Role of Entrepreneurial Team And Leadership - Myassignmenthelp.Com

Question: Discuss about the Role of Entrepreneurial Team And Leadership. Answer: Introduction Background of the research In the present day, enterprises are being developed at a rapid pace thus instigating the rapid change in the business environment. Every business organisation needs to manage teams by using proper leadership skills in order to gain success in the competitive market (Yang and Aldrich 2014). The entrepreneurial team refers to the interest of more than two people for the common good of an organisation. The mutual interest of the people rests on the financial stability of the organisation and focuses on the growth of the enterprise in a successful manner. Entrepreneurial leadership, on the other hand, refers to organising a group of people in order to attain a common goal by taking risks and making innovations in order to convert the threats into opportunities (Renz 2016). These people take the entire responsibility for an organisation and manage the changes keeping in mind the dynamic environment that may be beneficial for an organisation. The research analyses the concept of entreprene urial teams and leadership in business context. Research objectives The research objectives include: To understand the concept of entrepreneurial teams To understand the concept of entrepreneurial leadership To provide recommendation regarding the ways to adopt such techniques effectively Research questions Based on the research objectives, the research questions can also be formed: What is an entrepreneurial team? What is entrepreneurial leadership? What recommendations can be provided to adopt these techniques effectively? Research aim The aim of the research is to understand the entrepreneurial teams and entrepreneurial leadership determinants and styles that can be adopted by an organisation. A proper recommendation is also provided in order to improve the concepts and apply it in an effective manner in an organisation. Entrepreneurial teams According to Discua Cruz, Howorth and Hamilton (2013), the concept of entrepreneurial teams have brought about various discussions and debates. Most people feel that entrepreneurial teams cannot be defined due to the dual interest of the managers. As stated earlier, the interests of more than two people can be considered as an entrepreneurial team if the people aim at helping the cause of the organisation. Breugst, Patzelt and Rathgeber (2015) added to this by stating that the interests need not be defined based only on the profitability of the organisations. The future of the organisations along with its growth also needs to be of major interest for the managers. The interdependency of the work of both the people needs to define the entrepreneurial team. This needs to be done by leading the organisation with purpose. The interests of the people forming the entrepreneurial teams are such that the vision and mission of the organisations need to be stated on a regular basis. In this regard, the ways to manage entrepreneurial teams with success can be analysed. According to Aven and Hillmann (2017), managers need to be good listeners if they are to be engaged in entrepreneurial teams. An organisation can gain benefit from the wisdom and experience of the managers in moving forward with the intent of gaining success. This skill of listening is one of the most important factors that managers need to adopt in order to ensure that the problems of the employees are addressed. Apart from this, Katzenbach and Smith (2015) opined that the method needed for innovation is to be learned in order to gain a competitive advantage. This is also an important factor as in the modern world, the innovation of technologies and the uniqueness of the product are the main factors that contribute to organisational success. Determinants of entrepreneurial team performance The performance of the entrepreneurial teams needs to be determined by the factors that affect the working of a business. These factors include the external factors as well as the internal factors. As stated by Howard, Turban and Hurley (2016) the external factors have a direct influence on the performance of the entrepreneurial teams. This is because the present and the founding environments are different from one another. The fluctuation in the political, economic and environmental factors affects the decisions of an organisation. Hence, the vision of the managers along with the objectives needs to be changed. Katzenbach and Smith (2015) countered that a growing market provides a combination of the size of the current market and the fast increase in the demand for goods and services that have been countered by it. The idea of venturing in foreign lands is also influenced by the external environment. According to Bradley et al. (2013), the team composition also affects the performance of the entrepreneurial teams. This is because the talents and skills of the teams are important factors that need to be considered while forming a team. The characteristics, thoughts and mentality of the members need to be considered while forming such entrepreneurial teams. In order to be successful as team individual differences need to be put aside so that the focus can be on the development and success of the organisation (De Jong, Dirks and Gillespie 2016). It has also been seen that the entrepreneurs that have family