Writing Assignment help on : Entrepreneurship
INTRODUCTION
Entrepreneurship is the art wherein one person initiates innovations or brings about changes in the existing process so that the changes introduced are beneficial for the company and set up a new trend which is followed by other businessmen for achieving success in their respective businesses. The entrepreneur takes up risks and has a very high need for achievement. They have an internal locus of control. There are various attributes that help in making a successful entrepreneur. These can be leadership qualities, motivation, innovation, change and many more. In this report light will be thrown on one of such attributes with respect to one of the successful entrepreneurs by studying how he, with the help of the attribute was successful in setting up the business and taking it to the heights. An entrepreneur has to have certain qualities that will help him to convert all the shattered processes into new processes that will support the falling business. A person needs to be a great leader in order to be a successful entrepreneur. There is a vision in the mind of a successful leader. (Wholesale Forums 2010) He is well aware of where he wants to take the organization and how it will be done. Thus he is able to delegate tasks and duties as per the capabilities and is bale to guide the other members of the team and the subordinates. It is very important for him to be able to communicate what his vision is and he should be always available to others. He should be able to ensure that there is effective communication across the organization so that all the goals and objectives are clear. It is the guidance of the entrepreneur that helps the entire organization to work together and helps them to identify the areas of problem and how these problems can be handled.
LITERATURE REVIEW
The literature on the subject of entrepreneurship can be divided into two main camps with a focus on the structure and the individuals respectively. The initial camp tries to explain the occurrence of the entrepreneurs in terms of the inner few psychological characteristics or how specific traits are formed in groups. The latter camp throws light upon the fact that how the different factors like the social and the cultural structures call the entrepreneurs by providing them the opportunity for pioneering or taking risk in their respective fields or industries. The people who have been researching on the entrepreneur have come up with a lot many characteristics which an ideal or a typical entrepreneur should possess. These can be innovation, creativity, action orientation, the ability to take risks, the internal locus of control, or it can be just the compilation of all the above mentioned characteristics. The researchers also found that researching the behavior of an entrepreneur is a very complex for the development of a mathematically rigorous model. It was also noticed that whenever a researches works on the life of an entrepreneur or the characteristics that he possesses, they always forget to include the family of the entrepreneur who might have helped in developing those attributes. (Peter G. Northouse 2010)
The purpose of the both leadership and entrepreneurship and their respective roles have always been a topic of debate for various researchers and scholars. There have a lot of discussions about the fact whether the leaders and the entrepreneurs are either born or made. The initial literature focused mainly on the trait theory which was also known as the trait era. In the trait era it was assumed that the leaders are born and they have certain specific characteristics which are different from the followers. However when a lot of research and findings were presented it was proved that there are no single traits which can be used to define a leader. Infact traits are not an important factor in leadership. The recent findings have proved that an entrepreneur leader gives his leadership style, his vision and all his strategies to the heart of the business. Thus the concept of entrepreneurial leadership came into picture. The entrepreneurial leader is able to handle changes in different situations and is able to face the competitiveness and the ambiguity in the dynamic markets. According to the Fiedler’s Contingency Model states that the style of a leader has a trait like quality which cannot be changed and the leader should manage to change the situations according to his leadership styles. There are task motivated leaders and relationship motivated leaders. The leaders who are task motivated acquire self esteem when the task is completed successfully. Their initial focus is on the task and they tend to be harsh on their followers. Competence is a key characteristic for them. The leaders who are motivated by relationship acquire self esteem through the relationship they share. Their main focus is on the people and for them loyalty is the key characteristic. (Aric Hall 2007)
All the leadership theories help in providing an insight to the entrepreneurial leadership. The leaders support their team members and thus they are able to create an environment that helps them to be creative and innovative. Also, through factors like transformational leadership, or developing skills, or team building, the leaders and their followers will be able to create an environment where they can celebrate their successes and their failures. A leader listens to his followers, guides them and helps them develop their skills. He thus makes them a part of the entrepreneurial process. Leadership is all about trust and integrity. Different people define trust differently. Servant Leadership expands leading transformational leadership. This kind of leadership is basically when a leaders supports his followers and help them in excelling in their respective fields. It is a common proof that people work hard and produce more when they know that they are being watched and that there is someone who cares. If a leader takes care of his workers, the workers, in return takes care of the organization. Servant leadership helps to show the importance of a strong relationship which is built on mutual trust and respect. (Greenleaf, R. 1998) There are different situations where a leader is required to adopt different style of leadership. Situational Leadership might ask the leader to mould his style of leadership with the style of his follower. The style of the leadership depends upon the situation. Contingency theory has a very close relationship with the Situational Leadership. It tries to attain the style of the best leader according to the situation. It cannot be ignored