Entrepreneurial leadership is a type of leadership that focuses on maximizing the effectiveness of service delivery. This leadership style has several benefits and can help an organization survive in a changing market.
Entrepreneurial leaders can adapt to changes in the business environment and implement new ideas. They also have a strong sense of responsibility and can motivate their employees to achieve the company’s goals.
High adaptability
Adaptable leaders have a strong sense of how to handle change. They can easily respond to new workplace procedures, goalposts, and technology changes.
They can also proactively seek out unique solutions to difficult situations and challenges. This means they are often a great resource for their employers or teams when they need help reaching a new solution.
Adaptability is an important skill for every leader, especially in today’s world of rapid change. From climate change to the onset of COVID-19, leaders need to be prepared for whatever may come their way.
High motivation
An entrepreneurial leader loves to see and seize opportunities and create value for others. They are willing to innovate and take risks – good and bad.
In addition, they are flexible and adapt to changing business situations. They enjoy taking time out for vacations, hobbies, and interests outside of work.
Entrepreneurial leadership is a blend of many traits but is most often linked to high motivation, trust, and creativity. These three qualities help leaders navigate challenging circumstances and achieve their goals.
High trust
High trust is a powerful force for improving business performance. It reduces turnover rates, improves productivity, and improves stock market returns.
It also makes people feel more satisfied with their work and life outside of work. Employees in high-trust companies enjoy 60% more joy at work and 29% more satisfaction with their personal lives than those in low-trust companies.
Fortunately, there are many ways to build a culture of trust. This includes providing career growth opportunities, supporting employee passions and hobbies, and ensuring leaders understand how to build trust with their team members.
High commitment
Entrepreneurial leadership is characterized by the ability to organize a group of people to achieve a common goal through proactive entrepreneurial behavior. These leaders can also take risks when necessary, which can help the organization to grow.
Leaders who are good at this skill tend to be persistent and committed. They often need to take risks and convince others of their ideas to get the job done.
Aside from that, these leaders are highly creative and can develop innovative ways of doing things. They are also able to motivate and inspire their employees. They can also help them become more flexible and adaptable, which can be a big help when dealing with change.
High creativity
A leader willing to take risks, even when it doesn’t make sense, can be the difference between success and failure for a company. These leaders have a strong understanding of the company’s goals and how to get there.
They can also build trust by consistently communicating the company’s vision and goals. This will help employees to focus on achieving the goals and feel committed to the company’s mission.
Entrepreneurial leadership is a specific style emphasizing opportunity-utilizing as a core motivation and strategy (Renko 2017; Thornberry 2006). This focus leads followers to creatively develop new options, situations, propositions, and benefits by generating innovative ideas for the firm’s benefit.