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 as getting things done through others,then leadership4

should be defined as the social and informal sources ofinfluence that you use to

inspire action taken by others. It means mobilizing others towant to struggle

toward a common goal. Great leaders help build an organization’shuman capital,

then motivate individuals to take concerted action. Leadershipalso includes an

understanding of when, where, and how to use more formal sourcesof authority

and power, such as position or ownership. Increasingly, we livein a world where

good management requires good leaders and leadership. Whilethese views about the

importance of leadership are not new (see “Views on ManagersVersus Leaders”),

competition among employers and countries for the best andbrightest, increased

labor mobility (think “war for talent” here), andhypercompetition puts pressure on

firms to invest in present and future leadershipcapabilities.

P&G provides a very current example of this shift inemphasis to leadership as a key

principle of management. For example, P&G recruits andpromotes those

individuals who demonstrate success through influence ratherthan direct or

coercive authority. Internally, there has been a change frommanagers being

outspoken and needing to direct their staff, to beingindividuals who electrify and

inspire those around them. Good leaders and leadership atP&G used to imply

having followers, whereas in today’s society, good leadershipmeans followership

and bringing out the best in your peers. This is one of the keyreasons that P&G has

been consistently ranked among the top 10 most admired companiesin the United

States for the last three years, according to Fortunemagazine.Ranking of Most

Admired Firms for 2006, 2007, 2008.

It’s fitting that this section on entrepreneurship follows thediscussion of Google.

Entrepreneurship5 is defined as the recognition of opportunities(needs, wants,

problems, and challenges) and the use or creation of resourcesto implement

innovative ideas for new, thoughtfully planned ventures. Perhapsthis is obvious,

but an entrepreneur6 is a person who engages in the process ofentrepreneurship.

We describe entrepreneurship as a process because it ofteninvolves more than

simply coming up with a good idea—someone also has to convertthat idea into

action.

Strategy

When an organization has a long-term purpose, articulated inclear goals and

objectives, and these goals and objectives can be rolled up intoa coherent plan of

action, then we would say that the organization has a strategy.It has a good or even

great strategy when this plan also takes advantage of uniqueresources and

capabilities to exploit a big and growing external opportunity.Strategy7 then, is

the central, integrated, externally-oriented concept of how anorganization will

achieve 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 that answers questionsabout the

development and implementation of good strategies.

Strategic management is important to all organizations because,when correctly

formulated and communicated, strategy provides leaders andemployees with a

clear set of guidelines for their daily actions. This is whystrategy is so critical to the

principles of management you are learning about.