Entrepreneurship and Leadership of Business Ventures

This report discusses the skills required for entrepreneurship and leadership of business ventures. It covers the traits and characteristics of successful entrepreneurs, the importance of leadership skills, and the qualities of a good leader. The report also includes a reflection on personal strengths and weaknesses, and an action plan for improvement.

Entrepreneurship
and leadership of
business ventures

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Leadership skills..........................................................................................................................2
Reflection.....................................................................................................................................3
Strengths......................................................................................................................................4
Weaknesses..................................................................................................................................5
Conclusion.......................................................................................................................................6
References........................................................................................................................................7

INTRODUCTION
Entrepreneur is an individual person who creates a new business, to bearing the risk and
earn more rewards. The entrepreneur is a innovator, it make new and creative ideas, it plays a
important role in economy (Aslam, 2019). Entrepreneurship is highly risk taker, they are not
afraid to face challenges and get more rewards. In this report it discusses the learning instruments
which provide the opportunities to developing the leadership skills. Leadership is a ability of the
individual person to guide the members to achieve the organization goals. It helps to take better
decisions and provide knowledge to its followers. Leadership helps to create and articulating a
vision and inspiring others to wants to work towards that vision. Along with good leader provide
the clear directions and purpose to achieve the common goals, it also supports to motivate their
employees when they need. To being a good leader they need to have a clear goals and
objectives.
MAIN BODY
Entrepreneurial refers to those people who start their own business and making more
opportunities to make money, they are not afraid to take risk. The main motive of entrepreneur is
to generate revenues which is greater than costs, increasing revenues is the target, that can be
achieved through the marketing and networking (Bamakan, Nurgaliev and Qu, 2019). It offers
the chance to get away from the daily routine and instead to develop their own personal
schedule. Entrepreneurship is the oldest form of the business organization, it helps to bring
innovation into economy with the new innovative products and services. Along with it helps to
drive the nation's economy towards the development and progress, different entrepreneur having
different ideas, every individual person having their own path and success. But there are some
common traits and characteristics, that helps to make a successful entrepreneur which are listed
below:
Vision and Passion- The entrepreneur wants to be clear vision of their business. So that they
having an ability to make plan for their long- term and short- term goals and objectivities. To
make a successful entrepreneur, they need to able to execute its future plans in an efficient
manner. It is very important and necessary traits, because entrepreneur need to passionate about
its work, they are not worry to face challenges, this type of passion can change into handwork.
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Innovative- It is most important characteristics of entrepreneur in innovation. They always try to
find some innovative and creative ideas to earn more profit, it also tries to look for the
opportunities in the market and benefit on it (Padron and Stone, 2019). They always try to doing
some innovative change in their products and services to fulfil their customer needs. Innovation
helps in production process or making new market strategies.
Risk taker- To being an entrepreneur, so risk is an initial part of any new business. Because
taking risk is an important for any business. Without risk business cannot earn more profit in
future. So it is necessary that entrepreneur has risk taker personality.
Leader- It is major qualities to make a successful entrepreneur. Every good entrepreneur is a
good leader. It is the ability to motivate and lead their employees to achieve the target and
success.
Leadership skills
Leader is an individual person who inspire their employees to achieve their target
effectively and efficiently and also motivate them to improve their skills. Along with it helps
employees to give the path to realizing it and ensure that their team achieve their goals. Good
leader is not just bark the order, they also analysis that work is doing well, if the worker having
any issue, then its try to resolve it by using effective communication and motivation techniques
to evaluate the action by its team (Travers, 2022). They are some qualities are requiring to being
a good leader such as problem solving effectively and take better decision in tough situations,
strongly operate their team, always try to support their team and motivated when they need.
Leadership is a process to inspiring the group of people to achieving the organization goals.
Effective leadership is based upon the ideas in both ways primary and borrowed, it helps to
doing proper communication with others. To being a good leader, they need to require some
skills which are listed below:
 Goal setting- Good leader having ability to set the goal and provide proper direction to
their team members to achieve it. Along with they need to become a more adaptable to
change, they need to prepare for future uncertain, especially with the constant churn for
the business world.
 Effective communication- It is very important to being a good leader, without
communication they cannot able to communicate with their team, it is impossible to
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become an effective leader without becoming a great communicator. Along with effective
communication helps the build a good relationship between leader and their team
members. It main focus is on building a relationship with their team members.
 Time Management- It is very important skills to being a good leader, because time
management helps to achieve the target in proper manner, it is beneficial to manage the
team work and looking for the new sales. Time management helps to give a stability in
their work and support to handle tough situation.
 Problem solving- To being a successful leader, its having ability to solve the problems,
along with it is important to permit the team to solve their own problems. Mostly problem
is solved by applying the four- step such as defining the problem, identifying the
solutions, evaluate and selecting the best possible way.
 Trustworthiness- Workers need trustworthily leader to be able to feel comfortable with
them and they are not afraid to ask their quarries (Podder and Samanta, 2022). Along
with good leader need to demonstrate their integrity and being a open minded and honest,
because it helps to encourage the employer and maintain the workforce of the company.
Some skills and qualities are support to convey the employees for trustworthiness as a
leader, these things help to achieve target of the organisation.
Reflection
The score which was reflected my self-assessment and my total score is 215 in five
