ENT-106-Module-2-Chapter-2.docx

### ***Chapter 2. What do entrepreneurial Leaders do?*** ### **Welcome back!** ### **This is the second chapter of our subject ENT 106. How did you find the 1^st^ chapter? Do you find it interesting, bit difficult? Or made you excited to learn what the next chapter has to offer?** Here we are goi...

### ***Chapter 2. What do entrepreneurial Leaders do?*** ### **Welcome back!** ### **This is the second chapter of our subject ENT 106. How did you find the 1^st^ chapter? Do you find it interesting, bit difficult? Or made you excited to learn what the next chapter has to offer?** Here we are going to take up four informative topics. We'll going to know Leader as an Entrepreneur: Ten Key Action Roles. Entrepreneurial Organization: 10 Characteristics. The Four E\'s of Leadership by John welch. Entrepreneurial Leaders: 10 Best Practices. This topics will ready you to becoming an entrepreneur in a due time. **Enjoy Learning!** **Module Learning Outcomes** At the end of this module YOU must be able to: 1. Discuss the Ten Key Action Roles of an entrepreneur. 2. Explain the Four E\'s of Leadership 3. Elaborate Entrepreneurial Leaders ten Best Practices ***Topic 1.* Leader as an Entrepreneur: Ten Key Action Roles** Most important of all, **entrepreneurial leaders** are focused on developing others around them and create a sense of urgency within the organisation and a mission worth achieving. They set goals that stretch people\'s abilities, develop a spirit of teamwork and build confidence. **1. Leader ** -------------- It should be no surprise that entrepreneurs are often seen as leaders, but the actual role of [leadership](https://www.entrepreneur.com/topic/leadership) [takes experience to master](https://www.entrepreneur.com/article/251565). As the leader of your organization, you'll be in charge of establishing the internal tone, setting a good example for your team, resolving conflicts and keeping morale up in times of distress or hardship. That\'s not always easy. **2. Figurehead** ----------------- Acting as a figurehead for the company is a lot like being a leader, but it's extrinsically focused. You'll be a figurehead for the company when you network with other professionals, attend speaking events and develop your personal brand online. People will come to associate your company with your own personality and behaviours, so be true to yourself and make a good impression. **3. Visionary** ---------------- The role most people correlate with [entrepreneurship](https://www.entrepreneur.com/topic/entrepreneurship) is that of "visionary." Entrepreneurs are idea people, always searching for opportunities for innovation and finding new ways to tackle old challenges. That role doesn't go away once your business has launched. You'll need to keep looking for new ways to improve, and new directions for your company to grow. **4. Decider ** --------------- You won't have the time or the ability to experience everything happening in the company first-hand. As an entrepreneur, you\'ll find your team members coming to you with information and dilemmas \-- such as the fact that your next shipment is going to miss the deadline. It's your job to make the final decision on these matters, which is often harder than it appears. There's a lot riding on your shoulders, and you'll be taking accountability for how your decisions ultimately turn out. **5. Financial analyst** ------------------------ The financial health of your company is the biggest factor for its ultimate success or failure. While you might have a CFO or similar position filled in your organization (it should be one of your top priorities), you\'ll still be responsible for overseeing your financial records and taking action when necessary to prevent disaster \-- such as securing a new line of credit. **6. Marketer.** ---------------- As the primary visionary for your company, you have the job of establishing an image for your brand. You can [recruit an outside marketing professional](http://www.forbes.com/sites/jaysondemers/2015/04/29/should-you-manage-seo-in-house-or-work-with-an-agency/) to help you come up with the nuts and bolts, but ultimately, it\'s your job to finalize your company's marketing plans. When your organization gets bigger, you might get a receptionist or secretary to help you out, but, meantime, you'll be the receptionist for the vast majority of your company's incoming calls, emails, visitors and inquiries. Checking email, calling people back and rescheduling appointments is going to eat up a lot of your day \-- like it or not. **7. Receptionist** ------------------- When your organization gets bigger, you might get a receptionist or secretary to help you out, but, meantime, you'll be the receptionist for the vast majority of your company's incoming calls, emails, visitors and inquiries. Checking email, calling people back and rescheduling appointments is going to eat up a lot of your day \-- like it or not. **8. Customer service rep ** ---------------------------- As an early-stage entrepreneur, you\'ll have the responsibility to make sure your customers are happy. You'll only have a few clients in the beginning, and they're going to be vitally important for the health of your business, so you'll have to take it upon yourself to ensure their satisfaction (and make adjustments to your