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The increasing complex within the business environment has led to a rapid change within the technology, regulation, competition as well as the needs of the customers. This has even led to a search of various ways where the organisations can develop the correct capabilities through which they can unceasingly antedate the need for a change. In particular, the entrepreneurial leadership has become very significant by ensuring that the organisations adapt the changes very quickly in today’s fast moving global economy (Sinek, 2014). There have been various studies which have proved that entrepreneurial leadership is not only a specific trait, but has several types of personal attributes. These various attributes which include the skill to envision, anticipate, think strategically, maintain flexibility as well as work with other people to recruit changes that will help to create a feasible future for the business (Turaga 2017). Though, the most serious important factors are that, the good entrepreneurial leaders are the ones who care about their businesses and the people who are related with it. But this is very difficult while balancing the act while ensuring that they can closely work with their employees with maintaining the role of leadership. A good entrepreneurial leader has the will to take risks and innovate new things in good as well as bad times (Mayfield and Mayfield 2017). The business environment is always changing and being flexible as well as finding new opportunities in order to launch a new initiative, a new product or strategy is the key to the success of an organisation. Read et al. (2016) have stated that the entrepreneurial leaders have a different approach towards the business which makes them the effective and efficient leader that are supported by the people within the organisation. The main aim and purpose of this paper is to discuss the traits, characteristics and behaviour mechanisms of the entrepreneurial leaders which makes them different from others.
Leadership-
In the Recent Environment Of Business, leadership has become gradually important for the organisations. It is important for the organisation to pay attention to leadership so that they can achieve their goals as well as ensure their steadiness. According to Kuratko, Hornsby and Goldsby (2011) leadership is a process in which the leaders influence the employees of a company to achieve their organisational objectives. It is the ability through which the employees are influenced and become able to put the targets and goals into action. Additionally, leadership is also the ability to create confidence and support that are needed to achieve the organisational goals among the employees.
There are several definitions related to leadership in literature. There has been as common highlighted point on leadership. Western ( 2019) states that leadership is a process in order to encourage the group members as well as guiding them towards the right decision. A leader influences the team members by using their leadership characteristics so that they can achieve the organisational goals. Navigating the people to reach their desired goals requires different types of influencing skills. Leadership is defined a social phenomenon which has a purpose, it is a power through which others are influenced. It is very important for a group to have an effective and efficient leader. All together a leader and the group create a value which results into a symbol.
Leadership is the achievement of a particular objective through the direction of human supporters. The individual who successfully guides their supporters in order to achieve a particular goal is a leader (Clutterbuck, 2004). A good leader is the one who can do so days after days and years after years in a varied change of situations. The leader might not display or posses force, power or a threat that could harm into their dealings. The leader might not be popular but they are respected and loved by their supporters. The effective leadership is based on the idea which is both original as well as borrowed that are effectively communicated with the others in a certain way that will engage them to act in a way which their leader wants (Bennis and Thomas 2020). The leader inspires their people to act wile directing them simultaneously in the way they act. In addition to this, they should be amiable enough for their followers to follow their instructions as well as they should have a critical thinking skill in order to know the best way to use the capitals at the firm’s clearance. In recent years, there have been introduction of new leadership styles like moral leadership, ethical leadership, visionary leadership, cultural leadership and many more. Apart from all these, entrepreneurial leadership is one of the most recent types of leadership styles that has arose in the current years.
Entrepreneurship-
According to Parker (2018) entrepreneurship is the idea that is considered to be the driving power behind the development of economy, growth in economy, social welfare as well as employment in the current years. The previous studies that were showed on entrepreneurship showed that entrepreneurship is the fourth issue of the science of economy after nature, labour and wealth factors. It is measured as one of the most significant factors in manufacture. Since entrepreneurship includes services and goods creating actions by carrying factors of production like natural resources, technology, labour and capital all together. An entrepreneur is the individual who assesses the chances within the marketplace and they bear the risks of income and loss by carrying out manufacturing factors like natural resources, labour and capital in order to produce services and goods. The entrepreneurs take risks of the organisations related to strategical management.
