Reflective Report On Leadership Style And Entrepreneurial Qualities

Leadership and its significance in the contemporary world

Effective leadership is very crucial in the recent times for organizations, groups and businesses to achieve their goals and succeed in the recent times. The process relating to directing and controlling the behavior of the people in the existing work environment is known as leadership (Fairhurst and Connaughton 2014). Leaders can easily influence others by their ability to motivate, inspire and inform effectively. Various leadership strategies and styles are used depending on the organization or the situation.

There are different styles of leadership that can be generally used to accomplish the objectives and goals of the organization (Tourish 2014). As for me, the leadership style that I am currently inclined to is transformational leadership. Proper development of leadership skills is very effective as it helps in achieving both the professional and personal success. Leadership is the way through which we can influence others to achieve the organizational objectives. The employees are motivated to achieve more than their initial expectations.

Leadership

Leader help themselves as well as other individuals to do the most effective and right things for the organization. They help in setting direction, building an inspiring vision and also creating something initiative and new (Collinson 2017). Leadership leads to mapping out a way so that each one of us wins as a team for the organization. While setting the direction the leader should also use effectively its managing skills to manage and control its people for the right destination in an efficient and smooth way.

Leadership leads to establishing and setting a clear vision for the organization. Leadership cannot be taught unlike management but is learned through effective mentoring and coaching (Dinh et al. 2014). Bill gates has an efficient leadership skills today despite of failures has driven Microsoft industry to success with continued innovation and passion.

Transformational leadership style:

Transformational leadership leads to creating a vision for the future. It helps in inspiring and motivating people so that vision can be achieved. It facilitating in managing delivery of the business (Banks et al. 2016). In business, it is crucial to set a vision that is convincing, realistic and attractive to achieve the future goals. Vision helps in setting priorities so that the followers can know what they truly want to achieve. It is a foundation that is required for leadership. Through this leadership style I can effectively motivate and inspire all the people to achieve all the visions.

Different styles of leadership

I believe transformational leadership style to be more effective among all other leadership styles for the organization. In the current times the role of leader is highly significant for successful performance of the organization. Similarly, effective use of leadership qualities mostly depends on the used by leaders to their subordinates and associates (Fayolle and Gailly 2015). This style helped me in motivating my followers to help them in achieving relevant goals in the work.

This style helped in promoting and raising both me and my follower’s effectiveness. This style incorporates social changes. I make sure that the work required to achieve my desired vision is effectively managed so that it can be successfully achieved. Along with the increasing responsibility of the employees, the effectiveness and productivity related to the work also increases. This further creates a positive impact on the employee’s performance and development of my organization.

I motivate and inspire people to achieve more than their expectation. This helps in increasing the efficiency of the employees. When any of my employee is feeling low are under stress than I encourage them to aspire for more. Attractive rewards and incentives facilities are provide to them so that they does not lose hope.

The employees are motivated to work hard and effectively so that rewards can be enjoyed. Since school days, I have been appointed as the team leader for my natural charisma and appealing personality. Therefore, it is not hard to make the people believe in me. Through my own hard work, persistence and determination I have able to achieve this position. In the contemporary business environment the role of human resources has consistently increased. The significance of positive interpersonal relations between the various associates and me as a leader proved to be effective. 

My GET Score is 50%, which showcases my personality and traits required for being a transformational leader. My risk taking score is 67%, which is a great characteristic of an entrepreneur. Moreover, I am successful in achieving maximum of my business deals in a positive manner with a score of 58%. My autonomy and creative skills are 33% that is adequate for the business. 

Examples

Steve Jobs, the CEO of Apple has proved to be iconic transformational leaders in the world. He constantly challenged his employees so that the workers can think beyond their imagination. This would therefore help in innovating and creating products that the world would need. The transformational leaders have proved to be an exemplary model for their associates. They are usually responsible for the organizational success.  From their examples and way of management, I have been able to effectively manage my business.

Author’s preferred leadership style

With the effective implementation of leadership style in my management, I have been able to effectively manage the organization with. I will also try to maintain a balance between my personal and professional life and also overcome difficulties trough proper conflict management strategies.

Entrepreneurship

Entrepreneur has the ability to transform an innovation or idea into successful enterprise that distinguishes the entrepreneur style. Different approaches, attitudes and goals make an individual an effective entrepreneur. Each and every entrepreneur has certain common traits. This includes interpersonal skills, creative thinking skills and personal characteristics (Glaeser Kerr and Kerr 2015). I am an optimist person and this trait of mine helps in making my business more successful.

