Entrepreneurial Endeavors

In: Business and Management

Submitted By x2rac2
Words 1625
Pages 7
Entrepreneurial Endeavors
Bus 508 Contemporary Business
October 23,2011

By definition the meaning of the word leadership is: The ability to influence a group toward the achievement of a vision or a set of goals. With leadership comes attributes necessary to achieve the vision or goal such as discipline, character, integrity, dedication, ethics and I could go on. People work with different leadership styles to achieve their visions and or goals. Surrounding yourself with others that share the same vision as yours tend to help with the leadership process and helping with the success of the business or service you are providing. Alison Pincus is one half owner of the company One Kings Lane, an online business which specializes in high-end home décor. Although the company is based in San Francisco where she lives they also have other offices located in Los Angeles (where the other half owner of the company, Susan Feldman lives) and New York City. She maintains the business primarily through e-mail, and traveling several times a week to the other offices, while raising her two year old twins with her husband who is also a small business entrepreneur. One Kings Lane has more than a million subscribers who receive daily e-mails with deep discounts on household items such as lamps, rugs, furniture, etc. In reviewing different leadership styles, Alison's approach imitates one of a democratic nature, also referred to as participative leadership. The company employs close to one hundred thirty people on both coasts of the United States. She depends on her sales staff team which are often referred to as 'buyers', to structure deals for the company, making them feel like they are part of a team collaboration. Alison also understands that the collaboration with her partner Susan (whose main focus was always in…...

Similar Documents

Entrepreneurial Leadership

...Entrepreneurial Leadership Nikki Davis Dr. Cheryl Molyneaux BUS 508 July 22, 2012 Abstract Entrepreneurs have long recognized the importance of marketing to their success. Opening a restaurant is a challenging prospect even in good times, and many ventures fall by the wayside. Owning and operating a restaurant is one of the most challenging endeavors an entrepreneur can take on. According to Schrader (2004), foodservice success stories abound, but the launch of any restaurant is risky. Most important, however, the restaurant entrepreneur must be able to form a winning team and find partners with similar goals. Five Guys is a restaurant chain that is not your typical restaurant. Five Guys is a family owned restaurant that was first brought into existence in 1986 by Jerry and Janie Murrell. The restaurant gets its name from the Murrell’s who have included all five of their sons into the business. For 16 years they ran a handful of local stores in the Washington (D.C.) area, perfecting their limited menu and building a devout local following. Then in 2002, after much nudging, the boys convinced Murrell to open the floodgates to franchising (Weise, 2011). The chain has grown to over 625 locations in 40 states and four Canadian provinces, with most of that growth occurring in the past seven years (Gilbert, 2010). Five Guy’s Philosophy Five Guys have built there restaurant on a philosophy that set them......

Words: 1307 - Pages: 6

Entrepreneurial Process

...2 The Entrepreneurial Process "Who can be on entrepreneur you ask? Anyone who wants to experience the deep, dark canyons of uncertainly and ambiguity, and who wonts to walk the breathtaking highlands of success. But caution, do not plan to walk the Iotter until you hove experienced the former" An entrepreneur Results Expected Upon completion of this chapter you will have: l. Developed a definition of entrepreneurship and the entrepreneurial process that spans lifestyle to high potential ventures. 2. Examined the practical issues you will address and explore throughout the book. 3. Learned how entrepreneurs and their financial backers get the odds for success in their favor, defYing the pattern of disappointment and failure experienced by many. 4. Examined the Timmons Model of the entrepreneurial process, how it can be applied to your entrepreneurial career aspirations and ideas for businesses, and how recent research confirms its validity. Demystifying Entrepreneurship Entrepreneurship is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced. 1 Entrepreneurship results in the creation, enhancement, realization, and renewal of value, not just for owners, but for all participants and stakeholders. At the heart of the process is the creation and/or recognition of opportunities, 2 followed by the will and initiative to seize these opportunities. It requires a willingness to take risksboth personal and......