Though entrepreneurship is well-defined in a different way by several writers in the literature. The mutual point of all the meanings seems to be assessing the opportunities. According to the earlier studies that were done in literature, the personal traits of an efficient entrepreneur are determination, self- confidence, communication, determination, openness to unique and new ideas, using initiative, positive thinking, reliability, risk taking and many more. The most modern definition of an entrepreneurship is related to transforming the world by solving their problems. It is about bringing a social change or creating or innovating a product that can change the status quo of how an individual lives on their daily basis (Erik Qualcom, Technology speaker, 2019). Entrepreneurs are the ones who take their dreams and careers into their hands as well as lead it into the particular direction they want. The entrepreneurs build their lives into their own terms with no boss and no restricting schedules.
An entrepreneur takes the very first step to make the world a better place for every people including themselves. In addition to this, entrepreneurs are those who seek opportunity of production and investment in managing and developing the business venture in order to take the production function, arranging inputs as well as identifying the new sources for the organisation (Hisrich, Peters and Shepherd 2017). Entrepreneurship is very important for an organisation as it has the capability to recover the standards of living as well as creating wealth and this is not only for the entrepreneurs but it is also related to the business.
Entrepreneurial Leadership-
An organisation’s success is dependent on an effective leadership skill of the management of that organisation. An entrepreneurial leadership is the one with all these effective skills of leadership. According to Leitch and Volery (2017), an entrepreneurial leadership is defined as a leadership style that includes actions towards the founding of a business at an individual level. In addition to this, it is the action in the direction of benefitting from the opportunities that are illustrious at the marketplace. Entrepreneurial leaders are those who care about the organisation as well as the people while balancing to wok closely with their staff and at the same time maintaining the role of leadership. For instance: when these leaders want, they can be approachable, friendly and treat everyone as equals while remaining adequately distant to exercise authority. The concept of entrepreneurial leadership has appeared by combining the potential of leadership and with the spirit of entrepreneurship.
The spirit of entrepreneurship and finer points are added to the adjustable nature of entrepreneurial leadership rises and it can also change the sequence of the world. An entrepreneurial leadership is defined as directing and affecting the performance of the staffs towards achieving their organisational goals that involve recognizing as well as manipulating entrepreneurial chances (Renko et al. 2015). The entrepreneurial leadership is not identical to entrepreneurship rather it is a model of leadership. The particular correction of entrepreneur’s emphases on creating a new initiative. On the other hand, the entrepreneurial leaders look for opportunities outside their new undertakings. In the literature, the leadership and entrepreneurship are used as interchangeable terms. In such situations the entrepreneurial leadership is introduced. The leader in entrepreneurial leadership has several entrepreneurial qualities and these people are the ones who are in a position of source of speculator, employer and information.
The entrepreneurial leaders might adopt a completely independent as well as a strategy that intertwined with the organisation and that is totally a multifaceted system (Kryscynski, 2019). The entrepreneurial leadership mentions to the entrepreneur position of a leader. In different words, the entrepreneurial leadership can be used for a leader who has the attributes of taking several risks, being innovative, evaluating the opportunities, productive, strategic and interchanging. According to the relevant literature, entrepreneurial leadership is the function that can be created within an individual. The entrepreneurial leaders work within an assigned organisational structure but they use this approach normally as expected to an entrepreneur in order to classify opportunities. Once the chance has been recognized, they work on the way to create a value scheme which can allow a fast testing of the main norms. The entrepreneurial leaders support the organisation with economy and provides several benefits to the community like lowered unemployment, a strong tax base as well as a high standard of living.
