Question

Review the definitions of leadership, entrepreneurship, and strategy in section 1.3 of chapter one in the text. Using the internet, find different definitions for the following terms: leadership, entrepreneurship, and strategy. That’s a total of three definitions, one for each term. Next, compare and contrast the definition you found with the one in the textbook. What similarities did you find in the definitions? What are some differences? Lastly, please discuss the important similarities and differences you found between the 3 different terms. In total for this piece, you will have four sections: one section for each of the three terms comparing and contrasting the textbook definition to the definition you found, and one section discussing the important similarities and differences you found between the 3 different terms and their definitions Prepare a two-page (double-spaced) essay. Cite references, using APA format, for any material that you use in preparing the essay. Papers will be assessed using the following criteria: Found an appropriate definition of leadership, entrepreneurship, and strategy. All three examples are accurate. Described similarities in each term definition Described differences in each term definition Discussed similarities and differences by comparing all three terms and their definitions to each other Writing is clear. Used appropriate grammar and writing to express ideas. References (if used) were cited properly.

Section 1.3 Chapter 1 Leadership If management is defined as getting things done through others, then leadership4 should be defined as the social and informal sources of influence that you use to inspire action taken by others. It means mobilizing others to want to struggle toward a common goal. Great leaders help build an organization’s human capital, then motivate individuals to take concerted action. Leadership also includes an understanding of when, where, and how to use more formal sources of authority and power, such as position or ownership. Increasingly, we live in a world where good management requires good leaders and leadership. While these views about the importance of leadership are not new (see “Views on Managers Versus Leaders”), competition among employers and countries for the best and brightest, increased labor mobility (think “war for talent” here), and hypercompetition puts pressure on firms to invest in present and future leadership capabilities. P&G provides a very current example of this shift in emphasis to leadership as a key principle of management. For example, P&G recruits and promotes those individuals who demonstrate success through influence rather than direct or coercive authority. Internally, there has been a change from managers being outspoken and needing to direct their staff, to being individuals who electrify and inspire those around them. Good leaders and leadership at P&G used to imply having followers, whereas in today’s society, good leadership means followership and bringing out the best in your peers. This is one of the key reasons that P&G has been consistently ranked among the top 10 most admired companies in the United States for the last three years, according to Fortune magazine.Ranking of Most Admired Firms for 2006, 2007, 2008. It’s fitting that this section on entrepreneurship follows the discussion of Google. Entrepreneurship5 is defined as the recognition of opportunities (needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures. Perhaps this is obvious, but an entrepreneur6 is a person who engages in the process of entrepreneurship. We describe entrepreneurship as a process because it often involves more than simply coming up with a good idea—someone also has to convert that idea into action. Strategy When an organization has a long-term purpose, articulated in clear goals and objectives, and these goals and objectives can be rolled up into a coherent plan of action, then we would say that the organization has a strategy. It has a good or even great strategy when this plan also takes advantage of unique resources and capabilities to exploit a big and growing external opportunity. Strategy7 then, is the central, integrated, externally-oriented concept of how an organization will achieve its objectives.D. Hambrick and J. Fredrickson, “Are You Sure You Have a Strategy?” Academy of Management Executive 15, no. 4 (2001): 2. Strategic management8 is the body of knowledge that answers questions about the development and implementation of good strategies. Strategic management is important to all organizations because, when correctly formulated and communicated, strategy provides leaders and employees with a clear set of guidelines for their daily actions. This is why strategy is so critical to the principles of management you are learning about.

Answer 1

Definition of leadership as found in the internet is that it refers to the concept through which the theory and practice of organization is structured. The nature of organised action and its possibilities are understood and shaped by the leaders. It includes the various forms of direction and control of the organizational activities performed to achieve a goal. Absence of effective leadership implies to absence of a successful organization.

This definition is different from that given in the article above as in the article leadership refers to getting things done by others by inspiring them to do the work whereas here it emphasyzis on directing them on organised rules set by the leader. The similarity is that both clearly state that it is a process of getting things done in a particular way to attain certain goals.

Definition of Entrepreneurship is defined as a process that involves a person or a group to risk their money and time and perform certain tasks. The people involved in this activity are called entrepreneurs. They use their skills to search for opportunities and create innovative ideas in limited resources.

Both these definitions focus on identifying the resources one has and creating ideas to put into action and derive results from it. Though the definition here states the risk of time and money of the entreprenuer to bring outcomes, the definition in the article does not show any such aspect.

Strategy can be defined as the integration of organizational activities to meet the objectives by allocating anf utilizing the scarce resources available. It is the knowledge one can have of the goals to be attained, uncertainity of events and behaviours on which the results can be based.

This definition does not clear what role the strategy has in an organization or how important it is for accomplishing the goals. It only states strategy as placing the activities and resources in such a way that they bring outcomes but in the article above strategy is given a broader meaning and importance. It says that the goals and objectives are determined and plan of action is made to attain them accordingly. It is essential for any organization as it sets the guidelines on which the employees work to attain the goals.

The similarities and differences between leadership, entrepreneurship and strategy can be as follows:

Leadership creates a direction and inspires and motivates the individuals on that direction, builds a team and train and lead them to attain the goal and vision set by the leader.

Entreprenuership is the concept of putting in the time money and risk factor to an idea to bring into action using the available resources.

Strategy on the other hand means the guidelines set by the organization to attain the goals and objectives in the most efficient way possible keeping in view all the uncertainities.

In one sentence it can be said that success of an entrepreneurship depends on effective leadership and organized strategy.