MGT5EBP: Entrepreneurial Leadership and Contemporary Issues Report

This report examines entrepreneurial leadership, its historical perspective, practical relevance, and intersection with general leadership concepts. It emphasizes the importance of entrepreneurial leadership competencies in navigating challenging business activities. The report delves into the essence of entrepreneurial leadership, considering both its ethical dimensions and potential downsides. It highlights the crucial role of entrepreneurs in economic development and job creation, requiring them to adapt to changing environments and continuously develop better competencies. The analysis integrates various viewpoints on entrepreneurial leadership, including its interdisciplinary nature and its connection to innovation and market dynamics. Concluding with insights into the significance of entrepreneurial leadership in today's business landscape, the report provides a comprehensive overview of its key aspects. Desklib provides a platform for students to access this and other valuable study resources.

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Executive summary
In this report it has been found that with each passing day, leadership is becoming
more and more important as a procedure for enabling teams into engaging in a
collective creativity in the direction of the best possible result. Over the last two
decades, along with leadership, entrepreneurship has also become very important. In
the last twenty years, entrepreneurship and leadership did not arose as a different
process but as a new integrated approach: entrepreneurial leadership. Entrepreneurial
leadership is a necessity for all sizes of organisation for them to flourish and prosper.
From all the discussion done, it has been understood that entrepreneurial leadership
competencies are necessary for successfully leading challenging and competing
activities, both in established organisations and new ventures. This report looked at
entrepreneurial leadership, and what does it actually mean in the society or in the
organisation.

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Table of Contents
1. Introduction................................................................................................................3
2. Discussion..................................................................................................................4
2.1 Historical Perspective.......................................................................................4
2.2 Practical Relevance of Entrepreneurial Leadership.........................................4
2.3 The Intersection of Entrepreneurship and Leadership.....................................5
2.4 Entrepreneurial Context...................................................................................5
2.5 The Essence of ‘Entrepreneurial Leadership’..................................................6
2.6 Ethics in ‘Entrepreneurial Leadership’.............................................................7
2.7 The Grim Side of ‘Entrepreneurial Leadership’...............................................8
3. Conclusion..................................................................................................................9
4. References................................................................................................................11

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1. Introduction
With each passing day, leadership is becoming more and more important as a
procedure for enabling teams into engaging in a collective creativity in the direction
of the best possible result. Over the last two decades, along with leadership,
entrepreneurship has also become very important. As per a definition,
entrepreneurship is the manifestation of ability and wealth in individuals in teams,
within or outside an organisation, for pursuing and creating new economic
opportunities, introducing their ideas in the market, withstanding ambiguity and other
hurdles, by making decisions based on the situation in the location, form and
resources. Inside entrepreneurship, the person is the key: the entrepreneur. An
entrepreneur is a person who has started any business where there was none before.
An entrepreneur is the key figure with in any organisation who is looking for new
opportunities. In order for any organisation to survive the leaders must respond to and
take care of the altering environments and innovation. A leader is a person home
people follow or who is someone who guides or directs other people. In the last
twenty years, entrepreneurship and leadership did not arose as a diverse process but as
a new integrated approach: entrepreneurial leadership. Entrepreneurial leadership is a
necessity for all sizes of organisation for them to flourish and prosper.
There is scope of entrepreneurial orientation to be developed in individuals and get
displayed both extrinsically and intrinsically in any organisation and in bringing
forward creative business ideas in all types of activities. Entrepreneurship is an
integrated concept that has permitted the society at all stages of the individuals or be it
organisations. It has managed to stimulate individuals to once more influence into
their self for discovering the inventive life-force that exist in each individual. In effect
it is the embodiment of entrepreneurial leadership. Entrepreneurial leadership
competencies that are demarcated as particular leadership competences is necessary
for positively leading challenging and competing undertakings, as recently it arose as
being crucial for the achievement of all entrepreneurial activities, both in established
organisations and new undertakings. This report would be looking at entrepreneurial
leadership, and what does it actually mean in the society or in the organisation.