Importance of Entrepreneurial Leadership in an organisation-
Entrepreneurial leadership is one of the most vital factors that affects the performance of the organisation. Therefore, in the recent dynamic and intense business environment, the leader of the organisation and particularly the leaders of certain small- scale family organisations must have and should use the entrepreneurial leadership’s qualities to last their lives, participate with their competitors as well as grow themselves (Mgeni 2015). In other words, the administrators should be entrepreneurial leaders in order to achieve success as well as continue the business. The entrepreneurial leaders have a leadership potential of combining the entrepreneurial skills. For instance: the leader not only team up a soccer player, but they are the person who play in the fields with their team as a captain by guiding them and facing all the difficulties on the field. When the entrepreneur takes risks as well as they grab opportunities and this leadership turns out to be very important for the growth of the business in the future. There is a huge importance of entrepreneurial leadership while managing an organisation.
The entrepreneurial leaders are the ones who has ownership, pro- activeness and takes responsibility. Entrepreneurship coincide with the concepts like ownership as well as leadership. Ownership indicates to know an individual, taking charge and possessing up to their own actions. Bagheri and Akbari (2018) states that the entrepreneurial leaders are those who drives changes and who inspires the people to take action. These leaders are people- oriented and maintain motivation, communication and motivation skills within the organisation. The growth of every team member is the responsibility of a leader and they should know how to listen, support as well as show sympathy in order to make a difference.
An entrepreneurial leader treats every employee in the same way without exposing them to dictatorial ideologies. They motivate the staffs and this leads the employees to perform better making a good productivity for the organisation (Rahim et al. 2015). Most importantly, the entrepreneurial leaders are always focused on developing other people around them while making a sense of insistence within the business and a mission which is worth attaining. The entrepreneurial leaders stretch the abilities of individuals, develop a spirit of teamwork among them as well as build confidence. These leaders figure out what they are not good at and then they find the team members who can provide them with these skills. It builds the team who can look at different problems from different angles.
Characteristics of Entrepreneurial Leaders-
Zainol et al. (2018) states that there are some specific characteristics of an entrepreneurial leadership. These main characteristics are:
Apart from all the above- mentioned characteristics, there are some other characteristics which is important in order to become a successful entrepreneur leader (Leitch and Volery 2017). These are as follows:
Decision making skills of entrepreneurial leadership:
The skills of decision –making is one of the most critical part in the business as well as in the leadership attribute for an entrepreneur. A proper decision- making skill will help in bringing the most effective and efficient results to the business. According to Almahry, Adel and Sarea (2018), there are certain approaches used in the process of decision- making which are of standard level but are very significant for the entrepreneur and his/ her leadership style. The first step in the skill of decision- making is for the entrepreneurs to identify the problem or the gap that the business is currently dealing with; the skill that they require here is to recognise the gap in between the desired stage and their current stage and thus, they can come up with a goal to comprehend what actions they need to take to reach their desired stage. The skill to analyse a problem or an issue profoundly also falls in the decision- making skills for any leader. The gap that they had identified will require proper analysis as such issues need to be sorted as per their urgency for the resolution. An issue with a higher impact would indicate more importance is to be given to the problem. Coming up with solution is also not an easy task for the entrepreneurs and this is a step of their decision- making which reflects critically on their leadership style as well (Newman et al. 2018). Thinking of solution requires a profound comprehension of the problem and the decision that whether this problem requires a short- term or a long- term solution. A list of possible solutions is required to be analysed as a part of the decision- making process for entrepreneurs wherein they come up with the solution from where the business will benefit. Selection of the best solution to be implemented is only the second to last step for their decision as the last step that would determine the efficiency of their decision- making skills is the implementation of the decision. It has to be noted that capable entrepreneurial leadership demonstrates the attribute of learning from their mistakes from faulty decision- making phases and they implement that lesson in their future decision- making steps ensuring that the next time, they do not repeat the same mistake again (Newman et al.2018). This is how experience makes an entrepreneur leader’s decision- making skills sharp and they yield better outcomes.
