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

LEADERSHIP

As per the given text the basic points that are covered in describing the leadership can be viewd a following:-

• Source of mobilizing others.
• understanding as to what methods of such mobilization (formal) or informal can be used.
• Working towards a common goal.

Section 1: Definition of leadership

"Leadership is the ability of company' management to set and achieve challenging goals, take swift and decesive action, outperform the competition,and inspire others to prform well."

"It is the process where an executive can direct, guide and influence the behavior and work of others to achieve a specific goal in a given situation."

Section 2 : Differences

The differences between the two definitions can be viewed as the following;

a.The textbook definition do not say anything about setting up a challenging goal for the entire team but as per definition on the internet a main objective of a leader is to set a goal towards which al;l its team members can work upon.

b.As per the definition on the internet leadship also involves to know one's competitor and work towards outperforming him.

c.The leadership not only influences ones behavior but involves quick decision making abiliity.

Section 3: Similarities

a.Both the definitions say that all the team members have to work towards a common goal.

b. Both the definition believe that the management has the right to influenece behaviour of the team towards goal accomplishment.

ENTREPRENURSHIP

As per the texbook definition entrprenureship is:

• Recognition of oppurtunities in terms of needs challenges etc.
• Creation of Resources
• Implementing stratergies

Section 1: Definitions of entrprenureship

"The capacity and willingness to develop organise and manage a busines venture along with any of its risks to make profit."

"Entrprenureship refers to the concept of developing and managing the business venture by taking several risks in the corporate world."

Section 2: Differences

The difference between the two definitions can be viewed from the following.

a.The texbook definition focuses on identification of oppurtunities where a new business venture can b set up which is not focused in case of internet definitions.

b.The internet definition emphasis on the point that risk takin in several forms is a key feature of entreprenureship which is not mentioned in the textbook definition.

Section 3: Similarities

a. Both the definition focus on managing the busines venture.

b. Both the definition emphasis the entreprenurship is a an individual quality.

c. Both the definition focus on implementimg statergies.

STRATEGY

As per the textbook strategy is defined as clear goals and coherent plan towards achieving them.

Section 1: Definitions

"A method or plan chosen to bring about a desired future such as an achieviment of a goal or solution to a problem"

"A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.

Section 2: Differences

The crux of the definitions found on the internet and one in the texbook is almost same.

Section 2:Similarities

a.Stratergy involves setting up clear goal or desired future.

b.Stratergy comprises a systamatic plan of action towards achievement of the desired goal.