, and outcomes, and an agenda for future research.Journal of Vocational Behavior. 110. pp.403-419. Rae, D. and Melton, D. E., 2017. Developing an entrepreneurial mindset in US engineering education: an international view of the KEEN project.The Journal of Engineering Entrepreneurship. 7(3). Rossano-Rivero, S., 2019. Entrepreneurial Educators as Academic Intrapreneurs. InDeveloping Engaged and Entrepreneurial Universities(pp. 231-242). Springer, Singapore. Van der Westhuizen, T., 2017. A Systemic Approach towards Responsible and Sustainable Economic Development: Entrepreneurship, Systems Theory, and Socio-Economic Momentum. InCollective Creativity for Responsible and Sustainable Business Practice(pp. 208-227). IGI Global.