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Thus, entrepreneurial leadership is defined
as "Leadership that creates visionary
scenarios, motivating and committing a
cast of characters for the discovery and exploitation
of strategic value creation."
It has been observed that nations are
revisiting entrepreneurship, as their own core strategy
for achieving economic growth. It has been considered as a part of economic
development landscape. Electronic city in Bangalore and
Silicon Valley in America, and similar such places elsewhere in the world are standing examples
of entrepreneurship, contributing its share for
the development of the regions in their respective nations.
Venture and angel capital groups are now widespread. Entrepreneur associations with
their business development strategies are the
common news items that occupy headlines in
magazines. "Think tanks, venture breakfasts,
mentoring programs are just a few of the various
measures that are initiated to bring entrepreneurs
together and fuel their success."
The imagination, vision, innovativeness and risk-taking ability are the factors that determine
the success of the entrepreneurs, which in turn, reflects the performance of the enterprises in
a nation.
Entrepreneur is the one who is willing to take
and bear the risk of a new venture, when there is
a significant chance for profit. Some others
define entrepreneur's role as an innovator who
markets his innovation. Entrepreneurs develop new
goods or processes that the market makes a demand
for and are not currently being supplied. Joseph Schumpeter, a renowned Economist, focused
on how the entrepreneur's drive for innovation and improvement creates upheaval and change
in economic growth. It is considered as a force of `creative destruction'. This is because, when
he carries out a new one, it renders the old one obsolete. This is on account of the creation of
new and better ways of doing a business that
destroys the established ways of doing a business. |