columns, which means I able to becoming a good leader. Because I love to communicating with
others, which means its helps me to build strong relationship with my teammates, along with I
am honest and trustworthy. Because it is the most important part to become a good leader,
without gaining trust of their teammates, they cannot be done work in efficient manner. Along
with I am keep focused on my goals, as a good leader their main focus is setting a goal and lead
their employees to follow this in proper manner. So that, it helps to achieve the target of the
company effectively and efficiently. However, I know very well only giving order to their
employees and not ask for their opinion or feedback is not a good thing, this type of negative
nature affect the performance of the employee's and they also feel demotivated. Along with then
they are not satisfied with their job which is not good for the company public image, so I have a
capabilities t handle this tough situation very well. Because I am good in communication, and I
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believe doing work together is better and effective. Along with I am good influence, I can
influence the people easily, this skill supports me to make a good leader, I know that as a leader I
always try to motivate my team meats and build the employees self- esteem by giving
recognition and reward (Priest and Gass, 2018). This motivation helps me to encourage my staff
to doing work more positionality, which is good for the organisation to achieve their target in
proper manner. I also capable to doing multi-tasking by themselves, I often the fear and
delegation tasks which is strong sign of a strong leader.
Strengths
 Creativity- It is very important for the leader, because creativity leadership drives the
productivity and helps the company to improve their performance. Creativity is beneficial
for the modern business leader, because to compete in the competitive market, company
need to be creative and innovative to maintain their performance. Creative leadership are
having many benefits such as problem- solving, achieving growth effectively and
efficiently, mentoring the grouping activities in the workplace and finding the unlikely
perspectives within the business. Creative leadership helps to giving number of
opportunities which include innovative ideas and advance technology for the company
success. It might be suggesting the brainstorm ideas for their employees according to
their point of view, instead to taking ideas from the top. Along with creativity helps the
company to create its own path to success in future, unlikely position allows the new
exciting approach to be disclosed, which can be used for the new exciting changes to help
the company thrive and grow.
 Discipline- To maintain discipline in the organisation is important, self- discipline at
work is allow the leader and employees to put their full attention to the task which is
given at hand. Along with research shows that leaders of the company are more discipline
to compare others with their strong sense of self- control, which helps to engaged in their
work more likely and diligently.
 Enthusiasm- It is the behaviour that helps the leader to teach the better way to connect
with their employees and they are able to identify the existing issues is very important for
being a good leader which support the employees to easily recognize the leader. It helps
to crate the vision and share the optimism as a leader. They support to build a enthusiasm
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related to the culture, and it is the great benefits for the leader attitude because it helps to
provide in a culture of success.
 Curiosity- It is beneficial for the leader, because it improves the engagement and
collaboration (Ratten and Usmanij, 2021). Curiosity helps the people to take the better
choices, which helps the company to improve their performance, achieve their target
more effectively and efficiently. Along with they support the company and leader to
adapt the uncertain market conditions and external pressure.
Weaknesses
 Not good in decision making- To being a good leader, they need to ensure that they are
good in decision making, if they are not, so they will difficulty to take batter decision,
and its affect the performance of the company.
 Lack of foundational knowledge- When the leader having a lack of knowledge, so they
feel difficulty to provide direction to their team members. Along with poor leadership
cause the high employees turnover and loss the productivity.
 Face difficulty to motivate their team members- To become a good leader they need to
be ensure that, they knowing that employees are very beneficial for the company growth,
so if they feel demotivated, they leader wants to be encourage their employees.
Action Plan
To being a effective leader for the company they need to overcome their weakness, firstly
they need to update their knowledge that what was the current position of company, market
knowledge and furthermore (Selvanathan, Crimston and Jetten, 2022). They also need to doing
some courses which helps to update their knowledge. Second they need to additional their
responsibilities, because as a leader they need to ensure that they are good in multitask work.
Lastly they need to ensure that they providing regular training to their employees to improve
their knowledge, and also helps the company to achieve their target effectively and efficiently.
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Conclusion
In this above report it discuss that what skills are require to being a good leader, if the
company having the good leader than it us very beneficial for the company growth and helps the
company to achieve their target in proper manner. Leader helps the company to implement the
vision and value, along with they also support to boost the morale of their employees when they
feel demotivated which is not god for the company. Because this thing affects the company
performance. To being a good leader they need to be having some skills, having a right tool to
doing a job effectively is beneficial for all the member of staff. Along with the leader wants to
make sure that these are available for the whole organisation.
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References
Books and Journals
Aslam, M., 2019. Leadership in challenging times of academic libraries. Global Knowledge,
Memory and Communication.
Bamakan, S.M.H., Nurgaliev, I. and Qu, Q., 2019. Opinion leader detection: A methodological
review. Expert Systems with Applications, 115, pp.200-222.
Padron, T.C. and Stone, M.J., 2019. Leadership skills in event management courses. Event
Management, 23(6), pp.927-937.
Podder, S.K. and Samanta, D., 2022. E-Development and Sustainable Management Education
for Effective Leadership and Sustainable Society. International Journal of Social
Ecology and Sustainable Development (IJSESD), 13(6), pp.1-18.
Priest, S. and Gass, M., 2018. Effective leadership in adventure programming, 3E. Human
Kinetics.
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education, 19(1), p.100367.
Selvanathan, H.P., Crimston, C.R. and Jetten, J., 2022. How being rooted in the past can shape
the future: The role of social identity continuity in the wish for a strong leader. The
Leadership Quarterly, p.101608.
Travers, C.J., 2022. Reflective Goal Setting for Leader Personal Development. In Reflective
Goal Setting (pp. 165-176). Palgrave Pivot, Cham.
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APPENDIX
Creativity test
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Leadership test results
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GET2 Test result summary
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