products and services if necessary). **9. HR manager** ----------------- As an entrepreneur, you'll be in charge of [building the team](https://www.entrepreneur.com/article/252277) that carries your ideas and objectives through to success. This means you'll have full control over who comes into your organization, and you can prioritize whatever blend of skills, talents, education, experience and personality you need to make things work. **10. Grunt (a person doing a hard and dull work)** --------------------------------------------------- Entrepreneurship isn't all about charisma and glory. Unfortunately, you'll also be serving the role of a grunt in the early stages of your business. Data entry, paperwork, coffee runs and other unglamorous jobs will take up lots of your time \-- but every second of that time will still be worth it. Some of these roles don't typically go away over time. You may hire more people who can take on these responsibilities, but you'll still be in charge of making the final decisions and establishing the direction that your other organization leaders must follow. **Lesson self-check 2.1** Student Name: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Date Submitted: \_\_\_\_\_\_\_\_\_ Course and Section: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ***Activity:*** *In your current state, assume that you are an entrepreneur. Which among the roles given are present to yourself, add a brief explanation. Give 2. 5pts each.* *1. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_* *\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_* *\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_* *2. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_* *\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_* *\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_* ***Assessment:** Among the* Ten Key Action Roles of an entrepreneurs as leader, which one is the most needed role, why? -- -- ***Topic 2.* Entrepreneurial Organization: 10 Characteristics** *Before we keep going, take time to search for the words in our crossword puzzle. These words best associates with characters and qualities in life. But some of them best describes Entrepreneurial characteristics.* *Go search!* ### **Entrepreneurial leadership involves organizing and motivating a group of people to achieve a common objective through innovation, risk optimization, taking advantage of opportunities, and managing the dynamic organizational environment.** The traditional corporate mindset has its focus on systems and processes, whereas the entrepreneurial style is more risk oriented. Some of the common entrepreneurial leadership characteristics are as follows. **1. Communication skills** A leader is able to clearly articulate their ideas, and the plan to achieve common goals. They encourage communication between departments and across levels. They avoid ambiguities and generalizations, and are able to avoid conflict and misunderstanding due to poor communication. **2. Vision**\ A successful entrepreneurial leader has a clear vision. He knows exactly where he wants to go and how to get there. They communicate their vision to the team and work with them to make the vision a reality. **3. Supportive**\ An entrepreneurial leader realizes the importance of initiative and reactiveness, and they go out of their way to provide all the support that the team needs to achieve their goals. The leader usually does not punish employees when they take a calculated risk which misfires. Instead, they sit down with employees to analyze what went wrong and work with them to correct the mistakes. **4. Self-belief** The leader has tremendous belief in themselves and has confidence gained from years of experimenting, at times failing, and learning. They are aware of their strengths and weaknesses, and demonstrate their skills without hubris. An entrepreneurial leader is very self-assured. **5. Shares success**\ When the team or the organization succeeds at something, the leader does not hog the limelight or take all the credit. They acknowledge the contribution of others and shares the accolades with them. **6. Involved**\ You will not find an entrepreneurial leader cooped up in the office. Leaders like to spend time among employees, walk around the factory or department, interact with everyone, and see them doing their job. This leader will usually take some time out to informally chat with employees, and understand their work and personal challenges. **7. Create an atmosphere conducive to growth**  With a deep understanding of the importance of other people's contribution to organizational success, the entrepreneurial leader creates an atmosphere that encourages everyone to share ideas, grow, and thrive. They actively seek other's opinions, and encourages them to come up with solutions to the problems that they face. The entrepreneurial leader also provides positive feedback when employees come forward with an opinion. **8.Honesty\ ** Honesty is the most important quality of an exceptional leader. Entrepreneurial leaders who are honest are able to quickly win the trust of their employees. People respect leaders to come across as honest, and are more likely to accept positive or negative feedback and also work harder. **9.Perseverance** When the going gets tough, the entrepreneurial leader perseveres. True