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Leaders as Entrepreneurs: Ten Key Actions Roles2

are persons who make a significant difference are creative and innovative spot and exploit opportunities find the resources and competencies required to exploit opportunities are good team-builders and networkers are determined in the face of adversity and competition manage change and risk have control of the business put the customer first create capital

Related Chapters of the Business e-Coach: Venture Management Volatility Leadership Opportunity-driven Business Development

Entrepreneurial Leadership Defined

Entrepreneurial leadership involves instilling the confidence to think, behave and act with entrepreneurship in the interests of fully realizing the intended purpose of the organization to the beneficial growth of all stakeholders involved.

In the new era of rapid changes and knowledge-based enterprises, managerial work becomes increasingly a leadership task. Leadership is the primary force behind successful change. Leaders empower employees to act on the vision. They execute through inspiration and develop implementation capacity networks through a complex web of aligned relationships.

Continuous Rewriting of Leadership Rules

"One of the key elements of highly effective leadership is the refusal to believe that a business model, however sound and well crafted, is ever good to run on autopilot... Recognizing this, the most successful leaders continuously improve their models by engaging in a perpetual process of interactive learning."¹

To change the company's culture and your own leadership style, get exposed to new challenging voices that would force you out of your comfort zone. Subject yourself to the 360 degree evaluation process: ask not only your supervisors, but also your employees, customers, and peers to rate your management performance. Promise anonymity to encourage honest opinions.

Entrepreneurial Mindset

Venture values are different from established corporate shared values. "Entrepreneurial independence demands space for action and trust, while independence in a corporation implies responsibility and control imposed from above. Entrepreneurial speed demands agility, experimentation, adaptation, and rapid response in order to be first to market. Corporate experimentation comprises analysis, review, sober consideration of facts, and willingness sacrifice speed for thoroughness. Entrepreneurial paranoia - competitors are catching up to us - is overshadowed by an essential need to build corporate consensus and minimize perceived risk."⁶...More

Leading Innovation

Leading innovation is a delicate and challenging process. You need to encourage expansive out-of-the-box thinking to generate new ideas, but also filter through these ideas to decide which to commercialize. Use a balanced "loose-tight" style of leadership for this purpose. "Loose-tight leadership alternates the creation of space for idea generation and free exploration with a deliberate tightening that selects and tests specific ideas for further investment and development."² Looseness usually dominates the early stages of the innovation process; in the later stages, tightening becomes more important to scrutinize the concepts and bring the selected ones to the market.

A balanced approach is essential to loose-tight leadership. Those who remain loose too long generate plenty of ideas but have difficulty commercializing them. Those who lock into the tight mode choke off all but most obvious ideas, thus confining innovation to incremental line extensions of existing products that add little value.

Entrepreneurial Creativity

"Creativity is a continuous activity for the entrepreneur, always seeing new ways of doing things with little concern for how difficult they might be or whether the resources are available. But the creativity in the entrepreneur is combine with the ability to innovate, to take the idea and make it work in practice. This seeing something through to the end and not being satisfied until all is accomplished is a central motivation for the entrepreneur. Indeed once the project is accomplished the entrepreneur seeks another 'mountain to climb' because for him or her creativity and innovation are habitual, something that he or she just has to keep on doing."¹...More

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