ventures are more likely to fail. This is because the thought process of the previous years is different from that of the modern world. Hence, it is necessary that these factors be identified in order to understand the effects it has on the entrepreneurial teams. It is the duty of the managers and leaders to ensure that such factors do not contribute to the ill effects in an organ isation. Entrepreneurial leadership Bolman and Deal (2017) stated that entrepreneurial leadership could be defined as a way to encourage and motivate people to achieve a common goal. The leaders tend to use certain behaviours that can be defined in order to understand the risk involved in taking a venture. Every leader needs to take opportunities that can be used to create tactics regarding the successful tenure of the enterprises. It is necessary for the leaders to take personal responsibility as the people involved in the teams need to be guided by providing an example from the front. The management of change is required in order to address the employees in a dynamic environment. Northouse (2015) countered that such entrepreneurial leadership helps in the cultivation of entrepreneurial people thatcan be beneficial to the organisation. The value of the people can be created so that they perform effectively in the organisation. Goleman, Boyatzis and McKee (2013) opined that entrepreneurial leadership adopts leadership practices that help to develop employees into future leaders. The entrepreneurial leaders provide the fact that the employees need to understand the meaning of responsibility. The employees are provided with an opportunity to self-generate. This is done by ensuring that the employees get enough opportunities to demonstrate their skills and identify the best practice that can be analysed for gaining leadership skills. Fairhurst and Connaughton (2014) argued that the entrepreneurial leadership uses the skills that are associated with the employees. It has also been stated that the entrepreneurial leaders work with a formal structure but use approaches that are familiar with an entrepreneurial context. The different types of leadership can be applied based on the types of employees and the mode of business that is conducted (Long 2017). The entrepreneurial leaders need to progress with a conceptu al context in order to gain a proper insight into the team. Leadership styles Antonakis and Day (2017) opined that the various styles of leadership applied in an organisation depend upon the manner in which the employees conduct their work. In this regard, two broad leadership styles can be identified that defines the mode of leadership in an organisation. One such leadership style is the democratic style. This style of leadership encourages the involvement of the group members and the employees in decision-making activity. The lenient nature provided to the employees encourages them to be friendlier with the employers and provide full efficiency in the job. This is beneficial for the organisations as the employees and the employer get to interact with each other on a continuous basis. It can be countered that this leadership style helps employees to develop as a leader in a better manner (Daft 2014). The consultation with the group can help the leaders to make a decision that can benefit the organisation as a whole. This can also help to bring about a transfo rmation in the organisation. The other form of leadership style is the autocratic leadership style. According to Romager et al. (2017), this is completely opposite to the democratic style. In this case, the leaders hold full authority over the employees. The employees in an organisation are not consulted as the leaders believe that the opinion provided by the employees cannot be taken into consideration. This leadership style follows a dictatorship that controls the working of the employees (Du et al. 2013). Based on the transformational theoretical approach of leadership it can be said that this type of leadership provides strong motivation for the leaders but not among the employees. The employees feel left out in the organisation and subsequently the productivity lowers. However, the positive side to this leadership style is the fact that quick decisions can be made that can help in the development of an organisation. The sharing of the decisions with the employees is done only in situations that permit the i nterests of the leaders. Conceptual framework Figure 1: Conceptual framework (Source: Created by author) Methodology Method of research The research method for the completion of the research is the secondary method. This is mainly because of the fact that the internet, books, journals and articles can provide valuable insights in to the topic. The fact that the research objectives and questions were aimed at understanding the concept in broader manner. Hence, the use of secondary analysis can help in achieving the desired results. The biggest advantage that secondary sources provide is the fact that various topics can be analysed from various sources (Ploug and Holm 2015). Data collection method In order to conduct a primary data analysis, the requirement is to collect samples and feedbacks from the employees and interviewing the managers. However, the present research is based on the analysis of the secondary sources of data. Hence, the data needs to be collected by analysing various books, journals