Words: 16706 - Pages: 67

Endeavor Case Study Analysis

...Endeavor – Determining a Growth Strategy Case Paper Endeavor is a non-profit organization that aims to stimulate and encourage entrepreneurship in developing economies. The organization has developed a model to help innovative leaders in lesser-developed countries by giving them access to resources in order to transition their ideas into profitable businesses. However, accomplishing this mission is not without challenges. Endeavor is faced with multiple challenges. It must first decide in which country they will establish their next branch of operation. In addition to that and, perhaps, most importantly, they must decide how they are going to raise the funds in order to do so. Endeavor must find a balance between the growth of their organization and sustainability of their model. With the proper plan and course of action, Endeavor will have no problem with expanding its operations so as to help thousands of others in emerging markets around the globe. Endeavor is trying to set up a system to finance entrepreneurs in countries outside America. However unlike microfinance firms that have issues with people repay, Endeavor has created a system where they truly ensure their loans will be repaid. Endeavor created a system where they choose members who they know will not only repay them back, but also bring in profit as well. By being very selective and taking their time with the panels, they will ensure that they get the right people who have both the motivation to...

Words: 1794 - Pages: 8

Entrepreneurial Thinking

...Entrepreneurial Thinking After years of working tirelessly for big corporations, interest arose about becoming an entrepreneur. The constant stress of being on someone else’s time clock and living pay check to pay check, solely on what the company thinks one is worth has been a constant struggle. After much contemplation, the decision arose to study the entrepreneurial world, dedicating time to understanding how they think and what drives them to make the decisions they do. Upon interviewing two business owners and observing how they run their businesses, the findings were intriguing and fascinating. A powerful and risky move would be striving towards making the switch to becoming a full-time entrepreneur and taking control of a business. Entrepreneurism is a valuable skill that schools need to promote so students have business ownership knowledge when graduating versus becoming an “employee” state of mind. The following will explain some things to consider, including pros and cons to becoming financially independent. Owning a business is a very risky endeavor, but it can be a very rewarding decision once executed properly. "If you're the owner, you may have to say, 'I screwed up,' but it's a lot better than saying, 'I didn't deserve that.'" Olsztynski, J. (2009). Happiness is ... owning A business. Plumbing & Mechanical, 27(9), 84. Retrieved from http://search.proquest.com/docview/220757601?accountid=458. One must possess the ability to fail and constantly......

Words: 687 - Pages: 3

Entrepreneurial Oreintation on Entrepreneurial Innovativenes:

...THE ROLE OF ENTREPRENEURIAL OREINTATION ON ENTREPRENEURIAL INNOVATIVENES: A CASE STUDY OF SMALL AND MEDIUM SCALE ENTREPRISE IN LAGOS STATE, NIGERIA BY FATOYE, MUSTAPHA OBI 08S04/046 BEING A RESEACH PROJECT SUMITTED TO THE DEPARMENT OF BUSNESS ADMINISTRATION, FACULTY OF SOCIAL AND MANAGEMENT SCIENCES, AJAYI CROWTHER UNIVERSITY, OYO IN PARTICAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BARCHELOR OF SCIENCE (B.S.C) DEGREE IN BUSINESS ADMINISTARTION (MANAGEMENT OPTION) JULY, 2012 CERTIFICATION This is to certify that this project was written by FATOYE MUSTAPHA OBI (MARICULATION NUMBER 08S04/046) in partial fulfilment of the requirement for the award of bachelor of science (B.S.c) degree in business administration (management option) of the department of business administration, faculty of social and management sciences, Ajayi Crowther university, Oyo, Oyo State. MR. P.A Akanbi ....................... (Project supervisor) Date DR. O.E Ofoegbu ........................ (HOD, Business Administration) Date PROF. S.O. Akano ....................... (Dean, SMS) Date .............................. ........................ EXTERNAL EXAMINER Date DEDICATION This work is dedicated to God Almighty who generously gave me the strength, health and other resources to successfully accomplish this research. ACKNOWLEDGEMENTS This period of my life had been a period of trials and revelation......