How entrepreneur leadership differs in its approach of doing business:
An entrepreneur has a strong idea about a new product or service and they even have a strong business plan to back up their products but as they start up and think about the long- term success, they must have leadership qualities that are necessary to convert their dream into reality (Vašík 2017). The leaders in an organisation serve several roles and the best leaders motivate others, acts as a role model as well as serve as the figureheads for their organisations. It is not required to have employees in order to become a leader. The qualities of a leader help the home commercial owners to contract with customers, servicers, customers as well as the universal market.
There are many leadership abilities that cannot be captured, measures or studied concretely. In other words, it cannot be said that the leaders scored 98 in leadership. The best that can be done is to look at the subjective examples or to the emotional studies or researches in order to see what qualities are mainly possessed by a good leader. The entrepreneurial leaders always have one eye looking towards the success of the organisation in future (Dean and Ford 2017). They always think of various steps ahead of each and every problem and they look forward to the new growth opportunities for the business. The mentality of future- focused is very important for several reasons. For the beginners, it confines the attraction for instant satisfaction rather than taking the shorter or easier route. These types of entrepreneurial leaders will to make more sacrifices for a bright and long- term future of the organisation. In addition to this, they are also more motivated to apply long term solutions to fix the issues rather than trusting on the collaged fixes which are mainly unsustainable and unbalanced.
There are several of traits that focus on the engagement of entrepreneurial leaders with their environs. But it is also significant to understand how these leaders take care of themselves. Self- care is very important and the leaders take care of themselves. If they grow insomnia or unhealthy eating habits then their productivity suffers and they would not be able to lead the employees efficiently. The good entrepreneurial leaders comprehend that their health of mind and body is very important in order to make a success. These leaders spend their time in getting extra sleep, consuming the right food and reading new materials. Adaptability is one of the most important qualities in an entrepreneurial leader that makes them different from others. There have been some of the biggest successes of start- ups across the globe which were only possible since their owners were ready to pivot. For example: YouTube was tarted as a dating site and if it had fixed with the dating service area then it would not have been the domestic name that it is nowadays. But they modified as well as attained the name, fame and success. No matter how much an individual researches their idea of business, or how sure they are that it will become successful, the market changes and unforeseen developments can compromise the chances of their success.
The leadership style of TATA Group has always been quite consistent since the beginning from the year 1868. There have been many leadership changes in the organisation which were required by the organisation to make them more competitive during the situations. In the terms of leadership, TATA group adopted several collective approaches as well as team lead cultures. With the help of Ratan Tata as the leader of the organisation, the style of management of whole organisation changed significantly and trust became the huge facet and the theme of the entire group of the organisation (Mishra and Mahapatra 2019). Ratan Tata developed an organisational reconstructing when he took over as a leader of TATA group in the year 1991 by taking a more medium style method in constructing teams. These changes were transformed a lot in the organisation, the upper- level managers had to be on their toes and the suppleness as well as flexibility became important potentials in the organisation. The leadership style in the organisation changed from a consolidated, expertise centre to a much- distributed form with all the managers and employees who enjoyed a greater knowledge and responsibility about the business which made them motivated to work harder as a team.
Ratan Tata is a leader who engaged a more democratic style of leadership method within the business. Though, in the previous occasions, he used other types of leadership style as well. Ratan Tata ha always encouraged his employees by creating a good communication and contribution among them. The future leaders are always well conversant about the strategies of upcoming and they are even well involved in making decisions. In most of the groups, long- tenure and short- tenure plans are expressed by the inferior rank of the leadership. These people are treated as stakeholders and till now TATA Group has got the leadership among them. Ratan Tata has also shown traits of autocratic leadership because every so often he took informed and quick decisions but he has never been too impressive with his nature. He is a man of few words and more of action, this has been obvious since he pushes for global deals like the times of global achievements of the business powerhouse such as Jaguar, Corus, Tetley tea and Land rover. In a daily routine matter and emerging leadership, Ratan Tata even used surfaces of the Laissez- Faire model such as allocation of significant duties as well as decision making. He never interferes in the functioning of any manager and he sometimes might make a comprehensive planned assessment but he never interferes the issues related to operations. These qualities of Ratan Tata shows that he has a complete confidence in his executives and he believes in their capability of doing their work.
