India-First-Global-Insights-Analysis -Sharing-PlatformIndia-First-Global-Insights-Analysis -Sharing-Platform

Are entrepreneurs and business leaders similar?

, October 17, 2015, 0 Comments

entrepreneurs-business-leaders-marketexpress-inToday’s business world requires workplaces and its people to adopt and adapt to change very quickly. It is a turbulent environment and employees in general and leaders in particular need to have a clear vision, passion fueled attitude, resilience, business acumen and great interpersonal skills to name a few traits. These traits or characteristics are not too different from the common traits observed in successful entrepreneurs. At this point, I have a hypothesis if you will, that organizational leaders need to have the entrepreneurial mindset.

Are they similar?

When we talk about an entrepreneur, we often refer to the individual who has a vision, starts a business venture, organizes resources, bears risk and reaps rewards. This is a simplistic explanation of an entrepreneur and the process of starting and organizing a business venture is called entrepreneurship.

According to Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur, hence an effective entrepreneur converts a source into a resource. A leader is similar to an entrepreneur.

A good leader constantly scans the business environment, searches for where the leader’s organization and people can make a difference, pursues that opportunity and if necessary innovates and invents a solution to the business problem identified. An entrepreneur is similar to an organizational leader having to organize and allocate human resources, funds and continuously generate and re-generate ideas.

Entrepreneurs and leaders therefore share many characteristics. A leader often needs to have an entrepreneurial mindset. It’s all about how you think!