Knowledge and information are considered to be pivotal for the economic aspects because they used in the process of innovation and productivity. In the process of evolution human passed from the severe and epic periods and in these grueling he learned expertise. Human evolves with the passage of time and this time he discovered many things and counter many terrible phases with his pragmatic and intelligent approach — these skills and expertise used for the benefits of humanity. In this high-tech originated era, entrepreneur hit a tremendous milestone and become the inspiration for many of others. After civilization, these skills and expertise create progression. After a great recession, analysts and economist recognized the fact that entrepreneurship has so much important in the US economy (Davidsson & Wiklund, 2007).
In every community, there are many progressive and successful entrepreneurs. They started from the small business and led towards the mega company. Among them, William Bill Gates the co-founder and CEO of the Microsoft Corporation, Mary Kay Ash who launched Cosmetics in 1963 are famous (Davidsson & Wiklund, 2007). There are many examples of the successful entrepreneur (Davidsson & Wiklund, 2007). According to the Labor Statistics Bureau, approximately two million jobs and opportunities created by the firms who have new setups. Entrepreneurship can lead to more employment opportunities because the entrepreneur came with new ideas and technology. In a simple language, an entrepreneur is a person, who has creative ideas which further transforms into the economic benefits with assessing all the risk related events (Drucker, 2014). The sole purpose of an entrepreneur is to make the options which create monetary, tangible and non-monetary benefits to the organization. (Davidsson & Wiklund, 2007).
Entrepreneur, a person who has abilities to challenge the conventional approach towards the leadership. He burdened with ample managerial duties which emphasize his innovation and creativity approach. He also generates new business approaches by market trends and research. After some renovation in old ideas, they can build a strong empire with their positive attitude (Davidsson & Wiklund, 2007). An entrepreneur is a person who is willing to take the risk for the benefit of the organization progress. Besides the economic growth, there are ample benefits of the entrepreneurship. For instance, they use innovation and creativity to improve the capacity of quality of life (Drucker, 2014). Entrepreneur creates jobs and new opportunities for the unemployed and potential youth. They can produce much larger picture then we expect. Through entrepreneurship, we have better chances to improve our positions in the global market (Drucker, 2014).
Multiple facts and figures can make a good impact on the success of a business venture. In a very start, I must state that fact; it is essential for an entrepreneur to find interest in his relevant field. He/she has to evaluate the events related to his/her passion. Entrepreneur mindset should focus on the opportunities and seeking new horizons in the business. Another critical and relevant distinguishing factor from the ordinary man, risk-taking attitude (Davidsson & Wiklund, 2007). It’s a daunting task to take risks on the trump cards. Seeking a new business and make active participation can create many challenges and risks. For instance, no entrepreneur can evaluate before entering a company about its success and profit margin or any contingent loss (Drucker, 2014). Adaptability, persistence and strong work ethics are considered to be important in any leader. Among many qualities these three qualities inherent almost in every leader and successful entrepreneur (Drucker, 2014).
One leader and entrepreneur must adopt all the unfavorable circumstances and transformed into valuable and tangible form. Willingness towards the persistence could be a lifesaver on the hazardous road. Last but not least work ethic, it’s about the ability to work hard, no matter without any fear related to future consequences (Drucker, 2014).
Any organization has to opt one or two leadership style for the progression and better future of the organization. These leadership styles are autocratic, managerial, democratic and collaborative. Usually in this era entrepreneur does not follow the trend of the authoritarian leadership style because it maintains the authority with force. Though this leadership can create a positive environment and their quick decision-making skills could create great profit, but still, this deal considered odd these days.
Well-Managed organizations are the result of the good managerial leadership, but another hand good and managed organization with a clear approach and vision can create no sense of purpose of the organization. Many leaders rely on the democratic leadership strategy. According to them, the organization does have people and people have a voice, and they want to express their opinion on different matters. This activity can enhance their motivational level, and it also gives them leverage to work in a positive environment. While collaborative leadership based upon the equality ideas. Such administration could initiate discussions to address the problems and issues in the company. In the end, such leaders tried to foster the trust of the team.
The primary importance must rely on the management plan. There are four fundamental purposes of the management, planning, directing, controlling and organizing. The administration has to determine their goals and objectives and to implement these plans entrepreneur organize and arrange different resources for the business (Shapero & Sokol, 1982). Managers direct the industry with their sophisticated intellect approach. A management plan is necessary for the excellent and useful entrepreneurship (Drucker, 2014).
After management plan, another important factor is the financial plan. It includes all sort of financial statements. In that capacity, the entrepreneur has to generate the resources to keep business into running position. This plan also consists of the funds which needed to meet the financial requirements of the company (Drucker, 2014).
Any unethical behavior can plague a workplace environment, so it’s the duty of the entrepreneur that they have to make the right decision. Any in disciplinary and unethical behavior can produce a long-lasting impact on the credibility of the company (Shapero ; Sokol, 1982). It could cause devastating effects on the business. A strong and assertive entrepreneur has to make some strategies to combat the unethical practices in the company and the organization. For instance, they can create a code of conduct for managers and team of employees. Such code should be written in the form, and all employees including manager have to make their initials on this contract (Shapero ; Sokol, 1982). Whoever’s violates any clause of this agreement would be considered as strict measures by the higher authorities.
If employees witness the managers to violating the policy of the company, they will find the scapegoat from this agreement. In this scenario, it is a legal and ethical duty of managers /leaders to set an example for everyone in the team. Business owners have to make strict measures when any employee make any violation such reinforcement of consequences and accountability creates a positive environment in the organization (Shapero & Sokol, 1982). Another thing which is vital in that regard to showing appreciation to the employees for their excellent performance. This strategy enhances the motivation among the employees (Davidsson & Wiklund, 2007). Though there are many unresolved differences on the topic of entrepreneurship, majority analysts agreed on that entrepreneur is that kind of person who comes in the market with the new, creative and innovative approach (Davidsson & Wiklund, 2007).