Words: 14116 - Pages: 57


...Entrepreneurial Leadership Hillary Wright The Business Enterprise – BUS 508 Instructor Dr. Jennifer Fleming April 22, 2011 Introduction In the ever-changing world that we live in today, it is important now more than ever for organizations to not only have the best product or service but also to diversify the dynamics of their organization through increased innovation and competitiveness. To be successful in this new age of business, business leaders must emerge ready to lead organizations that face these challenges and uncertainty in multiple dynamic markets (McGrath and MacMillan, 2000). These new types of business leaders are coming to be known as “entrepreneurial leaders.” These leaders are expected to be familiar with the common elements of different theories and philosophies as they relate to the new definition of entrepreneurial leadership along with being able to compare the dimensions of leadership styles within certain organizations. As entrepreneurs, they are privy to a wealth of knowledge, tools and resources that can be obtained from the Small Business Administration (SBA) and the website SCORE. Entrepreneurs are able to use this information to gain an advantage at the start-up of their new business. Hybrid Theory/Philosophy When defining entrepreneurial leadership, it is most widely viewed as a complex style of leading that helps develop and sustain elements of the organizational culture (Bergstrom , 2004). Individuals who practice this style are......

Words: 1856 - Pages: 8

Entrepreneurial Leadership

...Create a hybrid theory/philosophy which combines the common elements found in the thinking of Case, Kouzes, and Drucker. In your philosophy, be sure to include the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. It was ironic that many of the struggling corporations and or businesses established by entrepreneurs who had an innovative idea, saw an opportunity in the market, and turned their dreams into real-life juggernauts. But, at some point in the growth process, these same entrepreneurs became overlarge, multifaceted, highly structured, and bureaucratic. The founding entrepreneurs were no longer present, and these companies started to evolve into entities in which the ability to nurture new ideas into real products and customer-attracting services was often hindered by processes, procedures, structures, systems, executive perks, and maintenance of power. In many respects, these organizations were increasingly trapped by their own success. Often, people in these organizations agreed that they needed more entrepreneurial spirit, increased cleverness, and enhanced innovation, but feared that their company could not get out of its own way to accomplish these things. When I see entrepreneurs with great motivating ideas and all of a sudden tank into the water, I think back about the successful story of former American Online (AOL) CEO and Chairman Steve Case and his “three P’s” (People,......

Words: 486 - Pages: 2

Entrepreneurial Leadership

...principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today¶s Dynamic Markets. Entrepreneurial Leadership has many different meanings across disciplines. The new definition of Entrepreneurial Leadership is one of an enterprising, transformational leader who operates in adynamic market that offers lucrative opportunities (Tarabishy, Fernald, Solomon, 2010). The theoriesof Case, Kouzes, and Drucker share many similarities to the new definition of entrepreneurialleadership. The main elements shared by these individuals and the new definition of entrepreneurialleadership is entrepreneurial leaders have a clear vision, create opportunities, and adapt to change.One common element Case, Kouzes, and Drucker share with the definition of Entrepreneurialleadership is that entrepreneurial leaders have a vision for their business aspirations. Each theory of the characteristics of entrepreneurial leadership states that these leaders have a clear picture of theaspirations for their business venture, potential success, and the means in which to achieve thegoals. Entrepreneurial leaders not only vision, but can effectively articulate their vision to employees,stakeholders, and others in order to inspire and facilitate a shared vision. The vision oftentimes is thefoundation that entrepreneurship based. Another similarity among these philosophies is that entrepreneurial leadership creates and/ or......

