Entrepreneurship And Strategies

Leadership, Entrepreneurship, and Strategy

Cameron Allen Dimapasoc Ameigh

Principle of Business Management

University of the People

February 4, 2018

Leadership, Entrepreneurship, and Strategy are all integral parts in the principle of management. Let’s dive in a little deeper and explore the different definitions leadership, entrepreneurship, and strategy have, and compare them. In our text, Management Principles, v. 1.1, the definitions are as follows: Leadership is the act of influencing others toward a goal. Entrepreneurship is the recognition of opportunities (needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures. Strategy

A boss’s image is usually that of someone who tells their employees what to do, with little to or no direction, to accomplish the boss’s goal. However, a leader’s image is more of a positive one, as they are one to show or guide their employees in the right direction, putting them closer to a mutual goal. "Leaders are coaches with a passion for developing people, not players," said Randy Stocklin, co-founder, and CEO of One Click Ventures. "They get satisfaction from achieving objects through others. Leaders inspire people through a shared vision and create an environment where people feel valued and fulfilled." (“4 Ways to Define Leadership,” 2017) This compares to our text’s definition as it’s evident that leaders are influencing other through a shared vision (or goal). It differs from the text as it is more concise in what it means to influence someone; by a shared vision and creating a fulfilling

The question is how does a business accomplish that goal? Michael Porter, a strategy expert and professor at Harvard Business School, emphasizes the need for strategy to define and communicate an organization's unique position, and says that it should determine how organizational resources, skills, and competencies should be combined to create competitive advantage. (“What is Strategy?,” 2017) Strategy is critical to the principals of management. Strategy is about making choices, like what the business plans to do today, tomorrow, and every day after that. (Management Principles, 2012) The text’s definition of strategy compares as they both mention strategy needs to take place to accomplish a goal or objective. They differ as the website goes more in to the business side of strategy regarding creating a competitive advantage, versus, the text mentions strategy in a general sense (which means it can be applied to any organization.) Strategy can be applied to any goal. All it takes is critical thinking and