Industrial Revolution

How Does Industry 4.0 Impact On The Entrepreneurial Leadership Skills That Managers Need In The 21st Century ?

Konstantinos Biginas

Learning Objectives

· Appreciate the characteristics of successful Entrepreneurial Leaders in the era of Industrial Revolution 4.0.

· Critique the impact of Industrial Revolution 4.0 on the Entrepreneurial Leadership skills that managers need in the 21st Cecntury.

· Critically evaluate the roles, and responsibilities of entrepreneurial leadership in modern contexts

What Is Entrepreneurial Leadership?

· In recent times, entrepreneurial leadership has become a new phenomenon in business management.

· Entrepreneurial leadership can be defined as a combination of leadership qualities and spirit of entrepreneurship.

· Entrepreneurial leadership aims to create new products, new processes and

expansion opportunities for new and Source: CU Management existing businesses.

· In other words....entrepreneurial leadership refers to the managers who feel confident with taking risks, seizing opportunities, pursuing innovation.

· Entrepeneurial leaders are innovative and forward thinkers.

· They are aware of their own capabilities, and the distinctive characteristics of their surrounding environments.

· Their aim is to create value for businesses, stakeholders and society.

· With disruptive innovation areas ranging from 3D printing to sophisticated robotics and predictive analytics, connectivity and smart devices lay the groundwork for entrepreneurship as we move toward industry 4.0.

· Industrial Revolution 4.0 is a recent technology phenomenon where innovations in robotics, predictive analytics, and the Internet of Things (IoT) are disrupting manufacturing and other highly ingrained industries.

· Innovative technologies, like artificial intelligence (AI) and automation, have created waves throughout the business world, changing the way managers do everything from hiring new employees to conducting marketing campaigns.

· Industrial Revolution 4.0 disrupts the world of work.

· New technologies change the nature of individuals’ work and their tasks, and therefore it is necessary to determine how managers cope with these changes, specifically relating to their entrepreneurial leadership skills.

· Hattingh (2018) highlights that due to the rapid velocity change and new disruptive technology of the 4.0, the working environment is becoming

“unknown and unpredictable”.

· Managers battle to cope with vulnerability and precariousness of the new world of business.

•

A

s

tec

h

no

l

o

g

y

g

r

o

w

s

exponentially,

entrereneurial

leaders

will

have

to

make

complex

calculations

based

on

a

number

of

factors

quickly

and

efficient

.

•

Entrepreneurial

leaders

of

tomorrow

will

be

expected

to

see

and

fully

understand

the

big

picture

and

the

very

fine

detail

simultaneously

.

•

Entrepreneurial

leaders

will

need

to

recognize

and

extract

the

relevant

and

valuable

insights

from

the

quantity,

granularity

and

speed

of

available

information

.

Source: askhrdf.com

· Entrepreneurial leaders need to become transformers who can confidenly dentify and capitalize on disruptive trends....

Source: askhrdf.com

1. Social Supers. Certain leaders stand out for their ability to do well by doing good. These Social Supers consider social initiatives fundamental to the success of their businesses. Their optimism about creating societal impact influences their outlook in several ways.

2. Data-Driven Decisives. Some C-level executives are overcoming challenges by taking methodical, data-focused approaches to strategic decision-making. The need for fully utilisation of big data is fundamental.

3. Talent Champions. These leaders are preparing employees for digital transformation. They are more likely than others to invest in employee retraining for the future of work.

4. Disruption Drivers. These leaders understand that investments in disruptive innovations set their organizations apart from competitors. They are confident, which gives them an advantage when coping with the unknowns of Industry 4.0. More-assured organizations will be better prepared to implement disruptive technologies.

· There will be enormous managerial leadership challenges as the impact of technology and the disruption that comes will result in an exogenous force over which leaders would have little or no control at times.

· It is the role of leaders to guide their teams and to be mindful of these forces when making business decisions that would impact on the sustainability of their organisations.

· Leaders should thus grasp the opportunity and power so as to shape Industrial Revolution 4.0 and direct it toward a future that reflects the organisation values and success.

Please reflect and answer the following two questions:

· Critically discuss the challenges and opportunities of Industrial Revolution 4.0 for today’s managers. What are your views?

· What characteristics and skills define the successful entrepreneurial leader in the era of 4.0? Please bring an example of a successful entrepreneurial leader and justify your answer.

QUESTIONS?

Konstantinos

Biginas, SFHEA

Source: analyticsinsight.net

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Hitotsubashi J. Soc. Stud. 2008, 40, 17–58. 9. Dombrowski, U.; Wagner, T. Mental Strain as Field of Action in the 4th Industrial Revolution. Procedia CIRP 2014, 17, 100–105.