Entrepreneurship and Leadership of Business Ventures: Reflective Report

This reflective report discusses the leadership styles and entrepreneurial qualities and characteristics that add value to a business. It includes a self-assessment and examples of successful leaders. The report emphasizes the importance of self-awareness and adaptability in entrepreneurship and leadership.

Entrepreneurship and
Leadership of Business
Ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Reflective report on leadership style:.....................................................................................3
Reflective report on entrepreneurial Qualities and Characteristics:.......................................4
How leadership styles and entrepreneur attributes add value to the business with examples:5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
Appendix..........................................................................................................................................8
Self-assessment.......................................................................................................................8

INTRODUCTION
Entrepreneurship is defined as the practise of beginning a business on one's own. It's a
type of start-up that aims to provide innovative products and services. Entrepreneurs create new
ideas and business procedures in response to market demands. An entrepreneurial leader
recognises opportunities and takes advantage of them while also demonstrating creativity and
innovation. They assist the corporation in remaining competitive and adapting to changing
business conditions (Bagheri, Newman and Eva, 2020). These types of leaders place a premium
on conducting themselves in a responsible manner in the workplace. An entrepreneurial leader is
self-assured and delegated business tasks effectively among the company's personnel. This is a
self-reflective report in which I will discuss my leadership styles as well as my entrepreneurial
abilities and attributes. It will also demonstrate how my personality and skills can benefit the
company. It will pinpoint the exact characteristics that have an impact on the company's success.
TASK
Reflective report on leadership style:
Understanding diverse leadership positions requires a high level of self-awareness. Most
leaders require emotional intelligence in order to deal effectively with difficulties that develop in
their businesses or organisations. Personality tests are always required for leaders to get a clear
grasp of themselves. Self-development and self-management are aided by these tests. Skills,
values, behaviour, attitude, and a leadership style all go into making a good leader (Tur-Porcar,
Roig-Tierno and Llorca Mestre, 2018). Authoritarian, Participative, Delegative, Transactional,
and Transformational leadership styles are among the many options.
Before I give a reflection on my leadership style, let's go over each style.
Authoritarian Leadership- This approach allows the leader to make a list of their goals and
then determine how they will be met. It aids in the establishment of specific guidelines that team
members must adhere to. It assists the leader in achieving consistent results and reducing errors
in task execution (Simba and Thai, 2019). However, it is a rigid approach that may cause issues
in the business and decrease employee inventiveness.
Participative Leadership- This management style emphasises team members' active
engagement in the business's decision-making process. It focuses on employee involvement and
inclusivity. As a result, it can also be considered a democratic theory. This management style

inspires employees and aids in the formation of a strong team, as well as resulting in high
production. However, it takes time and may result in poor decisions if there are unskilled staff.
Delegative Leadership- It focuses on delegating delegation authority to members of the team. It
can be successful if skilled and experienced people are assigned to the task. As a result, a
positive work environment is created. However, when it comes to identifying command
responsibility, this style might be detrimental.
Transactional Leadership- This style is centred on the utilisation of transactions between the
leader and the followers to complete the task, such as incentives, punishments, and so on. The
leader establishes defined objectives in it (Paudel, 2019). It's more of a give-and-take situation in
which employees are clear about the company's objectives. Employee creativity is harmed as a
result of this.
Transformational leadership- The leader in this technique inspires their followers by
establishing a vision and motivating them to realise it. It focuses more on the organization's
mission. This technique generates a high level of employee morale. However, it necessitates
ongoing incentive, which must be provided to the employees.
According to the above study, I have the Participative leadership style, which I discovered
when working on a project with my team, because I have the attributes that inspire my team
members to participate. And I value their suggestions and opinions. I encouraged them to express
themselves. I collaborated with them on the project and listened to their comments while making
decisions.
Reflective report on entrepreneurial Qualities and Characteristics:
The process of beginning a business on our own is known as entrepreneurship. However, it is
critical for entrepreneurs to take use of the possibilities and resources available in order to build a
successful firm.
As an entrepreneur, I have a variety of qualities and attributes which are:
 Curiosity- I have a natural curiosity that drives me to seek out new opportunities in the
industry. I don't rest on my laurels after a win; instead, I want to learn more by asking
probing questions that can lead to a successful business venture (Reid and et. al., 2018).
 Confidence- I have a strong sense of self-assurance, which is a really appealing quality
that attracts clients. As a result, it has the potential to assist the company in reaching new
heights.