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2. Discussion
2.1 Historical Perspective
For centuries the search for the qualities and the features affecting the style of
functioning of businesspersons have been continuing, considering an entrepreneur is a
leader. The entrepreneur is the engine of the business, the impetus behind the mission,
vision and ingenuities, and the one who influences the organisation procedure,
structures and culture. As mentioned by Derue et al. (2011), leader effectiveness is
referred to the amount of impact any leader has on the individual or team
performance, overall effectiveness and even followers' satisfaction. Additionally,
entrepreneurial leadership concerns itself with the construction of long-term
communal relationship along with the value chain of any organisation in which the
efficiency gets decided by the capability of influencing others, setting direction,
motivating, communicating, developing change, encouraging others to act, and
handling resources strategically. Even before entrepreneurial leadership came into
existence, the authors kept writing about the concept. The concept was first
distinguished by Schumpeter in 1934. He recommended that organisation is a special
leadership case or just another style of leadership. From then onwards more and more
writers started focusing on the topic of entrepreneurial leadership. Entrepreneurial
leadership was conceptualized by McGrath and Macmillan (2000), advocating that the
increasing competitive pressures and uncertainty in the globalised energetic market
asks for a new form of leadership. Then came the identification of entrepreneurial
character and characters which was trailed by entrepreneurial education.
2.2 Practical Relevance of Entrepreneurial Leadership
Entrepreneurs have a very crucial role to play in economic development and job
creation. Leadership is significant for the long-term survival of any organisation.
Moreover entrepreneurs must have the capability of dealing with changing
environment and thus must have the competence of continuously developing better
competences. Out of all the capabilities the leadership competence is what the
entrepreneurs need to improve for them to be leaders. More thorough evidence
regarding entrepreneurial leadership and the importance of entrepreneurial leadership

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can act as a tool for the entrepreneurs in examining the significance in
entrepreneurship and whether or not to further expand this capability.
2.3 The Intersection of Entrepreneurship and Leadership
A few sources take a glimpse at entrepreneurship and at leadership as discrete
builds, and afterward recognize regions of reasonable cover. Cogliser and Brigham
(2004) expound this cover in graphic detail and direct to four particular regions that
are most applicable to both: vision, impact (on the two adherents and a bigger voting
public), leadership of inventive individuals, and arranging. These might propose an
essential working meaning of entrepreneurial leadership, yet truth be told the
fundamental concern is to direct entrepreneurship investigation far from a portion of
the entanglements experienced by leadership research, so it tries to characterize the
real thought of "entrepreneurial leadership" as it may be organised by these four
components. Fernald et al. (2005) adopt a comparable strategy, looking at the isolated
literature of entrepreneurship and leadership, from which they infer a set of
comparable "attributes" basic to the two pioneers and business visionaries: vision,
critical thinking, basic leadership, hazard taking, and vital activities. Be that as it may,
the investigation bargains little clarification for the centrality of these qualities. The
impediment of such a "crossing point" method is that it is to a great extent
unmistakable, not expository or informative. It exhibits just that there are angles in
like manner amongst business visionaries and pioneers, however not why. In
expansion, it doesn't recommend how to expand on those normal attributes, other than
to recommend that watching their shared trait may prompt further research
furthermore, in the long run to the advancement of a model with conceivably
prescient esteem.
2.4 Entrepreneurial Context
Prabhu (1999) was the first to reason that Entrepreneurial leadership is based on
leadership literature in which he characterized Entrepreneurial leadership just as
leadership executed in entrepreneurial undertakings. Entrepreneurial leadership
characterized as leadership implemented in entrepreneurial endeavors implies that
Entrepreneurial leadership depends on various leadership styles (Li et al., 2013).
Which leadership style utilized as a part of an entrepreneurial wander, relies upon the