Ratan Tata is the most significant leaders in India and one of the most efficient leaders across the globe. He has a great quality of an entrepreneurial leader which can inspire a lot of people across the world. Ratan tata is a true visionary leader and he understands where he is right and where he wants his organisation to be. When he joined the organisation, nobody knew about the company and no one thought that it would even run outside India. But Ratan Tata made it possible with his dream and now the maximum income of TATA Group comes from across the world (Vakhariya 2017). He has a distinguished quality to motivate and inspire the people. He is able to encourage his staffs in order to get the work done successfully and professionally. Ratan Tata has even made it sure that the management and employees should stick to the values, goals and objectives of the organisation. In addition to this, Ratan Tata has always remained humble throughout his entire career. Staying humble and grounded has made him a great leader as well as earn the respect of the people. Through this behaviour, he can serve his company and the staffs according to their own interests. Ratan Tata believes that an organisation should run on the principles and not on different personalities. He and his organisation which is TATA Group have some core values which are followed by all of them throughout their journey (Dabral 2020). He is well known for endorsing financial transparency as well as strong selection of allowances for projects that could help the needy people. In addition to this, welfare and public safety are some of their core values which have been followed always. The leadership quality of Mr. Ratan Tata has made the organisation one of the most trusted organisations all across the world.
Blue Ocean Strategy:
A blue ocean strategy is the immediate search of low cost and diversity to open up a space of a new market as well as creating a new demand. Kim and Mauborgne (2017) states that this strategy is about capturing and creating recognized market space, by making the competition inappropriate. It invents and captures the new demands and offer their consumers a leap in value with streamlining the cost. In addition to this, it is based on the view that market limitations as well as industry structure that are not given and can be recreated by the beliefs and actions of the players in the industry (Alonso Boza, 2018). The blue oceans signify all the industries that are non- existing in today’s world with an unidentified market space and undamaged by rivalry. In the blue oceans, the demand is being created rather than fought over. It gives an plenty opportunity for both rapid and profitable growth. The competitions are unrelated in the blue oceans because the guidelines of the games are not yet set and they are waiting to be set. The blue ocean is a similarity in order to describe the deeper and broader possible that can be found in unfamiliar market space. The blue ocean is deep, vast as well as powerful in terms of a profitable growth. There are certain features of a blue ocean strategy which states that it is not only about technology invention, it does not have an undertaking into the new ground, it never uses the competition as a standard and it minimises the cost while offering consumers with much more value. Adopting a blue ocean strategy means that an organisation wants to expand their horizons as well as shift their understanding of the residing opportunity. It opens the mind of what could be rather than limiting it. In addition to this, it expands the horizons as well as ensures that the organisation or the individual is looking into the correct direction.
The blue ocean strategy of TATA Group was launching of its Nano car in India (The Tata group, 2021). When Tata motors revealed an example of its Nano micro car in the year 2008, the auto executives all across the world were agitated. The innovation experts and industry spectators reported on the supply chain and engineering innovation behind the car. After several months, TATA Group showed the commercial version of Nano car. The car is innovative on different levels from its trade to its manufacturing to its marketing. The invention of Nano car was the vision of Ratan Tata, Tata Motor’s chairperson in order to generate an ultra- low- cost car in a new group for their Indian customers. In Indian there are approximately 50 to 100 million individuals who were fixed in that automotive crater and yet no automobile makers in the country of India were focused on that particular segment. This has been a great example of the blue ocean strategy of TATA Group. The great organisations are built on creating new markets and not only increasing the market shares in their existing markets and TATA Group has been an example. Tata Nano is said to be the people’s car and it was built by following India’s growing openness. The car has an inexpensive rate and the status at Rs. 1 lakh. It had a harmless choice with not very high speed. The main target market for the car was the people who had 2 wheelers, the concerned parents as well as the retired people. The car has a low maintenance and is fuel efficient.