Words: 1276 - Pages: 6

Entrepreneurial Leadership

...found in the thinking of Case, Kouzes, and Drucker. In your philosophy be sure to include the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Entrepreneurial leadership is a multifaceted method of leading. Those individuals who are aggressive, driven, focused, and risk takers usually function well as entrepreneurs. Entrepreneurial leadership has many different meaning across disciplines. The new definition of Entrepreneurial Leadership is one of an enterprising, transformation leader who operates in a dynamic market that offer lucrative opportunities. The theories of Case, Kouzes, and Drucker share many similarities to the definition of entrepreneurial leadership. The main elements shared by entrepreneurs and the new definition of entrepreneurial leadership is entrepreneurial leaders have a clear understanding of leadership styles, opportunities and the ability for change. One common element Case, Koruzes, and Drucker share with the definition of Entrepreneurial leadership is that entrepreneurial leaders have a vision for their businesses success. All entrepreneurs should have a clear understanding of the aspirations for their business endeavor, potential for success, a plan to achieve the goals, and a clear understanding of the main business objective(s). Entrepreneurial leaders not only have a vision, but can effectively articulate their vision to employees, stakeholders, and......

Words: 1319 - Pages: 6

Entrepreneurial Leadership

...Entrepreneurial Leadership People are the number one commodity in the success of every business. Without the commitment, a vision, and the love for what one believes as it relate to entrepreneurship, the likeliness of a successful business is extremely grim. According to former CEO of AOL, Steve Case and Author James Kouzes, the common philosophy that the two of them share are strategies that relate to Entrepreneurial Leadership which include being risk takers, innovators and specific motivational practices. They believe that people play the most vital role in the success of one’s business. They both acknowledge that people need to be recognized and celebrated for the contribution they make to a successful business. (Case) It is said that “one never works a day in their life when they are doing what they love” (unknown). James Kouzes goes on to further describe five points that the best leaders use to motivate. He spoke on setting examples that are clear values and expectations. He further stated that credibility is the foundation of leadership, which is the most precious asset. If people aren’t seeing that you are a living breathing example of the things you speak on and expect, it is only natural that you won’t be taken seriously Inspired shared vision is another point that was made; it is envisioning, forward looking and shared and common purpose. In my opinion, this is a trait of transformational leadership which will be discussed later on in this paper. Another......

Words: 1068 - Pages: 5

Entrepreneurial Leadership

...ASSIGNMENT ONE | | | | Entrepreneurial Leadership begins with a vision, an overall idea for ho to make their business ideas a success, and then they passionately pursue it. Profit-oriented means recognizing that the business comes first. Once profits are generated, the entrepreneur can make decisions about how the profits can be used – to expand the enterprise. Entrepreneurship is not about taking risks - it always has been about identifying and avoiding or mitigating the risks. It is the media and movies that have created this romantic idea of a risk taking entrepreneur. http://merefundae.blogspot.com/2008/10/risk.html BILL Gates and Paul Allen lunched Microsoft with the vision of a computer on every desk and in every home all running Microsoft software. Their vision helped Microsoft became the world’s largest marketer of computer software. It guided the company and provided clear direction for employees as Microsoft grew, adapted, and prospered in an industry characterized by tremendous technology change. In a new book called Leap, author Rick Smith recounts how Bill Gates started Microsoft with a combination of experience, calculation, and luck. Smith argues that the approach is the opposite of big risk-taking: entrepreneurs like Gates spend years validating an opportunity and minimizing their risk. Gates had validation that both he and Allen were highly competent with this new technology, and he could see that the topside potential was huge. Far......

Words: 1256 - Pages: 6

Entrepreneurial Spirit

...The three pillars of GCUs College of Business are Entrepreneurial Spirit, Innovation and Servant Leadership. These are three key characteristics that are critical in building a strong foundation for students to succeed in their professional growth and in business. This paper reviews each of these pillars and how they apply personally to my work environment and career development. Entrepreneurial Spirit The entrepreneurial spirit is composed of multiple characteristics including but not limited to passion, vision, creativity, autonomy, and risk-taking. Possessing an entrepreneurial spirit is an important quality not just for individual success but for that of a business as well. For a business to maintain growth and sustainability it must maintain core competencies and have an entrepreneurial value system that it sticks to (Chaifetz, 2010). Chaifetz (2010), discusses how his company encourages the entrepreneurial spirit amongst his employees to be innovative and challenges them to think of new ideas. As his company has grown it has not fallen subject to common problems such as inflexibility, bureaucracy, and standardization that are often seen when companies expand. In fact, the approach is taken to provide employees with the tools and resources necessary to implement innovative ideas and tailor services for their customers. Not only does this method add to the entrepreneurial culture in the company it also lends to enhanced customer service directly impacting its success. I...