 Adaptability- I am very adaptable, and as a result, I have developed the habit of adapting
to any scenario, be it a setback, which is one of my most important characteristics as an
entrepreneur.
 Decisiveness- To succeed as an entrepreneur, you must be able to make quick decisions. I
have this quality because I am a quick learner and analyse things quickly, allowing me to
make quick decisions (Akpan, 2021). Because as an entrepreneur, you must make
difficult decisions when it comes to developing business strategy.
 Team building- I have the leadership attribute of focusing on team building through
promoting involvement and complimenting abilities. So that their flaws might be
transformed into assets.
 Risk tolerance- I also have the ability to withstand hazards that may arise in the
workplace. As a result, I have the ability to turn a risk into a gain.
 Innovation- This is closely related to entrepreneurship. Because innovation allows a
company to stand out and succeed in the marketplace (Lee and Huang, 2018). I'm an
extremely creative person who has honed the ability to think outside the box.
How leadership styles and entrepreneur attributes add value to the business with examples:
Microsoft, whose CEO Bill Gates adopts this style because of its benefits, is the most
successful example of Participative Leadership in the business. He is known for accepting
comments and recommendations from his co-workers that bring value to the company and its
market success (Boukamcha, 2019). He recognises and values the team members' knowledge,
abilities, and competence, as well as their opinions, which is a major quality of participative or
democratic leadership. This technique necessitates good listening skills so that the leader can
hear the voices of the employees as they suggest company improvements.
Carlos Ghosn, the CEO of Renault and Nissan, is another example of a participative
leader who values employee participation and involvement in the company's decision-making
processes. He feels that the employees' experience may bring value to the company and that its
processes can be improved in order for it to be in the market for a longer time (Fisher and et. al.,
2020). As a result, participatory leadership style assists enterprises around the world in
achieving success and enjoying it for a long time.

Confidence, which is required for a business to succeed, is one of the entrepreneurial traits that
add value to the company. If an entrepreneur lacks confidence, he or she will be unable to make
timely judgments that are necessary for a business's management in order to create value and
make it successful. Another trait that an entrepreneurial leader must possess is adaptability,
which is very important and must be possessed by them in order to adjust to changing business
situations (Zheng, Ahsan and DeNoble, 2020). This quality gives value to the company when it
goes through ups and downs, and leaders must adjust in order for the company to stay successful
for a long period. Team building is another feature that gives value to the business, as any type of
business can only succeed if the leaders work on themselves as well as the team's abilities and
skills, which can add innovation to the firm.
CONCLUSION
The conclusion of this report is that an entrepreneurial leader must possess talents and
attributes that motivate them to work toward the organization's success. When a leader applies
the leadership style to guide the team, this can happen. According to my understanding, I have a
participative leadership style, which encourages team members to participate and prioritises their
recommendations in decision-making. As an entrepreneur, I possess a number of attributes that
contribute to the company's success, including self-confidence, curiosity, teamwork, adaptability,
and decisiveness, all of which are considered necessary in a commercial venture.

REFERENCES
Books and Journals
Akpan, I.J., 2021. Scientometric evaluation and visual analytics of the scientific literature
production on entrepreneurship, small business ventures, and innovation. Journal of
Small Business & Entrepreneurship, 33(6), pp.717-745.
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.
Fisher, G and et. al., 2020. Entrepreneurial hustle: Navigating uncertainty and enrolling venture
stakeholders through urgent and unorthodox action. Journal of Management
Studies, 57(5), pp.1002-1036.
Lee, M. and Huang, L., 2018. Gender bias, social impact framing, and evaluation of
entrepreneurial ventures. Organization Science, 29(1), pp.1-16.
Paudel, S., 2019. Entrepreneurial leadership and business performance: Effect of organizational
innovation and environmental dynamism. South Asian Journal of Business Studies.
Reid, S.W and et. al., 2018. Blazing new trails or opportunity lost? Evaluating research at the
intersection of leadership and entrepreneurship. The Leadership Quarterly, 29(1),
pp.150-164.
Simba, A. and Thai, M.T.T., 2019. Advancing entrepreneurial leadership as a practice in MSME
management and development. Journal of Small Business Management, 57, pp.397-416.
Tur-Porcar, A., Roig-Tierno, N. and Llorca Mestre, A., 2018. Factors affecting entrepreneurship
and business sustainability. Sustainability, 10(2), p.452.
Zheng, C., Ahsan, M. and DeNoble, A.F., 2020. Entrepreneurial networking during early stages
of opportunity exploitation: Agency of novice and experienced new venture
leaders. Entrepreneurship Theory and Practice, 44(4), pp.671-699.

Appendix
Self-assessment
In terms of self-evaluation, I employed the GET 2 test, which identifies the entrepreneurial
nature of a start-up business and project management. It gives me an idea of how enterprising I
am when it comes to launching a business.
With a score of 57 percent, the exam indicated that I am occasionally enterprising,
indicating that I have strengths in some of the enterprise qualities. It states that I am content to
work on a restricted number of projects while volunteering as an entrepreneur. However, I can
achieve inventive growth by learning new things through online courses that aid in the
development of business knowledge and skills.
Because of my exam result, I need to recognise specific characteristics that can assist me in
achieving my goals, such as having a future foresight and depending on my own skills and
abilities. Having a positive mindset and attitude, successfully managing time, and being task-
oriented
As a result, it aids in the attainment of work-life balance.

Low autonomy denotes someone who is content to work as a valuable member of a team.
My medium creativity score indicates that I am innovative and capable of implementing new
skills and strategies at work. Barnstorming of ideas in a relaxed environment helps to enhance
creativity and innovation.
Low risk taking indicates that I may not enjoy taking risks and that my many duties make
it difficult for me to calculate the risk factor.
I am confident, opportunistic, and determined, according to my locus of control score of
medium. I need to improve innovative talents in order to start a profitable firm. As a result, self-
assessment assists me in determining what I need to improve as an entrepreneurial leader in
order to run a successful business.