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visualisation of the entrepreneur. Showing diverse leadership styles implies
additionally that there are different dreams amongst entrepreneurs (Ruvio et al. 2009).
2.5 The Essence of ‘Entrepreneurial Leadership’
In concentrated modern entrepreneurship, one idea that repeats itself is that
entrepreneurship is inter-disciplinary. The present world is encountering an
entrepreneurial transformation, which is more serious than the mechanical upheaval
of the twentieth century. Entrepreneurs will keep on being basic supporters of
monetary development through their leadership, government, progression, research
and improvement acceptability, work creation, concentration, efficacy, and plan of
new industry (Kuratko 2005). An imperative feature of entrepreneurship is the making
of business, yet that unquestionably does not depict the total picture. What pervades
an entrepreneur is the ability to look for circumstances in front of others, going for
broke past safety, and pushing a thought over and done with to realism through a
blend of vision, mission and inventiveness. By and large, every investigation keeps on
exhibiting that entrepreneurs' capability to extend current markets, create new
markets, and construct entrepreneurial endeavors at an amazing stride influences
people, organisations and entire countries. Schumpeter (1949), a market analyst and
progenitor of entrepreneurship, has characterized that entrepreneurship basically
comprises of doing things that are not for the most part done in standard business
schedule; it is basically a marvel that goes under the more extensive part of
leadership. Contemporary entrepreneurs esteem their autonomy and are not itinerant
and easy-going. The level of entrepreneurial action in a general public depends to a
limited extent on the regard and authenticity agreed to those seeking after the
entrepreneurial course.
While opportunity is an essential state of entrepreneurship, it isn't adequate. For
an entrepreneurial activity to happen, one must have the limit (i.e. the inspiration and
expertise) to exploit the open door by beginning another firm. Entrepreneurship is
where entrepreneurial prospect and entrepreneurial limit come across. It is very
conceivable to envision a circumstance opulent in circumstance, however ruined as
far as entrepreneurial action essentially in light of the fact that couple of people have
the inspiration or capacity to take care of the opportunity.

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Entrepreneurship is compared with leadership in an industry setting has been
contended that the leadership writings is more 'best in class' than the entrepreneurship
literature (Cogliser and Brigham 2004).Thus, it can be inferred that investigating
entrepreneurial leadership is another method for accepting the entrepreneur.
Investigating this marvel will aid the arena of entrepreneurship move from fracture to
union. An audit of both, the entrepreneurship and leadership arenas will infer that
entrepreneurship centers around the individual pioneer, though leadership works
investigates the noteworthiness of setting and devotees (Huynh, 2009). From this
survey, the developing subjects of vision, impact and relevant limits can be revealed.
The investigation of Entrepreneurial Leadership is in requirement for facilitate
improvement before a top to bottom blend of the field can be built up.
Schumpeter was likely the main researcher to create speculations in the arena of
entrepreneurship. He contended that the mechanical change and advancement of a
country originate from the entrepreneur. He thought about entrepreneurship as a
marvel under leadership. Leadership works is further developed than the
entrepreneurship literature. What's more, investigating Entrepreneurial Leadership is
another method for understanding the entrepreneur. Entrepreneurship is likened with
leadership in a business setting, and therefore the idea of 'Entrepreneurial Leader'.
2.6 Ethics in ‘Entrepreneurial Leadership’
Milton Friedman said, ‘Business should be solely devoted to increasing profits
as long as they engage in open and free competition devoid of fraud.’ To be
effective, an entrepreneur needs to deal with various constituents where every single
constituent is similarly critical and must be taken care of with most extreme care.
Both entrepreneurship and business morals have been perceived as logical orders. In
any case, the ground of enquiry where the two cross is generally emergent and just as
of late the field has begun accepting an enlarged research consideration. The
developing literature meeting amongst entrepreneurship and business morals is
offering conversation starters. Moreover morals' researchers contend for more exact
introduction on little and eminent firms, instead of simply huge associations, in
morals research and entrepreneurship researchers bring up the significance of
entrepreneurial morals to the worldwide economy.