that there is no leader who can be a best leader or an entrepreneur in every situations. The Path Goal theory concentrates on how the leader motivates their subordinates to fulfill the goals and objectives. This requires the use of certain leadership behaviors like the directive leadership, achievement oriented leadership, supportive leadership and participative leadership. The Leader- Member theory sees the leadership as communication and interaction between the leaders and their subordinates. The LMX theory first describes the leader and then gives the prescription. This works by focusing on the relationship which the leaders share with their subordinates. Transformational Leadership does not mean that the leader transform and influence the others. It is much more than that. It is mainly about how the leaders and the followers transform each other. The entrepreneurs who adopt the transformational leadership style involve all the others which increase the level of motivation. (Ingo Winkler 2010)
PRACTICAL EVIDENCE
The entrepreneur who possesses excellent leadership qualities is Michael Dell. A lot of papers were read in order to collect the information of the “Great Man”. The help was taken from the various sources of internet and books. He was born in February 23, 1965 in Houston, Texas. His success was not a surprise as he always had a flair for technology and business. His parents wanted him to take up science but he was always interested in technology. At the age of 15 he bought an apple laptop just to check how it worked. He founded Dell and is aid to be the youngest CEO of any fortune 500 companies. He was a hard worker and unlike every striver he also washed dishes at a Chinese restaurant just to save money for his stamp collection. He was a visionary who was clear about what he has to do and how he will be able to do it. He came up with the idea that no company has tried to sell the computers directly to the customers, therefore he started making up computers and selling them to people he knew at the college. All of this started never to end and today Dell is one of the leading brands of laptops and computers. (Bio 2012) He was very open to the problems and when the company became successful he devoted a lot of time in listening to the problems that were being faced by the people working with him. This was what he did once he had full control over the company. He had no fear that his faults or the faults of the system will be highlighted. He gave the entire two months to discuss the flaws in the company and how these can be proved. When the company lost its position to Hewlett Packard, the company asked for the leadership of Dell and he gave all his heart and mind to improve the numbers that had gone down. He has been the person who was able to reunite his company and create a feeling of belongingness in them. He says that he is man who provides guidelines and frameworks. He is makes sure that he is selling Dell all the time, be it the customers, the investors or the employees. He is one of those leaders who never hide his mistakes or shortcomings. It has been noticed in almost all his interviews that he always highlights his weaknesses and tells them that he is aware of those weaknesses and that he is working on improving them. (Shaina Carmel Indovino 2012)
He said that he jumps to decisions very quickly and he is working on this weakness. By the way he talks shows the clear understanding he has about how a business should be done. (Director 2012) He feels that to do a particular thing, there are different styles and it is very important to find a way in which all these styles can be put together so that they are connected. He has always made sure that he learns from his mistakes by analyzing what wrong steps have been taken in the past. However he also feels that a lot of time should not be devoted in analyzing what went wrong in the past because that time should be utilized in deciding what better can be done in the future. He also makes sure that whatever he makes should help the end customer in easing their activities and to learn more. He also stated that there have been a lot many mistakes that have been done by him and the company but he has never regretted anything because at the end the company is successful and those mistakes have in some way helped him to learn how to improve. It should not be ignored that Dell always knew what he wanted to do. He wanted to beat IBM when he was in college and soon he started his own company. He was focused on whatever he wanted to do. He possessed a strong sense of innovation. As an entrepreneur he has always taken risks and worked hard so that the new ideas work. He is persistent and despite of the major challenges and failures he never gave up. He is has the right kind of attitude and has the courage to change his position and do something new. His leadership was transformational and Situational as he had the strong desire to break up the laws and to change the situations completely. (Ingo Winkler 2010) Leadership is all about coping with the changes. The kind of industry Michael is working in is quite competitive and volatile and thus it is important for the people to cope up with the complexities and the changes. This had been done very well by Dell. (Shaina Carmel Indovino 2012)
He knows the things he doesn’t know and hence he can break his role of leadership and create “one company, two CEO leadership”. He knew that he would not be able to manage alone and hence he immediately sensed the requirement of talent and thus he developed a new leadership model of one company having two CEO’s. He has displayed all the good qualities of a successful leader and hence he is one of those entrepreneurs who had the clear vision so as to what he had to do. (Today 2009)
ANALYSIS
