Entrepreneurship and Leadership of Business Ventures BSS0182

This report discusses the importance of leadership styles and entrepreneurial qualities and characteristics in a business venture. It also showcases how these styles and attributes can add value to the business with examples. The report includes a reflective report on leadership style, entrepreneurial qualities and characteristics, and self-assessment. Subject: Entrepreneurship and Leadership of Business Ventures, Course Code: BSS0182

Entrepreneurship and
Leadership of Business
Ventures

Table of Contents
INTRODUCTION ..........................................................................................................................2
TASK ..............................................................................................................................................2
Reflective report on leadership style:..........................................................................................2
Reflective report on entrepreneurial Qualities and Characteristics:............................................4
How leadership styles and entrepreneur attributes add value to the business with examples: . .5
Self assessment- Appendix.........................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................9
INTRODUCTION
Entrepreneurship is basically regarded as the art of starting any business on own. It is a
type of start-up company which tries to offer creative products and services. Entrepreneurs
design new ideas and business processes with respect to the requirements that occur in the
market. An entrepreneurial leader identifies opportunities so that they can gain advantages of
them by also giving creativeness and innovation. They help the organization to stay competitive
and adapt to the changing conditions of business. These types of leaders give importance to
carrying out the responsible behaviour in the business or organization. An entrepreneurial leader
has self confidence and delegates the business tasks efficiently among the employees of the
business(Al Khajeh, 2018). This is a reflective report where I will provide an understanding of
my leadership styles and entrepreneurial qualities and characteristics. It shall also showcase how
my styles and attributes can add a value to the business. It shall identify the specific qualities that
influence the success of the business.

TASK
Reflective report on leadership style:
Self-awareness is very essential in understanding of different positions of leadership.
Emotional intelligence is required by most leaders so that the problems that arise in a business or
organization can be dealt smoothly. For the leaders to have a proper understanding of
themselves, personality tests are always needed. These tests helps in self-development and self-
management. Good leadership is a combination of having skills, values, behaviour, attitude and a
leadership style (Bagheri, Newman and Eva, 2020) .
There are different leadership styles that are available which are Authoritarian,
Participative, Delegative, Transactional and Transformational.
Let us discuss each style before giving a reflection of my leadership style:
Authoritarian Leadership- This style allows the leader to list down their expectations and then
determine the outcomes. It helps in defining the clear guidelines which must be followed by the
team members. It helps the leader to get consistent results and reduce mistakes in the
implementation of tasks. But it is a strict style that can lead to problems in the organization and
employee creativity might get reduced.
Participative Leadership- This style focuses on taking active participation of the team members
in decision making process of the business. It focuses on employee inclusion and engagement.
Thus, it can also be said to be a democratic theory. This style motivates the employees and helps
to establish a strong team while also leading to high productivity. But is time consuming and
might lead to poor decisions if there are unskilled employees.
Delegative Leadership- It focuses on giving the delegation responsibility to team members. It
can be successful if there are competent and experienced employees who take up responsibility.
It thus creates a work environment that is positive. But this style can be negative in defining
command responsibility.
Transactional Leadership- This style is based on the use of transactions that are carried out
between the leader and the followers to get the job done like rewards, punishments, etc. clear
goals are set in it by the leader. It is more of a give and take where employees do not have any

confusion with respect to the goals of the business. In this, the creativity of the employees gets
minimized.
Transformational leadership- In this style, the leader inspires their followers by creating a
vision and inspiring them to achieve it. It emphasizes more on the vision of the organization.
High morale among the employees is experiences by this style. But it requires constant
motivation which must be given to the workers(Boukamcha, 2019) .
From the above analysis, I have the Participative leadership style which I came to know
when a worked on a project with my team because I possess the characteristics where I
encourage participation of my team members. And I give importance to their opinions and
suggestions. I encouraged them to put their points forward. I engaged with them on the task and
took their inputs on it by respecting their suggestions in decision making.
Reflective report on entrepreneurial Qualities and Characteristics:
Entrepreneurship is the process of starting a business on our own. But as entrepreneurs it is
essential to take advantage of the opportunities and of the resources that are available to make a
business successful.
I as an Entrepreneur possess various qualities and characteristics which are
 Curiosity- I have a sense of curiosity which allows me to continuously look for new
opportunities in the market. I don't settle after a success rather I try to explore more by
asking challenging questions which can make a business venture successful(Miao and et.
al., 2019).
 Confidence- I have a sense of self confidence which is a very appealing trait to which the
clients get attracted. And thus it can help in making the business reach great heights.
 Adaptability- I am very adjusting and thus I also have the habit where I can adapt to any
situation be it a downfall which is very essential characteristics of me as an entrepreneur.
 Decisiveness- To become a successful entrepreneur, one must be able to take fast
decisions. I possess this quality as I am a quick learner and I analyse things faster which
helps me to take fast decisions. Because toughs decisions are required to be taken with
respect to forming strategies for a business as an entrepreneur.