entrepreneurs simply don't quit, they keep going till they find what they're looking for. **10.Learning**\ The leader not only invests significantly in learning and updating their knowledge, but they also create a learning environment in the organization encouraging others to improve their knowledge, widen their experience, and tackle multiple challenges. They encourage employees to think outside the box and come up with creative solutions to problems. These are the ten characteristics of entrepreneurial leadership. Might not be applicable and realistic to all, but for a common end, these are the must practise characteristics an organization do in order to have that good working environment. *\[Note: all Photos attached belongs google.com\]* **Lesson self-check 2.2** Student Name: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Date Submitted: \_\_\_\_\_\_\_\_\_ Course and Section: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **Activity:** If you are going to arrange those 10 characteristics in sequence of importance, what will be your number one, why? 10pts -- -- **Assessment:** **True of False.** Write true if the statement is correct and false if otherwise. \_\_\_\_\_\_1.A supportive leader usually does not punish employees when they take a calculated risk which misfires. \_\_\_\_\_\_2.True entrepreneurs easily quit, they stop when they find what they're looking for. \_\_\_\_\_\_3.An entrepreneurial leader is very insecure. \_\_\_\_\_\_4.Entrepreneurial leader avoid ambiguities and generalizations, and are able to avoid conflict and misunderstanding \_\_\_\_\_\_5.The entrepreneurial leader also provides positive feedback when employees come forward with an opinion. **Topic 3. Entrepreneurial Leaders: 5 Best Practices**  Have you heard about Jack Ma? This one of his famous quote, what can you say about that? The business environment is characterised by its ever-increasing instability and the necessity to constantly address the challenges. Thus, organisational flexibility and practices has to be properly governed in order to effectively and efficiently utilise all available resources and support the suggested change plan. Entrepreneurial leadership can be viewed as one of the ways to achieve positive results since leaders are proficient in recognising and taking advantage of opportunities as well as overcoming challenges and threats (Pisapia and Feit, 2015). Here are the 5 must-do practise of an entrepreneurial leader to cope with the inevitable changes occurring around. **1. Benchmarking** Benchmarking is comparing your business, operations, products, functions and more to other businesses in the marketplace or your specific industry. Drawing comparisons will help you identify best practices in your competitor's business that you can use to improve your own products and services. Areas of focus might include costs, quality, customer satisfaction and more. **2. Following Standards** Following technical, safety, employment, legal and other designated standards is key to your business success. Some standards may be set by a government body or some sort of independent body which is related to your business or industry. OSHA (Occupational Safety and Health Administration), for example, sets and enforces health and safety standards for men and women in the workplace. Other standards may measure the quality of a business product or service. Therefore, adhering to standards which relate to your business or employees is a very important best practice. A corporate lawyer can keep you informed of changes in business and employment law and other legal matters which are important to your business. They can also provide legal advice and valuable services. **3. Networking** Networking with key players in your industry, customers who would benefit from your products and services, and people who can provide you with important tools, resources, and support to help your business grow and thrive is a very important best practice for entrepreneurs in any industry. In other words, identify people, customers, suppliers, and organizations who can help you the most and leverage them every way you can. In today's digital arena, networking and connecting via social media, email, and other social platforms can establish communication and cultivate a growing list of new and returning customers. Attending seminars, trade shows and other events to educate and connect you to people and practices within your core industry is also a great way to keep up to date with the ever-changing marketplace. **4. Open-Door Leadership and Corporate Communications** A large part of building and maintaining a successful business is attracting and retaining employees who are motivated to use their skills and talents to help your company meet and exceed its goals. Maintaining an open-door leadership policy and allowing employees to express ideas, feedback, and concerns will help employees feel like a valuable part of the organization. This can also encourage them to work hard and strive to personally excel, while looking for ways to help your business thrive as well. Furthermore, corporate leaders should lead by example. They should seek and reward input and improvement initiatives from employees and work to maintain a solid, regular flow of communication. Being flexible in corporate policies and embracing diversity