Leadership and Entrepreneurship Essay Example | Topics and Well Written Essays - 2000 words

Leadership and Entrepreneurship - Essay Example They create visions and goals to be achieved in a pre-determined amount of time and lay down rules to be followed by their employees / followers in order to attain those goals. For a business to be a successful venture, it is of utmost significance that its leader is a visionary. Considering future as an inevitable element of planning for an organizational strategy is thus, one of the crucial factors while aiming for the desired goals set by these leaders. The success of any organization is largely dependent on the various leadership styles, attributes, models applied during the process of achieving organizational goals, irrespective of the size, type or nature of the said business. The various leadership styles, models and attributes as well as the uncertainty of environmental factors in connection with Small and Medium Enterprises, as observed through various research findings and case studies are discussed elaborately in the following sections (Bass, Bernard, 2001). The term SME refers to Small and Medium Sized Enterprise which employs fewer than 250 people, has an annual turnover of EUR 50 million or less or an annual balance sheet total, not more than EUR 43 million as per the Recommendation of the European Commission Some of the common leadership issues faced by SMEs include, lack of clear/ explicit vision and direction, focus on operational v/s strategic activity, no proper delegation of authority, shortage of time for personal development of the leader, lack of recognition of the need for self development, lack of time for or attention to team development. The process of rational strategic decision making in SMEs requires a long-term stable attitude towards risk. Thus the process of leadership in such small and medium sized enterprises should be future oriented, so as to encompass the various strategic obstacles that these firms might have to encounter in the long run.