Review the definitions of leadership, entrepreneurship, andstrategy in section 1.3 of chapter one in the text. Using theinternet, find different definitions for the following terms:leadership, entrepreneurship, and strategy. That’s a total of threedefinitions, one for each term. Next, compare and contrast thedefinition you found with the one in the textbook. Whatsimilarities did you find in the definitions? What are somedifferences? Lastly, please discuss the important similarities anddifferences you found between the 3 different terms. In total forthis piece, you will have four sections: one section for each ofthe three terms comparing and contrasting the textbook definitionto the definition you found, and one section discussing theimportant similarities and differences you found between the 3different terms and their definitions Prepare a two-page(double-spaced) essay. Cite references, using APA format, for anymaterial that you use in preparing the essay. Papers will beassessed using the following criteria: Found an appropriatedefinition of leadership, entrepreneurship, and strategy. All threeexamples are accurate. Described similarities in each termdefinition Described differences in each term definition Discussedsimilarities and differences by comparing all three terms and theirdefinitions to each other Writing is clear. Used appropriategrammar and writing to express ideas. References (if used) werecited properly.
Section 1.3 Chapter 1 Leadership If management is defined asgetting things done through others, then leadership4 should bedefined as the social and informal sources of influence that youuse to inspire action taken by others. It means mobilizing othersto want to struggle toward a common goal. Great leaders help buildan organization’s human capital, then motivate individuals to takeconcerted action. Leadership also includes an understanding ofwhen, where, and how to use more formal sources of authority andpower, such as position or ownership. Increasingly, we live in aworld where good management requires good leaders and leadership.While these views about the importance of leadership are not new(see “Views on Managers Versus Leaders”), competition amongemployers and countries for the best and brightest, increased labormobility (think “war for talent” here), and hypercompetition putspressure on firms to invest in present and future leadershipcapabilities. P&G provides a very current example of this shiftin emphasis to leadership as a key principle of management. Forexample, P&G recruits and promotes those individuals whodemonstrate success through influence rather than direct orcoercive authority. Internally, there has been a change frommanagers being outspoken and needing to direct their staff, tobeing individuals who electrify and inspire those around them. Goodleaders and leadership at P&G used to imply having followers,whereas in today’s society, good leadership means followership andbringing out the best in your peers. This is one of the key reasonsthat P&G has been consistently ranked among the top 10 mostadmired companies in the United States for the last three years,according to Fortune magazine.Ranking of Most Admired Firms for2006, 2007, 2008. It’s fitting that this section onentrepreneurship follows the discussion of Google.Entrepreneurship5 is defined as the recognition of opportunities(needs, wants, problems, and challenges) and the use or creation ofresources to implement innovative ideas for new, thoughtfullyplanned ventures. Perhaps this is obvious, but an entrepreneur6 isa person who engages in the process of entrepreneurship. Wedescribe entrepreneurship as a process because it often involvesmore than simply coming up with a good idea—someone also has toconvert that idea into action. Strategy When an organization has along-term purpose, articulated in clear goals and objectives, andthese goals and objectives can be rolled up into a coherent plan ofaction, then we would say that the organization has a strategy. Ithas a good or even great strategy when this plan also takesadvantage of unique resources and capabilities to exploit a big andgrowing external opportunity. Strategy7 then, is the central,integrated, externally-oriented concept of how an organization willachieve its objectives.D. Hambrick and J. Fredrickson, “Are YouSure You Have a Strategy?” Academy of Management Executive 15, no.4 (2001): 2. Strategic management8 is the body of knowledge thatanswers questions about the development and implementation of goodstrategies. Strategic management is important to all organizationsbecause, when correctly formulated and communicated, strategyprovides leaders and employees with a clear set of guidelines fortheir daily actions. This is why strategy is so critical to theprinciples of management you are learning about.