An entrepreneur is a man who should be very creative so that he can come up with new ideas so that mew products or offerings can be made which will a new dimension to the business. Failure is something that has to be faced by all. An entrepreneur learns from his mistakes and takes a lesson from each and every failure. This helps him to achieve success as he never repeats his mistakes. An effective entrepreneur also gives the others the chance to speak and also helps the person to put forward his opinion rather than just giving his own view points. He also makes sure that all the ambiguity is removed so that there is no room for misunderstanding. This can be done with effective communication and only if an entrepreneur is a successful leader, will he be able to take care of all the other aspects. If an entrepreneur takes up a risk which is well calculated then he should not reprimand the others who have made mistakes, instead he should discuss what went wrong and what went right. They sit and work with the employee and help them in correcting their errors. Michael Dell is one of those leaders who never hide his mistakes or shortcomings. It has been noticed in almost all his interviews that he always highlights his weaknesses and tells them that he is aware of those weaknesses and that he is working on improving them. He said that he jumps ti decisions very quickly and he is working on this weakness. By the way he talks shows the clear understanding he has about how a business should be done. He feels that to do a particular thing, there are different styles and it is very important to find a way in which all these styles can be put together so that they are connected. He has always made sure that he learns from his mistakes by analyzing what wrong steps have been taken in the past. (Management Paradise 2011) However he also feels that a lot of time should not be devoted in analyzing what went wrong in the past because that time should be utilized in deciding what better can be done in the future. He also makes sure that whatever he makes should help the end customer in easing their activities and to learn more. He also stated that there have been a lot many mistakes that have been done by him and the company but he has never regretted anything because at the end the company is successful and those mistakes have in some way helped him to learn how to improve. (INC 2009)It should not be ignored that Dell always knew what he wanted to do. He wanted to beat IBM when he was in college and soon he started his own company. He was focused on whatever he wanted to do. He possessed a strong sense of innovation. As an entrepreneur he has always taken risks and worked hard so that the new ideas work. Michael Dell has a powerful vision for the future and develops unique business’s philosophy. He wants his company to have a unrivaled speed to market; an unwavering dedication to customer service; a fierce commitment to producing consistently high-quality, low-priced, custom-made machines; and a shrewd exploitation of the Internet. The vision makes Dell computer successful and unique in the world. What is more, he knows how to use the vision to communicate and motivate his employees and get people excited what he is doing. He has full responsibility either for business or for family and keeps good balance between work and life. He worked hard to create tremendous value for its customers, its employees and shareholders. In the spare time, he also spent more time with his wife and kids and wants to be a great dad and a great husband. Every day he drives his kids to school .he always makes pancakes for his kids. Dell says “A lot of businesses get off track because they don’t communicate an excitement about being part of a winning team that can achieve big goals”. (Management Paradise 2011) Dell has been able to communicate so effectively with Rollins the other CEO that when people interact with one, they believe that the information has been exchanged with both of them. Transparency of this level is very important is Dell took the decision if having two CEO’s. Hence his decision cannot be questioned and thus a new trend is set. He has taken a risk because two CEO’s can be blunder but all he has done is taking risks and generating new ideas and he has always worked hard on such ideas so that they work. Many people question the changing leadership styles of Dell but what matters at the end is that he is able to run his business successfully and is able to maintain his position in the market. People often criticize but if the risk that has been taken gives good returns, they are seen following the same in the future. Michael dell has proved that he was a leader who changed himself and his principles as per the situational. He was a leader who was from initial stage confident that he would do something which has a lot of potential. He took decisions as per the situations and showed traits of a leader. He has taken the democratic style of leadership and always given to importance to what the other people of the company think. (Raymond W. Smilor and Donald L. Sexton 1996) Also it should be noted that Michael Dell was not a born leader as he had the traits of the leader and also showed that he was focused. He was focused that is why he did not select the medical and field and selected the technology field as he knew what he wanted to do of his life. It was always clear to him. As per the behavioral theories it is stated that leaders are not born but made which is quite true in the case of Michael Dell. He did excel in what he did but there were many things where he did not perform well and he failed. He learned from every mistake and took another step. As already discussed that he was also a transformational leader because he was able to motivate the people with whom he was working so that he could get the maximum out of them and also assure that each individual has fulfilled his potential.
CONCLUSION
There are various attributes that help in making a successful entrepreneur. These can be leadership qualities, motivation, innovation, change and many more. In this report light will be thrown on one of such attributes with respect to one of the successful entrepreneurs by studying how he, with the help of the attribute was successful in setting up the business and taking it to the heights. An entrepreneur has to have certain qualities that will help him to convert all the shattered processes into new processes that will support the falling business. A person needs to be a great leader in order to be a successful entrepreneur. There is a vision in the mind of a successful leader. As an entrepreneur he has always taken risks and worked hard so that the new ideas work. He is persistent and despite of the major challenges and failures he never gave up. He is has the right kind of attitude and has the courage to change his position and do something new. His leadership was transformational as he had the strong desire to break up the laws and to change the situations completely. Leadership is all about coping with the changes. The efforts taken by Michael are to be saluted and respected. He has definitely set up an example so refine that today people look up to him and think of becoming like him. People like Michael are considered as role models and they help in motivating other people to take their work so seriously. They learn to be focused and to change as and when time requires.
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