and articles. These resources for collecting data need to be based on the analysis of various books and journals that have been published by reputed scholars. Visiting the websites of the organisations also may help in gathering relevant information about the topic. Data analysis method For the purpose of the research, the method used for analysing the data is qualitative analysis. Qualitative analysis is the use of subjective judgements for analysing a particular topic (Silverman 2016). It is also used to understand the trends that exist in the thoughts and opinions of the people involved with the topic. A close understanding of the concept of the research can be undertaken in order to complete the data. Moreover, it provides a more flexible structure as the method of collecting the data can be changed easily. Predictions can be made regarding the possible outcome of the result. Findings After the analysis of the literature review, it can be said that the entrepreneurial teams and entrepreneurial leadership is important in order to encourage the members of an organisation. The entrepreneurial teams need to focus on the characteristics of the people and ensure that the dynamics within the team are maintained. It has been seen that the problem solving and decision-making expertise of the team members may be beneficial for an organisation. In order to understand the effectiveness of the entrepreneurial teams, it is seen that power and politics are considered as a subsection of the teams. The manner in which these teams are built shades light on the fact that the heterogeneous mixture of the team members can be considered as an option for the success of an organisation. However, it needs to be considered that the teams are led in a proper manner. Proper leadership within organisations can be beneficial for the development of the team. The types of leadership that exists provides for a better understanding of the situation in the organisation. The leadership styles vary in every organisation depending upon the type of employees and the job done by them. Both the major leadership styles have their own advantages and disadvantages that help in maintaining the balance during its application in the organisational context. The fact that the teams are depended upon the leadership guides is one area that managers need to focus upon. It has also been seen that the motivation of the managers is equally important as the motivation of the employees. Thus, it is important for the members of an organisation to work together in order to maintain stability in the workplace. Research limitations and biases Research limitations Despite the successful completion of the research, certain limitations existed that need to be rectified in the future. One such limitation is the fact that the cost of purchasing the books related to the topic was expensive. It was difficult as a student to manage the purchase of books. The unreliable internet connection was also another limitation as the access to the books and journals were not done smoothly. Moreover, certain sites were restricted such as the organisational websites due to the fear of being hacked by the competitors. Hence, searching for information in these sites was difficult. Research biases The biases towards conducting the research considered the ethical use of the data collected. The data collected from the secondary sources were to be used for only one purpose. Any deviation from this purpose could have resulted in an unethical conduct. There were no discrimination between any culture, colour or religion while collecting the data. No comments were made or predictions were drawn that could have highlighted any biases towards any organisations. The language used was also professional so that people cannot get offended by reading the research. Conclusion and Recommendation Conclusion Thus, it can be concluded that in order to maintain a successful organisation the application of entrepreneurial team as well proper entrepreneurial leadership is necessary. The manner in which these concepts are interlinked can be helpful to identify the success in an organisation. Every organisation need to analyse the importance of the teams and the role of leaders in order to make an effective analysis of the teams. In this regard, certain recommendations can be made in order to ensure that organisations applying these techniques can gain guaranteed success. Recommendation One such recommendation that can be provided to organisations is the fact that the employees need to be given the opportunity to provide decisions regarding any activity in the organisations. This can help in motivating the employees and gain good productivity for the organisations. Another recommendation that can be stated is the fact that the coordination between the team members needs to be identified at the initial stage. This can help in the proper understanding of the skills of the employees and ensure that the employees are provided with the specific task that can help them in utilising their talents. Reference Antonakis, J. and Day, D.V. eds., 2017.The nature of leadership. Sage publications. Aven, B. and Hillmann, H., 2017. Structural Role Complementarity in Entrepreneurial Teams.Management Science. Bolman, L.G. and Deal, T.E., 2017.Reframing organizations: Artistry, choice, and leadership. John Wiley Sons. 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