in the workplace are management best practices which also cultivate a happy work environment and can positively impact company success. **5. Improvements and Innovation** Making improvements and welcoming innovation in your business are key components of growth and success. Areas of product and operational improvement may be identified via benchmarking, internal testing, customer and employee surveys, market studies or other tools. Implementing appropriate changes to address issues can ultimately lead to better quality, lower costs, decreased production times or a myriad of other positive impacts. Similarly, welcoming innovation and encouraging employees to think outside the box to enhance design, revolutionize a process, create an industry or product "first," or bring something new to the table can help enable your company to be an innovator, trendsetter, or a leader in best practices among your industry peers. So that was our top 5 best practices an entrepreneur must do in order to get along the changing phase of this modern world. **Lesson self-check 2.3** Student Name: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Date Submitted: \_\_\_\_\_\_\_\_\_ Course and Section: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **Activity:** In your locality observe one entrepreneurial venture, or one active entrepreneur. List down their 5 best practices which you think made the business successful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ssessment:** The number 3 best practice is networking. Why do you think an entrepreneur must strengthen his/her network? Share your thoughts. 10pts. -- -- **Topic 4. The Four E\'s of Leadership by John Welch** Did you know? **Jeffrey A. Krames** is one of the world's foremost experts on Jack Welch and had 3 of his books named "Best Leadership Books of the Year". The 20+ years that Welch ran GE (General Electric), it became the most valuable corporation in the world, increased in value over thirty times and under his leadership turned out more Fortune 500 CEO's than any other company in history. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Here he is, let us learn how he made it and what are his ways and views. I would think those are pretty good reasons to invest a little time in understanding what are the defining characteristics of the world's most powerful leaders. The 4 E model is gaining fame in the business press. This book not only gives you a good primer in those characteristics but provides excellent case studies of how this model can be exported to other companies, in other industries. Welch took 20 years to develop this model, in about 100 pages in section 1, you can benefit from all the effort and re-working that went into getting to this all-encompassing set of characteristics. Here they go. **1. Energy** -- Individuals with energy love to "go, go, go." These people possess boundless energy and get up every day ready to attack the job at hand. High energy people move at 95 miles-per-hour in a 55 mile-per-hour world. **2. Energizers** -- know how to spark others to perform. They outline a vision and get people to carry it out. Energizers know how to get people excited about a cause or a crusade. They are selfless in giving others the credit when things go right, but quick to accept responsibility when things go awry. **3. Edge** -- Those with edge are competitive types. They know how to make the really difficult decisions, such as hiring, firing and promoting, never allowing the degree of difficulty to stand in their way. **4. Execute** -- The key to the entire model. Without measurable results, the other "E's" are of little use. Executers recognize that activity and productivity are not the same and are capable of converting energy and edge into action and results. At the end of each chapter Krames provides a quiz to Assess your "E \_ \_ \_ " quotient and then provides a "4E Leader to do list" which will authors such as Peter Drucker, Jim Collins and Peter Senge. It provides you specific actions for recognizing and rewarding authentic leaders and becoming a 4E Leader yourself. The second part of the book shows how this can be transformed into other businesses and industries, by using examples of the key Welch protégés efforts to lead their businesses once they became CEO. At the beginning of the book, Krames lays out **4 objectives:** - To explain clearly, and in depth, Jack Welch's 4E's Leadership model, its history, development and so on. - To provide specific ways to apply the model that can be acted upon to enhance productivity throughout the organization. - To validate the 4E model by calling upon other experts who can corroborate and elaborate upon elements of the model. - To show how the 4E model has impacted the "next generation" of great business leaders. There you have it, that's how brief and concise Jack Welch' 4Es. Concise and realistic approach. **Lesson self-check 2.4** Student Name: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Date Submitted: \_\_\_\_\_\_\_\_\_ Course and Section: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **Activity:** If you're given a chance to add one more E to Jack Welch' existing 4Es, what would it be. Why? \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **Assessment:** Why there is a need to practice these 4Es in a leadership? Share your thoughts. -- --