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Questionnaire:
Most of the respondents were of the opinion that they prefer the leaders who are supportive and the ones who motivate them to achieve their goals. The employees do not prefer the leaders who are dictator who will give them orders and not understand their problems or guide them in need. A supportive leader who treats their employees with respect, show concern or treat them with dignity are liked by everyone. Under the supervision of these leaders, the employees feel valued and cared for.
Most of the respondents said that Ratan Tata is a leader who involves democratic style of leadership as he inspires his team members with a good communication and contribution. He is well informed about the future strategy and the decision- making process. The respondents even said that he has some traits of an autocratic leadership as he takes quick and informed decisions whenever required.
According to most of respondents, Ratan Tata has a very good quality to motivate and inspire his employees. He motivates his employees to get the job done in a correct way in an effective and efficient manner. Ratan Tata is a very humble man and always put himself grounded. He always promotes financial transparency with his employees and has strong selection of allowances for the projects in order to help the needy peoples.
Most of the respondents have given the opinion that Ratan Tata is a man of promise as he always keeps his promise. He promised to launch the project of Nano car which had a lot of controversy in the beginning, but he managed to set the factory in Gujrat, India and kept his promise to run the project. Tata was shifted to another state in India and they delivered their promise of building the cheapest car.
Maximum number of respondents have said that Ratan Tata motivates his employees by asking them to be leaders and not followers and he asks them to build confidence among themselves. The respondents believe that Ratan Tata will continue to be equally effective in the future as he is a man of his words and he has kept motivating them from the very beginning.
The maximum number of respondents have said that entrepreneurial leader are the ones who organise and motivate a group of people o that they can achieve a common goal with the help of risk, innovation, optimization, taking advantages of the given opportunities and managing the dynamic of organisational environment. These leaders are able to clearly eloquent their ideas and plans to achieve the goals of an organisation. They even encourage the communication between all the departments across different levels within the organisation.
According to the maximum number of respondents, decision making is the procedure through which selections are made by recognizing a decision, meeting different information as well as assessing the alternative resolutions. With the help of a step- by- step decision- making process, an individual can have thoughtful decisions by positioning related information as well as defining alternatives.
According to maximum of the respondents, all the decision taken by Ratan Tata are his own decisions. The traits of Ratan Tata are that he is very unique, shy and thoughtful. He has a tremendous humility and a feeling for the other people. He is a good listener; he listens to everyone before making a decision but lastly the decision taken by him is his own. He has a unique people management skill. He learns from his mistakes and try to implement it in the future. He is a risk- taking person and is always ready to accept challenges. In addition to this, the respondents have mentioned that Ratan Tata has a huge experience and this is the main reason that his decisions are always accurate.
The respondents have said that every people are influenced by their experiences from the past. In the same way Ratan Tata behave in a certain entrepreneurial way which influences them to encourage innovativeness, risk- taking, proactiveness, strategic skills, autonomy and networking. Ratan Tata has the life experience through which he understands the needs of their customers, builds the products that their customers want as well as validate the business viability. The experience provides him with all the techniques and tools in order to understand their employees as well as the customers. With the help of a good experience, Ratan Tata understand very well how the organisation fits into the community and within the industry. He has a vision and he manages to articulate it and this makes others to inspire from his and respect him with following his footsteps to create a better society.
According to most of the respondents, rattan Tata is an industrialist who has a vision to make India self- reliant. The main aim of the firm is to become the most dependable global network for their dealers as well as the consumers that will deliver their values through services and products. They want to be a responsible value creator for all the stakeholders of the organisation. Ratan Tata is very visionary; when he joined the organisation, it did not do business outside India. There were many people who opposed him, but had the vision that the organisation had to go global and today, half of the organisation’s revenue comes from across the globe. Under the leadership of Ratan Tata, the organisation has been able to acquire huge brands like Jaguar Land Rover, Tetley and many more.
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