Leadership Characteristics Of An Entrepreneur Affect Success Business Essay

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CHAPTER 1

INTRODUCTION

The purpose of this study is to learn the importance of management styles and the leadership characteristics of an entrepreneur in the success and failure of the business. In this research we will discuss the significance of leadership characteristics of an entrepreneur and its influence on the overall success or failure of the organization.

MANAGEMENT:

Management is the process of organizing the people and manages them effectively to accomplish desired

Goals and objectives. There are four important functions of management which are Planning

, organizing, staffing, leading and controlling. Management does play a vital role in the success of every

Business. Management is backbone of any organization. The most historical French definition is

"Management" (from Old French ménagement "the art of conducting, directing", from Latin manu

agere "to lead by the hand") characterises the process of leading and directing all or part of an

organization, often a business, through the deployment and manipulation of resources (human,

financial, material, intellectual or intangible). …

The above definition is in-depth which explains the importance and functions of management.

The chartered institute of management defines management as:

"Achieving the business tasks by managing human, financial and physical resources in an effective and efficient manner".

Today most modern definition of management is given by courtlandd. Bovee is:

"The process of achieving organizational goals through planning , organizing ,leading and controlling the human , financial , and physical resources of the organization in an effective and efficient manner".

IMPORTANCE OF MANAGEMENT

It helps in achieving organization goals effectively and efficiency.

Optimum utilization of resources

It helps in establishing a sound organization

Reducing costs

Establishes equilibrium

Manager

Manger is a person who holds management designation or manages the business activities.

Manager is a person who is responsible for planning, organizing and controlling the work of

group or individuals to achieve the goals and objectives effectively . Chartered institute of

management sciences (USA) define good manager as:

A good manager is a person who gain maximum output with minimum available resources in

such a way that his employees being motivated .

MANAGEMENT STYLE

In management there are three most important management styles are democratic, autocratic and

consultative. Choosing the correct management style may direct to superior inspiration and

efficiency from your staff. But it is very difficult to select a style. Managers characteristics and

their personalities have great influence on the type of style adopted. For example an aggressive

manager will find a democratic style difficult to adopt. Similarly a timid manager will find an

autocratic management style difficult to adopt. Effective managers always have the flexibility to

change their management styles according to the situation. For e.g. In crisis situation democratic

attitude cannot be very effective because crisis situations need quick decisions where as

democratic style takes time to make decisions. Selection of style is also highly depends on

culture of country, culture of organization, the nature of targets and the personalities of a leader.

Diagram: Different forms of management styles

managementstyle-01

LEADERSHIP CHARACTERISTICS

As exactly said by Faye Wattleton, "The only safe ship in a storm is Leadership." Leadership is ability

to motivate or influence others to achieve the tasks. Leadership is a trait which never comes

Overnight it is a continuous process. There are various theories and arguments about leadership are

whether they are born or made. Though leadership traits are inborn but they can also be learned with

the passage of time. Many theories and arguments suggest that true leaders emerge in times of crisis

and guide their followers to the path of safety by leading them with example. Great leaders always

believe on actions rather than words. . Mahatma Gandhi, Nelson Mandela, Rosa Parks, Martin Luther

King Jr. Quaid e azam are leaders who become immortal in the history of books because of their actions.

In order to become a great leader one must possess effective leadership skills. To become a good leader

one must put in hard work and must learn from one's mistakes.

What attributes make leader effective and successful? This is a question which is asked by most of the

Students. But it is very difficult to answer because leadership is defined in so many different ways so it is

hard to give any one single concept about leadership which is most authenticated. Leadership stories of

heroes go thousand years back i.e. Alexander the great and Achilles etc. are the past leaders who are

become immortal in the history of books because of their actions.

A leadership ability of an entrepreneur does play a vital role in the success of every

organization. Today Michael Dell, Bill gates, Michael Bloomberg etc. are the one of successful

entrepreneurs in world because of their leadership characteristics. It shows that entrepreneurs

leadership activities do play a vital role in the success or failure of the business.

Studies shows that following characteristics are most important attributes of a successful entrepreneur.

Confidence

Communication skills

Decision Making

Interpersonal skills

Time management

Financial management

Effectively Managing the human resources

Marketing management

OBJECTIVES OF THE STUDY

To study the management style of an entrepreneur

To study the leadership characteristics of an entrepreneur

To analyze the management style of an entrepreneur

To analyze the leadership characteristics of an entrepreneur

To study and analyze the management styles and leadership characteristics of an entrepreneur in an organization

HYPOTHESIS OR RESEARCH QUESTIONS

H1: Management style and leadership characteristics of an entrepreneur affect the business success.

HO: Management style and leadership characteristics of an entrepreneur do not affect the business success.

SIGNIFICANCE

If we analyze bankruptcies in last many years we will find that most of the bankruptcies are the results of poor management and untrained staff. The Bank of America said, in his publication "small business journalist". "Final analysis shows that, more than 90% of bankruptcies are the result of incompetent and weak management."

The good management is very much important for the developing countries. During the last 10 to 15years specialists of the development showed in their research that the availability of money or technology does not guarantee to bring the development. The limiting factor in almost all the cases was the absence of the quality from the administrators.

There are few groups or people who believe that there is no need of the management. Indeed, they consider that the people would be more better to work together and with more personal satisfaction if one were not administrative. They refer themselves "team effort 'as ideal group operation. Maybe that they do not realize that when an individual plays a game, it clearly has group objectives as well as certain of the personal objectives equally.

Management is critical in the economical or social development of the nation. An effective management helps a developing country to use its resources in much better way and make them count towards the economic development.

The women the styles of negotiation proved themselves to be different and it was shown that they are clearly more beneficial to the commercial success in the long term. The most recent study that explored a genetic basis for specific attributes of the women in the social capacity and empathy implies a better performance of the created and directed businesses by women because of their capacity to more better to communicate with the employees, suppliers and customers.

http://www.bukisa.com/articles/135747_what-is-significance-of-management

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