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Entrepreneurs since yesteryear and as of late have not exclusively been hindering
in the monetary advancements of all countries, yet have likewise exceeded
expectations in the social and charitable parameters which is clear by the Corporate
Social Responsibility (CSR) initiative which is very nearly moving from intentional to
required standards. Lion's share of the examinations have uncovered that
entrepreneurship is depicted as inalienably covering an ethical goal (Anderson and
Smith, 2007), or in any event, being in agreement with moral lead (Surie and Ashley,
2008), while different works bring up that entrepreneurship can really be inconvenient
to the general public. in spite of the fact that the worldwide improvement is a custom
of entrepreneurial development it can likewise bring about 'misfortunes and hardships
for a few individuals from society' since entrepreneurship is 'dangerous of a few
partners' prosperity even as it makes new prosperity among other partners' (Dew and
Sarasvathy, 2007).
At whatever point a path is set up, the entrepreneur pioneer faces monstrous
difficulties and weights in the present plenty of merciless rivalry. So these weights
can have a noteworthy influence upon ethical simple leadership forms, bringing about
moral conditions for entrepreneurs that are laden with indecision. What's more,
particular ethical matters that are predominantly prominent to entrepreneurs can arise
concerning the dissection of benefits inside the association, high hazard associated
with novelty, and the trade-off between impression administration, legitimation and
trustworthiness. Besides, entrepreneurs incline to meet ethical predicaments counting
their own particular qualities, authoritative values, employee prosperity, consumer
devotion, and peripheral responsibility (Payne and Joyner, 2006).
Entrepreneurship inalienably contains an ethical goal. Market progression,
absence of preparing and having a place with a non-business group applies weight on
new entrepreneurs. In this manner, they are full of uncertainty. Artful entrepreneurial
lease looking for supports debasement and social ties encourage conspiracy of
unfortunate behavior. Consequently, an entrepreneur needs to show self-assurance,
opportunity, riches dissimilarity, and distributive equity.

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2.7 The Grim Side of ‘Entrepreneurial Leadership’
The works about entrepreneurship is strong and positive, suggesting the uniform
advantages collecting to the economy, to people, and to organizations because of
entrepreneurship. Be that as it may, in all actuality this portrays just half of the photo.
A frivolous number of academics have queried into the useless parts of
entrepreneurship calling attention to that there unquestionably subsists a darker side.
An entrepreneur who is confronting an awesome inward battle with expert and control
issues likewise needs to deal with troubles in working with others in organized
circumstances, as structure can be smothering. Huge measure of literature is
staunched to lauding the prizes, accomplishments and triumphs of entrepreneurs. Be
that as it may, a darker side of entrepreneurship additionally exists.
The entrepreneur's showdown with dangers is enormous where he/she is always
followed with budgetary hazard, family and social hazard, clairvoyant hazard and
strain. Moreover, as cited by Kuratko, notwithstanding the difficulties of hazard and
stress, the entrepreneur additionally may encounter the negative impacts of a swelled
sense of self. As it were, certain qualities that more often than not shove entrepreneurs
into development furthermore can be demonstrated to their extreme. The four
unmistakable of these attributes that may hold dangerous ramifications for
entrepreneurs are: a tyrannical requirement for governing, feeling of doubt, abrogating
want for progress, and impossible hopefulness. In the meantime, he has indicated that
all entrepreneurs don't fall victim to these situations, nor do every one of the attributes
exhibited dependably offer path to the 'ruinous' side.
By and by, every potential entrepreneur need to realize that the dull side of
entrepreneurship subsists. Accordingly, entrepreneurs can be implied as an alternate
type of directors having unmistakable identity attributes from others. In some cases
these attributes, which are crucial for their triumphs, demonstrate inconvenient to
their own motivation. The qualities that more often than not move entrepreneurs into
progress, if showed in outrageous, pushes them downwards by means of a
domineering requirement for control, feeling of doubt, superseding want for progress,
and implausible positive thinking. So it ends up basic that all entrepreneurs, prevailing
and possible, keep a consistent cautiousness about their particular wants and states of
mind, and remain reasonable.

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3. Conclusion
Entrepreneurial Leadership is a command for all organizations, little and huge to
subsist and prosper. Academics today are diving into the different components that
effect Entrepreneurial Leadership. A superior comprehension of the components that
include this idea is of crucial significance in comprehending and building up the idea
itself.