Words: 950 - Pages: 4


...CASE: E308 DATE: 02/14/08 ENDEAVOR Endeavor was formed for the purpose of promoting entrepreneurs in emerging markets, beginning in Latin America. Its basic model is to link up small and midsize businesses with seasoned entrepreneurs so that little guys and gals can get the advice and contacts they need to grow their companies into bigger businesses that can employ more people—the best antipoverty program of all. —Thomas L. Friedman, from his book, The World is Flat (version 3.0) It was July 2007, and Linda Rottenberg, cofounder and CEO of Endeavor—a nonprofit dedicated to transforming the economies of emerging markets by identifying and supporting high-impact entrepreneurs—was preparing for a quarterly meeting with the global board of directors. She leafed through a copy of the 2007 Impact Report, checking over the newly published figures one more time. In its 10-year history, Endeavor had selected 272 promising entrepreneurs in eight countries, after screening 15,500 candidates, and then helped them develop and grow their businesses through ongoing mentorship and guidance. Rottenberg was proud of the organization’s accomplishments, but she also knew there was no time for complacency. With aggressive goals for international expansion, the board would definitely want to hear an update on Rottenberg’s growth strategy. The directors had also asked to discuss the recent surge in corporate partnership opportunities and long-term plans for funding Endeavor’s...

Words: 10132 - Pages: 41

Entrepreneurial Leadership

...Entrepreneurial Leadership BUS 508 10/21/10 Entrepreneurial Leadership There is a new definition of entrepreneurial leadership that has evolved over time and this paper will examine that evolution as it relates to some business leaders of our time. It will look at the theories of some of those leaders like Steve Case, former Chairman of AOL, and James Kouzes, co-author of The Leadership Strategies and also Peter Drucker. Also this paper will discuss my leadership style and the principles of it as well as what tools and resources that I would use through the Small Business Administration as a new entrepreneur. Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership. One of the common elements that is described in the theories of Case, Kouzes, and Drucker is discovering what drives the motivation of the people under one’s leadership. Steve Case discussed in a lecture at Stanford University on February 24, 2010 about People, Passion, and Perseverance. He talked about that the leaders of AOL and Time Warner had not discovered their people before their merger which in turn allowed culture clashes when the two companies merged. The people that had been more innovative in the past became more corporate which aided in the downfall of the company. (Case 2010) In essence he was stating that if you......

Words: 525 - Pages: 3

“Entrepreneurial Leadership”

...“Entrepreneurial Leadership” Discussion 1 Analyze and describe the founding leaders, leadership style, and major business principles of a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit. Answer Entrepreneurs Hussein Fazal and Kristaps Ronka harnessed the power of advertising on Facebook as they were listed as one of 2011's top entrepreneurs. Their efforts toward entering this new idea began in 2007 when they started experimenting with Facebook applications and game software (Inc, 21011, Par. 1). Some of their earlier developments were treasure hunting applications and documentation sharing. However, both individuals did not anticipate the successful future which would lay ahead. Fazal and Ronka are successful not only because of their extensive background in software development and administrative work. Entrepreneurship is not created simply from a good idea, but also from good leadership style and business principles. For example, Fazal was experienced in networking and was able to obtain valuable contacts from his previous job. This gave him an advantage in the world of social networking because he understood Facebook and how to utilize his real-world experience on an online platform. Although the company was merely comprised of Fazal and Ronka initially, the two understood that a good relationship with one another as well as their clients would be the foundation of......

Words: 1126 - Pages: 5