Optimism is an organization’s true assets and helps in getting through difficult times. There are various ups and downs in the business but positive thinking and hard work has enabled me to effectively overcome and tackle the situation. I also believe in creating a vision and inspiring other people to achieve my goal. Moreover, I am also very energetic and self- motivated since my school days that helps in achieving me the top slot in my business organization. While handling projects that are start-up firms involves large amount of risks. Risk-taking and tolerance is my positive feature that helps me in realizing my goals.

I also possess the quality to easily connect, understand as well as empathize with the customers for encouraging my peers. Initially, empathy helps in assessing the challenges of the followers. It is highly important to have the quality of empathy as lack of empathy leads to the failure of the various start-ups to fail in the long-run (Fayolle and Gailly 2015).

Entrepreneurs Skills or Traits:

Resiliency is the ability to overcome the ups and down existing in the business. This skill helps in enabling to continuously evolve even when the present outlook is bleak (Hazy and Uhl-Bien 2015). As an entrepreneur, it is my duty to have a long-term focus and vision to get closer so that the ultimate goal is achieved. There are various distracting forces present while doing a business that needs to be effectively mastered.

Investing for the long-term growth leads to gaining maximization of profits. I always first pause and plan for achieving the mission on a quarterly basis. Many entrepreneurs has failed to succeed because they are very impatient in nature and put major emphasis on what comes next. Success takes times, in establishing my business it took around 7 to 10 years. Hard work and perseverance is the key element for entrepreneur’s growth and success.

Entrepreneurial qualities and their contribution to business success

Successful entrepreneur knows that market is changing constantly and realizes that they don’t’ know everything in the market. I always try to stay up-to-date with the latest technology, systems and industrial trends. As a leader and also the entrepreneur of the company, one should always be responsible for continuously improving the company (Rawhouser, Cummings and Newbert 2017). I always try to get feedback from my employees, team members, partners and customers. I am always responsible in engaging everyone on their team so that feedback is used to encourage them for new and creative ideas.

When I am facing a difficult situation or having a bad day I try very hard to not let it show to my team. The tone and traits of the entrepreneur formulates the company’s personality. Whenever I interact with my team I reflect positivity as I am having a great day. This act helps in encouraging them and further drives them to move forward. If we face any setback in the behalf of the organization, I take the issue as a challenge and turn the problem into opportunity.

 My team members are encouraged to think more creatively so that the problem can be easily solved. For example, in my earlier days of business start-up, we faced a major revenue set-back. A partnership firm on which we were heavily depending or relying upon did not come to fruition (Zhu et al. 2015). Therefore, instead of treating this setback as failure we united together as a team. I provided even greater value to our existing customers and also expanded our overall customer base. Later on, with effective leadership and management, we were able to provide the market something new and innovative idea. This was very valuable and also led to establishing new and strong direction for our company.

Entrepreneur Style

In business, there are generally two kinds of minds that involve visionary and the planner, who manages all the details. I believe in planning and setting goals and later on design and implementing tactics to achieve these goals. Through strategic thinking I make approaches for performance measurements. Hard-working businesses are due to the owners that are incredibly motivated to succeed (Terjesen, Hessels and Li 2016).

Bill Gates and Steves Jobs hard working style has led them to grow their empire at an international level. Adopting such mindset has also helped me in achieving maximum productivity. It is important to bring enthusiasm in each and everything required at the job. It does not matter I which industry we belong to but employers always wants to bring creative and innovative ideas within the organization. I always try my best so that the employees are encouraged to be creative and innovative. It helped me in improving my organizational workflow, productivity and also bottom line.

Conclusion

Conclusion:

If leadership could be ascertained to be in a simple thought it would be to set examples for others to follow. Leadership is highly significant in the tough economic times, when organizations struggles and employees are worried for their next pay check. Transformational leadership approach helped me in understanding my employees and maintaining a cordial relationship with them. During the times of uncertainty, as la leader it was my duty to reassure my employees and guide them to achieve the desired vision and goals of the company. Effective leadership style has led to the growth of profitability and also a better working environment within my organization. 

References:

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Decker, R., Haltiwanger, J., Jarmin, R. and Miranda, J., 2014. The role of entrepreneurship in US job creation and economic dynamism. Journal of Economic Perspectives, 28(3), pp.3-24.

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Rawhouser, H., Cummings, M. and Newbert, S.L., 2017. Social impact measurement: Current approaches and future directions for social entrepreneurship research. Entrepreneurship Theory and Practice, p.1042258717727718.

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