Master of International Tourism and Hospitality Management -
Ish
Topic4-Entrepreneurialleadershipandmanagementskills.pptx
Entrepreneurship
Topic 4
Entrepreneurial leadership and management skills
Module Objectives
understand the impact of entrepreneurial behaviour on management skills
understand how the new venture can maintain an entrepreneurial character through the growth stage
discuss leadership styles exhibited by successful entrepreneurs and the importance of developing a competent new venture team
identify the management skills required for your own new venture.
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People don’t want to be managed. They want to be led. Ewing Marion Kauffman
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Characteristics of Successful Leaders
Entrepreneurs skilled in leadership, vision and influence:
Skillful in creating clarity out of confusion, ambiguity and uncertainty.
Able to define adroitly and gain agreement on who has what responsibility and authority.
Manage in a way that builds motivation and commitment to cross-departmental and corporate goals, not just parochial interests.
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Characteristics of Successful Leaders
Entrepreneurs skilled at helping, coaching, and conflict management:
Creatively handle conflicts, generate consensus decisions and share power and information.
Recognise that high-quality decisions require a rapid flow of information in all directions.
Accept that knowledge, competence, logic, and evidence need to prevail over official status or formal rank in organisation.
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Characteristics of Successful Leaders
Entrepreneurs skilled at teamwork and people management:
Encourage innovation and calculated risk rather than by punishing or criticising whatever is less than perfect.
Expect and encourage others to find and correct their own errors and to solve their own problems.
Make heroes out of other team members and contributors.
Generate trust among colleagues and subordinates.
Perceived as honest and direct, open and spontaneous.
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Other Leader Competencies
Marketing:
Market research and evaluation.
Marketing planning.
Product pricing.
Sales management.
Direct selling.
Service management.
Distribution management.
Product management.
New product planning.
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Other Leader Competencies
Operations/Production:
Manufacturing management.
Inventory control.
Cost analysis and control.
Quality control.
Production scheduling and flow.
Purchasing.
Job evaluation.
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Other Leader Competencies
Finance:
Raising capital.
Managing cash flow.
Credit and collection management.
Short-term financing alternatives.
Public and private offerings.
Bookkeeping, accounting and control.
Other specific skills.
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Other Leader Competencies
Entrepreneurial Leadership:
Problem solving.
Communications.
Planning.
Decision-making.
Project management.
Negotiating.
Managing outside professionals.
Personnel administration.
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Other Leader Competencies
Law and Taxes:
Corporate and securities law.
Contract law.
Law relating to patent and proprietary rights.
Tax law.
Real estate law.
Bankruptcy law.
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Other Leader Competencies
Information Technology:
Information and management systems tools.
Business to business, business to consumer, business to government, all via the Internet.
Sales, marketing, manufacturing and merchandising tools.
Financial, accounting and risk analysis and management tools.
Telecommunications and wireless solutions for corporate information, data and process management.
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The Key to Growth
Team traits:
Cohesion
Teamwork
Integrity
Commitment to the long haul
Harvest mind-set
Commitment to value creation
Equal inequality
Fairness
Sharing of the harvest
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Key Questions for the Lead Entrepreneur / Founder
Is formation of a team desirable or necessary?
Do I want to grow a higher potential company?
What talents, know-how, skills, track record, contacts and resources are currently available?
What is needed to succeed?
Who is needed to complement me?
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Common Pitfalls
Do not use the ‘honeymoon’ period of start-up advantageously.
Do not answer the questions of who is in charge, who makes the final decisions and how real differences of opinion are resolved.
Do not address or recognise the deficiencies of the lead entrepreneur or the management team.
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Common Pitfalls
Do not recognise that creating and building a new venture is a dynamic process.
Do not identify and defuse destructive motivations of investors, prospective team members, or the lead entrepreneur.
Do not value trust and integrity.
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Key Questions/Reflections
What are the differences between an entrepreneurial leader and an administrator or manager?
Define the stages that most companies experience as they grow, and explain the leadership issues and requirements anticipated at each stage.
Can you compare and describe the principal differences in leadership, management and organisation between the best growing companies of which you are aware and large, established companies? Why are there differences?
How would you characterise the attitudes, behaviours and mindsets of the most effective leaders and managers you have worked for? The worst? What accounts for the differences?
Ask people who have worked with you in a team to give you feedback about your team-building skills.
