The late Jack Welch described good leaders as those who can create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion.
His words still ring true today as entrepreneurial leadership still relies on the same factors. Successful leaders are purpose driven and prioritize social and environmental impact along with their business goals.
Being able to balance a business’s purpose with profitability while addressing security concerns and managing resistance to change within an organization is required to make sure the workforce is aligned with the long-term goals.
What is Entrepreneurial Leadership
Entrepreneurial leaders embrace adaptability as part of their business success strategies. They also value action and are outcomes-oriented, relying on the power of collaboration and creative problem-solving to grow. This form of leadership is known for being proactive and for risk optimization. There is a strong focus on innovation and personal responsibility for achieving organizational goals. This can be seen with notable figures like Henry Ford and more recently, Steve Jobs who exemplify the impact of entrepreneurial leadership in dynamic markets.
The importance of balancing processes, people, and systems
Finding the right balance between management and leadership is a continuous challenge. It is very important to find a middle ground as it ensures efficient resource allocation and optimized workflow.
While the role of management is to control individuals to achieve a specific objective, leadership leans towards influencing, motivating and enabling others to contribute to the business’s success.
Achieving a balance between the two enhances productivity, reduces inefficiencies, and assists in fostering innovation.
Balancing process management is a comprehensive management philosophy that focuses on providing clients with the right goods or services in a way that will benefit everyone involved.
This form of management seeks to enhance efficiency and productivity while encouraging consistent quality. Being process centric means achieving the balance to maximize value for all stakeholders.
While delivering value to consumers and other stakeholders is the aim of any process, the purpose of process management is optimizing the value that is provided to all parties.
A healthy organizational culture is paramount to developing the traits necessary for business success. Organizational culture refers to the values, beliefs, attitudes and systems that outline and influence employee behavior within a company.
Organizational culture is created not enforced. It develops through consistent and authentic behavior and can be seen in various ways. How a CEO responds to a crisis, how a team adapts to demand and how feedback is given by management are all indicative of a company’s culture.
Organizational systems refer to the structure of a company. Growing your business requires tapping into the right systems. A successful and well-defined system defines each employee’s role in the company and how this role aligns with the company’s goals.
In a systemic approach, the leadership team looks for who they need to include in their organization. All organizations are made up of people and leaders need to know how to navigate the organization’s systems these people gravitate towards.
Leveraging these systems has the potential to streamline operations, enhance efficiency and facilitate data-driven decision-making.
Role of Technology
A Tata Consultancy survey revealed that 70% of executives believe AI will significantly impact departments such as marketing, customer service, finance, and human resources.
The survey showed that AI was already being used in customer queries (39%), to automate call distribution (48%), in identifying training needs (36%), and even guiding service agents on how to resolve customer issues (42%).
AI helps with process optimization allowing employees to streamline processes through system integration. Reducing mundane tasks allows agents to focus on resolving issues and concentrate on greater customer satisfaction.
According to 2022 statistics,nearly 5 million new businesses were registered in that year. With small businesses in the US accounting for 99.0% of all businesses operating in 2020 it is safe to say that entrepreneurship is a popular option.
The top motivation for someone to open their own business is said to be dissatisfaction with corporate America. In a startling juxtaposition 74% of business owners self-reported as either somewhat or very happy.
Although Entrepreneurship comes with challenges, being able to leverage organizational systems, being adaptable and working on interpersonal skills will go a long way to creating a sustainable and successful business.