Reflective Report on Leadership and Entrepreneurial Qualities

This report, prepared for the 'Entrepreneurship and Leadership of Business Ventures' unit, offers a comprehensive analysis of leadership styles and entrepreneurial qualities. The report delves into the concept of transformational leadership, providing a detailed explanation of its characteristics and benefits in a business context. It explores the role of leadership in setting organizational direction, motivating employees, and fostering innovation. The report also examines the key skills and traits of successful entrepreneurs, including risk-taking, resilience, and strategic thinking. Through the use of examples like Steve Jobs and Bill Gates, the report illustrates how these leadership styles and entrepreneurial attributes contribute to the success of business ventures. Furthermore, the report includes a self-assessment of the author's leadership style and entrepreneurial qualities, using a GET score to highlight strengths and areas for development. The paper concludes by emphasizing the importance of leadership in challenging economic times and the impact of effective leadership on organizational growth and a positive work environment.

Running head: ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Name of the Student
Name of the University
Authors Note

1ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Executive Summary
Leadership plays a crucial role in the success of the business organization. The report
throws light on the effectiveness of the organizational goals through proper entrepreneurship
and leadership skills used in business ventures. Leadership provides inspiration, positive
environment for innovation, creativity and self-motivation. In the recent times, effective
leadership style is necessary to create and implement decisions that are effective and also
execute proper strategy. Transformational style of leadership is followed by me in the
organization. This helps in providing inspiration as well as vision to empower and develop
others so that the vision of the company is achieved.

2ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Table of Contents
Introduction.................................................................................................................................. 3
Leadership................................................................................................................................... 3
Transformational leadership style:............................................................................................4
Entrepreneurship......................................................................................................................... 6
Entrepreneurs Skills or Traits:..................................................................................................7
Conclusion:.................................................................................................................................. 9
References:............................................................................................................................... 10

3ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Introduction
Effective leadership is very crucial in the recent times for organizations, groups and
businesses to achieve their goals and succeed in the recent times. The process relating to
directing and controlling the behavior of the people in the existing work environment is known as
leadership (Fairhurst and Connaughton 2014). Leaders can easily influence others by their
ability to motivate, inspire and inform effectively. Various leadership strategies and styles are
used depending on the organization or the situation. There are different styles of leadership that
can be generally used to accomplish the objectives and goals of the organization (Tourish
2014). As for me, the leadership style that I am currently inclined to is transformational
leadership. Proper development of leadership skills is very effective as it helps in achieving both
the professional and personal success. Leadership is the way through which we can influence
others to achieve the organizational objectives. The employees are motivated to achieve more
than their initial expectations.
Leadership
Leader help themselves as well as other individuals to do the most effective and right
things for the organization. They help in setting direction, building an inspiring vision and also
creating something initiative and new (Collinson 2017). Leadership leads to mapping out a way
so that each one of us wins as a team for the organization. While setting the direction the leader
should also use effectively its managing skills to manage and control its people for the right
destination in an efficient and smooth way. Leadership leads to establishing and setting a clear
vision for the organization. Leadership cannot be taught unlike management but is learned
through effective mentoring and coaching (Dinh et al. 2014). Bill gates has an efficient
leadership skills today despite of failures has driven Microsoft industry to success with
continued innovation and passion.

4ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Transformational leadership style:
Transformational leadership leads to creating a vision for the future. It helps in inspiring
and motivating people so that vision can be achieved. It facilitating in managing delivery of the
business (Banks et al. 2016). In business, it is crucial to set a vision that is convincing, realistic
and attractive to achieve the future goals. Vision helps in setting priorities so that the followers
can know what they truly want to achieve. It is a foundation that is required for leadership.
Through this leadership style I can effectively motivate and inspire all the people to achieve all
the visions.
I believe transformational leadership style to be more effective among all other
leadership styles for the organization. In the current times the role of leader is highly significant
for successful performance of the organization. Similarly, effective use of leadership qualities
mostly depends on the used by leaders to their subordinates and associates (Fayolle and Gailly
2015). This style helped me in motivating my followers to help them in achieving relevant goals
in the work. This style helped in promoting and raising both me and my follower’s effectiveness.
This style incorporates social changes. I make sure that the work required to achieve my
desired vision is effectively managed so that it can be successfully achieved. Along with the
increasing responsibility of the employees, the effectiveness and productivity related to the work
also increases. This further creates a positive impact on the employee's performance and
development of my organization.
I motivate and inspire people to achieve more than their expectation. This helps in
increasing the efficiency of the employees. When any of my employee is feeling low are under
stress than I encourage them to aspire for more. Attractive rewards and incentives facilities are
provide to them so that they does not lose hope. The employees are motivated to work hard and
effectively so that rewards can be enjoyed. Since school days, I have been appointed as the
team leader for my natural charisma and appealing personality. Therefore, it is not hard to make

5ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
the people believe in me. Through my own hard work, persistence and determination I have
able to achieve this position. In the contemporary business environment the role of human
resources has consistently increased. The significance of positive interpersonal relations
between the various associates and me as a leader proved to be effective.
Figure 1: GET Result
My GET Score is 50%, which showcases my personality and traits required for being a
transformational leader. My risk taking score is 67%, which is a great characteristic of an
entrepreneur. Moreover, I am successful in achieving maximum of my business deals in a
positive manner with a score of 58%. My autonomy and creative skills are 33% that is adequate
for the business.

6ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Examples
Steve Jobs, the CEO of Apple has proved to be iconic transformational leaders in the world. He
constantly challenged his employees so that the workers can think beyond their imagination.
This would therefore help in innovating and creating products that the world would need. The
transformational leaders have proved to be an exemplary model for their associates. They are
usually responsible for the organizational success. From their examples and way of
management, I have been able to effectively manage my business.
With the effective implementation of leadership style in my management, I have been
able to effectively manage the organization with. I will also try to maintain a balance between my
personal and professional life and also overcome difficulties trough proper conflict management
strategies.
Entrepreneurship
Entrepreneur has the ability to transform an innovation or idea into successful enterprise
that distinguishes the entrepreneur style. Different approaches, attitudes and goals make an
individual an effective entrepreneur. Each and every entrepreneur has certain common traits.
This includes interpersonal skills, creative thinking skills and personal characteristics (Glaeser
Kerr and Kerr 2015). I am an optimist person and this trait of mine helps in making my business
more successful. Optimism is an organization’s true assets and helps in getting through difficult
times. There are various ups and downs in the business but positive thinking and hard work has
enabled me to effectively overcome and tackle the situation. I also believe in creating a vision
and inspiring other people to achieve my goal. Moreover, I am also very energetic and self-
motivated since my school days that helps in achieving me the top slot in my business
organization. While handling projects that are start-up firms involves large amount of risks. Risk-
taking and tolerance is my positive feature that helps me in realizing my goals.

7ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
I also possess the quality to easily connect, understand as well as empathize with the
customers for encouraging my peers. Initially, empathy helps in assessing the challenges of the
followers. It is highly important to have the quality of empathy as lack of empathy leads to the
failure of the various start-ups to fail in the long-run (Fayolle and Gailly 2015).
Entrepreneurs Skills or Traits:
Resiliency is the ability to overcome the ups and down existing in the business. This skill
helps in enabling to continuously evolve even when the present outlook is bleak (Hazy and Uhl-
Bien 2015). As an entrepreneur, it is my duty to have a long-term focus and vision to get closer
so that the ultimate goal is achieved. There are various distracting forces present while doing a
business that needs to be effectively mastered. Investing for the long-term growth leads to
gaining maximization of profits. I always first pause and plan for achieving the mission on a
quarterly basis. Many entrepreneurs has failed to succeed because they are very impatient in
nature and put major emphasis on what comes next. Success takes times, in establishing my
business it took around 7 to 10 years. Hard work and perseverance is the key element for
entrepreneur’s growth and success.
Successful entrepreneur knows that market is changing constantly and realizes that they
don’t’ know everything in the market. I always try to stay up-to-date with the latest technology,
systems and industrial trends. As a leader and also the entrepreneur of the company, one
should always be responsible for continuously improving the company (Rawhouser, Cummings
and Newbert 2017). I always try to get feedback from my employees, team members, partners
and customers. I am always responsible in engaging everyone on their team so that feedback is
used to encourage them for new and creative ideas.
When I am facing a difficult situation or having a bad day I try very hard to not let it show
to my team. The tone and traits of the entrepreneur formulates the company’s personality.

8ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Whenever I interact with my team I reflect positivity as I am having a great day. This act helps in
encouraging them and further drives them to move forward. If we face any setback in the behalf
of the organization, I take the issue as a challenge and turn the problem into opportunity.
My team members are encouraged to think more creatively so that the problem can be
easily solved. For example, in my earlier days of business start-up, we faced a major revenue
set-back. A partnership firm on which we were heavily depending or relying upon did not come
to fruition (Zhu et al. 2015). Therefore, instead of treating this setback as failure we united
together as a team. I provided even greater value to our existing customers and also expanded
our overall customer base. Later on, with effective leadership and management, we were able
to provide the market something new and innovative idea. This was very valuable and also led
to establishing new and strong direction for our company.
Entrepreneur Style
In business, there are generally two kinds of minds that involve visionary and the
planner, who manages all the details. I believe in planning and setting goals and later on design
and implementing tactics to achieve these goals. Through strategic thinking I make approaches
for performance measurements. Hard-working businesses are due to the owners that are
incredibly motivated to succeed (Terjesen, Hessels and Li 2016). Bill Gates and Steves Jobs
hard working style has led them to grow their empire at an international level. Adopting such
mindset has also helped me in achieving maximum productivity. It is important to bring
enthusiasm in each and everything required at the job. It does not matter I which industry we
belong to but employers always wants to bring creative and innovative ideas within the
organization. I always try my best so that the employees are encouraged to be creative and
innovative. It helped me in improving my organizational workflow, productivity and also bottom
line.

9ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Conclusion:
If leadership could be ascertained to be in a simple thought it would be to set examples
for others to follow. Leadership is highly significant in the tough economic times, when
organizations struggles and employees are worried for their next pay check. Transformational
leadership approach helped me in understanding my employees and maintaining a cordial
relationship with them. During the times of uncertainty, as la leader it was my duty to reassure
my employees and guide them to achieve the desired vision and goals of the company.
Effective leadership style has led to the growth of profitability and also a better working
environment within my organization. .

10ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
References:
Banks, G.C., McCauley, K.D., Gardner, W.L. and Guler, C.E., 2016. A meta-analytic review of
authentic and transformational leadership: A test for redundancy. The Leadership
Quarterly, 27(4), pp.634-652.
Collinson, D., 2017. Critical leadership studies: A response to Learmonth and
Morrell. Leadership, 13(3), pp.272-284.
Day, D.V., Fleenor, J.W., Atwater, L.E., Sturm, R.E. and McKee, R.A., 2014. Advances in leader
and leadership development: A review of 25 years of research and theory. The Leadership
Quarterly, 25(1), pp.63-82.
Decker, R., Haltiwanger, J., Jarmin, R. and Miranda, J., 2014. The role of entrepreneurship in
US job creation and economic dynamism. Journal of Economic Perspectives, 28(3), pp.3-24.
Dinh, J.E., Lord, R.G., Gardner, W.L., Meuser, J.D., Liden, R.C. and Hu, J., 2014. Leadership
theory and research in the new millennium: Current theoretical trends and changing
perspectives. The Leadership Quarterly, 25(1), pp.36-62.
Fairhurst, G.T. and Connaughton, S.L., 2014. Leadership: A communicative
perspective. Leadership, 10(1), pp.7-35.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management, 53(1), pp.75-93.
Glaeser, E.L., Kerr, S.P. and Kerr, W.R., 2015. Entrepreneurship and urban growth: An
empirical assessment with historical mines. Review of Economics and Statistics, 97(2), pp.498-
520.

11ENTREPRENEURSHIP AND LEADERSHIP OF BUSINESS VENTURES
Hazy, J.K. and Uhl-Bien, M., 2015. Towards operationalizing complexity leadership: How
generative, administrative and community-building leadership practices enact organizational
outcomes. Leadership, 11(1), pp.79-104.
Rawhouser, H., Cummings, M. and Newbert, S.L., 2017. Social impact measurement: Current
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Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review
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