A self-reflective exploration of leadership in a contemporary global context, Assignments of Entrepreneurship

Download A self-reflective exploration of leadership in a contemporary global context and more Assignments Entrepreneurship in PDF only on Docsity! EXECUTIVE SUMMARY Entrepreneurs are the main influencers of the country’s economic development as they are developing new business ideas beneficial for the changing requirements of the world. Creating a new product or service is not just only associated with the entrepreneurs; sometimes, they are the people who are filling the gap between new products launched by the inventors and making them available in the market ( Milano, 2020). Though the intrapreneurs are similar to the entrepreneurs in terms of launching new products or services, they play their role in existing companies by adding a new product or service to the company’s existing product mix. The report contains a way of exploring leadership in a contemporary global context. The major three sections drive the whole explanation that creates the well-organized arrangement of the information flow of this report. The first section provides a critical overview of the global business challenges and the importance of entrepreneurship and intrapreneurship in a global market context. The second section provides an overview of the leadership theory attached with the personal leadership philosophy and some leadership incidents in an exploratory manner. Finally, the third section concludes all the information presented in sections one and two for understanding the necessity of entrepreneurship and intrapreneurship for the global market context. TABLE OF CONTENTS EXECUTIVE SUMMARY ........... 000 cc ceeceee eee e cece ee eee een eee et ee eeneeeeneen ees 1 SECTION 1.0.00... 00. cee cec cece cece eect ence eect ee een eee een een sees ee eeeeneeneeneneees 3 L.Untroduction. 0.0.0.0... cece eee cence cree een cee ee ee eeeen teense eens eeeeee eens eneeeenens 3 1.2 Influences of the Global Business Situa:ons on Leadership Theories and Bel Cel EEE SES 4 1.3 The Effectiveness of the Entrepreneurial and Intrapreneurial Leadership Styles in a Global Context ......0.....0c ccc c cece eee cence eee ne eee ee eee eee eee eet een eee eee neni eed 6 REFERENCES. .....0.0. 0.000 ce cece cence eee nent eee nets eens teeter teen nen ee ee 8 > People count The organizations are needed to be touched with more forward-looking goals that create impacts on creating a more committed, passionate, and emotionally conscious team. Leaders should not only focus on the established goals but, also on the rules structured within the organizational culture to gain more significant and rational contributions ( Wadhwa & Parimoo, 2013). To take full advantage of globalization, they must develop bridges between varied cultures and geographies. The concentration should be on developing and fostering a value-creation attitude among global managers, rather than local managers, by encouraging interdisciplinary learning and breaking down boundaries between the organizations and the staff. > Global Skills Setting global skills is associated with the multicultural aspects of different countries. Thus, it is essential to be focused on changes in leadership styles. Skills mismatch and the skills gaps are more specifically identified points of the global business expansion ( Puckett & Boutenko, 2020). Professional growth is more closely linked to the interaction of cognitive, emotional, and behavioral processes that occur during learning rather than the exact outcomes of specific formal or informal learning activities (Mourao, 2018). Knowledge and abilities are the focus of the skills approach. Most of the leaders have gained experience and training for making flexible leadership skills. People can be prepared for leadership positions by training, exposure, experiences, and participation in certain activities. 1.3 The Effectiveness of the Entrepreneurial and Intrapreneurial Leadership Styles in a Global Context Employees that work in different types of teams are more motivated to develop new solutions and alternatives because they are empowered by intrapreneurial leadership. In most cases, entrepreneurial leaders are the basis of creating a sense of organizational vision. They influence the team’s abilities to contribute towards established targets. The entrepreneurial company (1) The market (2) oo Interdependent markets (3) Market economy (4) Total national system (5) 6 Supranational system (6) Figure 1.1: The entrepreneurial company and the business environment Source: (Platzek, 2012) Entrepreneurial leaders rethink the potential growth of living standards that make impacts on the spending power of the people. If there is an unbalance between the spending power and the organizational innovations, it will be a challenge for potential earnings. Accordingly, entrepreneurial leaders contribute to changing the world through innovations, and new and improved products which enable the creation of new markets. Intrapreneurship fosters an entrepreneurial culture by allowing workers to put their entrepreneurial abilities to work for the company's and employees' advantage. It provides employees with the freedom to try new things as well as the opportunity to advance within the company. Intrapreneurship has resulted in stronger financial returns, increased productivity, more creativity, and higher levels of employee engagement for organizations that have adopted it. Intrapreneurship leadership style has become a key initiative in different organizations as a survival strategy. It is benefitted through generating financial returns, increasing productivity, and motivating the employees at the level of their engagement (Hiwarkar, 2019). As a result, companies with a high level of intrapreneurship perform better in terms of growth and profitability. * The purpose of intrapreneurship is to instill in employees the entrepreneurial mindset and infrastructure that will enable them to grow. It approaches growth from a systems perspective. It's a transformational framework. * It is not possible to pay less attention to the innovations. Organizations should provide the right people at the right time with the right conditions for keeping effective progress. Innovation and intrapreneurship are interconnected. ¢ Intrapreneurial leaders think and act differently to make different organizational settings interested by employees. This is more helpful for the expansion of more successful projects. Institutions become important in understanding the existing incentives that lead to the establishment of not only traditional or commercial new ventures, but also other sorts of socially responsible entrepreneurial activities ( Aparicio & Turro, 2020). Institutions, to a greater extent than individuals, explain the fundamental variances in entrepreneurship among areas and countries, as well as the growth and need for gender, green or sustainable immigrants, sport, and intrapreneurship, all of which are ultimately development engines.