 Team building- I possess the quality of a leader where I focus on team building by
encouraging their participation and complementing their abilities. So that their
weaknesses can be turned into strengths.
 Risk tolerance- I also have the characteristics to tolerate risks which can occur in the
business. I thus possess the quality of transforming a risk into a reward.
 Innovation- This goes hand in hand with entrepreneurship. Because innovation helps a
business to be unique and successful in the market. I am very creative and developed the
quality of thinking out of the box (Paudel, 2019).
How leadership styles and entrepreneur attributes add value to the business with examples:
The most successful example of a Participative Leadership style in the business is
Microsoft whose leader Bill Gates uses this style because of its advantages. He is known to take
suggestions and recommendations from his colleagues which add value to the business and its
success in the market. He understands and gives importance to the knowledge, skills and
expertise of the team members by giving value to their opinions which is a major characteristic
of Participative or democratic leadership style. This style requires good listening skills so that the
voices of the employees are heard by the leader as they suggest innovations to the business.
Another example of a participative leader is Carlos Ghosn, the CEO of Renault and
Nissan, who gives importance to workers participation and involvement in the decision making
activities of the business (Sawaean and Ali, 2020) . He believes that the experience of the
employees can add value to the business and its operations can be improved for it to sustain in
the market for a longer duration.
Thus Participative leadership style helps the businesses globally to achieve success and
enjoy it for a long time.
Entrepreneurial attributes which add value to the business are Confidence which is a must for
the business to become successful. If the entrepreneur is not confident they are not able to make
timely decisions which are essential for the management of a business in order to add value to it
and make it successful. Another attribute is adaptability which is very essential and must be
possessed by a entrepreneurial leader so that they can adapt to the changing conditions of a
business. This attribute adds value to the business as the business goes through ups and downs

and adjustment is must for the leaders so that it can remain successful for a long time. Another
attribute that adds value to the business is team building as any form of business can only
become successful when the leaders work on themselves as well as on building the abilities and
skills of the team which can add innovation to the business.
Self assessment- Appendix
With respect to my self assessment I have used the GET 2 test that defines the enterprising
tendency of a start-up business and managing projects. It provides an idea of the enterprising
potential that I have in starting a business.
The test denoted occassionally enterprising by giving a score of 57% that means that I
have strengths in some of the enterprise characteristics. It states that I am content to work on
limited no. of projects by working as an entrepreneur on voluntary projects. However, I can have
innovative growth by learning new things through online courses that help in building
knowledge and skills for a business(Tur-Porcar, Roig-Tierno and Llorca Mestre, 2018).
Due to the medium score on the test there is a need to recognise certain characteristics which can
help me in the need for achievement like
 having a future foreseeability
 relying on my own skills and abilities
 having positive thinking and attitude

 managing time effectively
 being strongly oriented towards tasks
Thus it helps to achieve balance between work and life.
Low score on autonomy describes content to work in the team as a valuable member.
Medium score on creativity denotes my creativeness and states that I can be good at applying
new skills and techniques at work. Relaxed environment helps in boosting creativity and
innovation by branstorming of ideas.
Low score on risk taking denotes that I might not be happy at taking risks and many
responsibilities burden me at calculating the risk factor.
Medium score on locus of control denotes that I am confident, opportunistic and
determined. For a successful business venture I need to develop enterprising skills.
Thus, self assessment helps me to understand what I need to improve as an
entrepreneurial leader to have a successful business venture.

CONCLUSION
It can be concluded from this report that it is essential for a entrepreneurial leader to
possess qualities and characteristics which can make them work towards making the organization
successful. It can happen when a leader uses the leadership style to guide the team. From the
understanding, I have the participative leadership style which encourages participation from the
team members and gives importance to their recommendations in decision making. As an
entrepreneur I have various qualities that add value to the success of the business like self-
confidence, curiosity, team building, adaptability, decisiveness which are regarded essential for
a business venture.

REFERENCES
Books and Journals from Google Scholar
Al Khajeh, E.H., 2018. Impact of leadership styles on organizational performance. Journal of
Human Resources Management Research, 2018, pp.1-10.
Bagheri, A., Newman, A. and Eva, N., 2020. Entrepreneurial leadership of CEOs and
employees’ innovative behavior in high-technology new ventures. Journal of Small
Business Management, pp.1-23.
Boukamcha, F., 2019. The effect of transformational leadership on corporate entrepreneurship in
Tunisian SMEs. Leadership & Organization Development Journal.
Miao, Q., and et. al., 2019. CEO entrepreneurial leadership and performance outcomes of top
management teams in entrepreneurial ventures: The mediating effects of psychological
safety. Journal of Small Business Management, 57(3), pp.1119-1135.
Paudel, S., 2019. Entrepreneurial leadership and business performance: Effect of organizational
innovation and environmental dynamism. South Asian Journal of Business Studies.
Sawaean, F. and Ali, K., 2020. The impact of entrepreneurial leadership and learning orientation
on organizational performance of SMEs: The mediating role of innovation
capacity. Management Science Letters, 10(2), pp.369-380.
Tur-Porcar, A., Roig-Tierno, N. and Llorca Mestre, A., 2018. Factors affecting entrepreneurship
and business sustainability. Sustainability, 10(2), p.452.