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4. References
Anderson, A.R. and Smith, R., 2007. The moral space in entrepreneurship: an
exploration of ethical imperatives and the moral legitimacy of being
enterprising. Entrepreneurship and Regional Development, 19(6), pp.479-497.
Cogliser, C.C. and Brigham, K.H., 2004. The intersection of leadership and
entrepreneurship: Mutual lessons to be learned. The Leadership Quarterly, 15(6),
pp.771-799.
Derue, D.S., Nahrgang, J.D., Wellman, N.E.D. and Humphrey, S.E., 2011. Trait and
behavioral theories of leadership: An integration and meta‐analytic test of their
relative validity. Personnel psychology, 64(1), pp.7-52.
Dew, N. and Sarasvathy, S.D., 2007. Innovations, stakeholders &
entrepreneurship. Journal of Business Ethics, 74(3), pp.267-283.
Fernald Jr, L.W., Solomon, G.T. and Tarabishy, A., 2005. A new paradigm:
Entrepreneurial leadership. Southern business review, 30(2), p.1.
Huynh, L., 2009. A New Paradigm of Entrepreneurial Leadership: the mediating role
of influence, vision and context.
Karmarkar, Y., Chabra, M. and Deshpande, A., 2014. Entrepreneurial leadership style
(s): a taxonomic review. Annual Research Journal of Symbiosis Centre for
Management Studies, 2(1), pp.156-189.
Kuratko, D.F., 2005. The emergence of entrepreneurship education: Development,
trends, and challenges. Entrepreneurship theory and practice, 29(5), pp.577-598.
Li, C., Bao, L. and Jiang, Q., 2013. Leadership styles of entrepreneurial women in
eastern China: Characteristics and differences. Social Behavior and Personality: an
international journal, 41(3), pp.421-431.
McGrath, R.G. and MacMillan, I.C., 2000. The entrepreneurial mindset: Strategies
for continuously creating opportunity in an age of uncertainty (Vol. 284). Harvard
Business Press.

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Payne, D. and Joyner, B.E., 2006. Successful US entrepreneurs: Identifying ethical
decision-making and social responsibility behaviors. Journal of Business
Ethics, 65(3), pp.203-217.
Prabhu, G.N. 1999. Social entrepreneurial leadership. Career Development
International 4/3.140– 145.
Roomi, M.A. and Harris9on, P., 2011. Entrepreneurial leadership: What is it and how
should it be taught?. International Review of Entrepreneurship.
Ruvio, A., Rosenblatt, Z. and Hertz-Lazarowitz, R., 2010. Entrepreneurial leadership
vision in nonprofit vs. for-profit organizations. The Leadership Quarterly, 21(1),
pp.144-158.
Schumpeter, J. A., 1934. The Theory of Economic Development: an Inquiry into
Profits, Capital, Credit, Interest, and the Business Cycle. Harvard University Press.
Schumpeter, J. A., 1949. ‘Change and the Entrepreneur’, in R. V. Clemence, ed.,
Essays: On Entrepreneurs, Innovations, Business Cycles and the Evolution of
Capitalism, Cambridge, Mass: Harvard University.
Surie, G. and Ashley, A., 2008. Integrating pragmatism and ethics in entrepreneurial
leadership for sustainable value creation. Journal of Business Ethics, 81(1), pp.235-
246.

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Hand-out script
 We know that leadership is becoming more and more important each passing
day as a procedure for permitting teams into engaging in a collective creativity
in the direction of the best possible result.
 For the last two decades, entrepreneurship has also become very important
besides leadership.
 Entrepreneurship is the manifestation of ability and wealth in individuals in
teams, within or outside an organisation.
 Inside entrepreneurship, the key person is the entrepreneur.
 In order for any organisation to survive the leaders must respond and take care
of the changing environments and innovation.
 We know that a leader is a person whom people follow or who is someone
who guides or directs other people.
 In the last twenty years, entrepreneurship and leadership has risen up as a new
integrated approach known as entrepreneurial leadership.
 We can infer that entrepreneurial leadership is a necessity for all sizes of
organisation for them to flourish and prosper, hence it is important that every
organisation encourages it.