This website uses cookies to ensure you have the best experience. Learn more

Entrepreneurial School Of Thought Essay

4537 words - 19 pages

Entrepreneurial School of Thought
This school sees strategy formation as a visionary process and is fell under the descriptive school of strategic management. The chief architect of the strategy is the CEO of a company. This school took formal leadership seriously and CEO is responsible for strategy formulation. It stressed on mental state and processes such as instinctive knowledge, belief, wisdom, experience and insight of a single leader. The leader should be visionary in formulating strategy. The entrepreneurial school promotes strategy as a process which has a clear image and sense of direction which can be termed as a vision. Entrepreneurial strategy often occurs in startup companies ...view middle of the document...

They are social innovators and change agents, seeing the big picture and thinking strategically.
A visionary leader is effective in manifesting his or her vision because she/he creates specific, achievable goals, initiates action and enlists the participation of others.
Entrepreneurship is more than the creation of business. It is the symbol of business tenacity and achievement. Entrepreneurs were the pioneers of today’s business successes. Their sense of opportunity, their drive to innovate and their capacity for accomplishment have become the standard by which free enterprise is now measured. This standard has taken hold throughout the entire world. For example starting with just 10 developed countries in 1999, the Global Entrepreneurship Monitor (GEM) has now grown to include over 80 economies by 2011. In 2010, people were surveyed in 59 economies which account for over 52 percent of the world’s population and 84 percent of the world’s GDP. The past 20 years have witnessed the powerful emergence of entrepreneurial activity in the United States. Successful multinational companies like General Electrics, General Motors, Apple, Microsoft, Dell, Google, Facebook, Intel and IBM have been using entrepreneurial school of thought in their strategic management processes.
Approach to Strategy Making
Strong leaders share the following approaches to strategy making.
* Strategy making is dominated by the active search of new opportunities.
* The power is centralized in the hands of the chief executive officer.
* Strategy moves forward by making large decisions in the face of uncertainty.
* Growth is the dominant goal.
Premises of Entrepreneurial School
* The strategy exists in the mind of a leader as a complete picture especially with a sound vision and long term direction of the organization’s future.
* The strategy formation process is partially conscious at best, based on the experience and knowledge of the leader. The leader conceives the strategy from others and then formulizes it in his way.
* Only the leader single mindedly promotes the vision and makes a close personal control of the implementation process so that he would be able to reformulate specific aspects as necessary.
* The strategic vision is very flexible, so entrepreneurial strategy tends to be deliberate and emergent. This means it fully considered the every aspect of a company and very prominent in how the details of the vision unfold.
* Under entrepreneurial school of thought, organization is like a metal which can easily be molded into any shape according to the vision and mission of the organization. The leader is free to do necessary changes and transformation as needed.
* Entrepreneurial strategy tends to take the form of a niche which is a specialized but profitable segment of the market. It protects the organization niche from the forces of open and direct competition.
* A sound vision and a visionary CEO can help...

Other Papers Like Entrepreneurial School of Thought

The Main Diffirence Between Manager and Entrepreneur Is Risk Taking Propensity.Doc

1682 words - 7 pages . Because an individual with internal belief would more likely strive for achievement than would individual with external belief. But where does this internal belief come from? How someone may form or build an internal belief? To answer these questions we may refer to our previous discussion. That is, education, role models, experience etc., all are prerequisite for internal belief. On the other side of the fence there is another school of thought

Tommy Miah - Entrepreneurship Case Study

1988 words - 8 pages , innovative ways of expressing his passion through his decorative style and cooking. Tommy Miah’s Entrepreneurship Approach There are various Entrepreneurial schools of thought regarding Entrepreneurship, which are broadly categorized in two major areas: (i) Macro Views and (ii) Micro Views. We will try to illustrate one from each category of views, namely: 1. The Displacement School of Thought 2. The Strategic Formulation School

Entrepreuneurship - Learning from Failure

3172 words - 13 pages ., Edmondson, A.M., (2005). Failing to learn and learning to fail (intelligently): how great organizations put failure to work to innovate and improve. Long range planning 38 (2), pp.299–319. Cave, FD, Eccles, SA & Rundle, M 2001, 'An exploration of attitudes to entrepreneurial failure: a learning experience or an indelible stigma?'. in: Babson College-Kauffman Foundation Entrepreneurship Conference (Jonkoping International Business School

Sunway Lagoon Marketing Strategies and Segmentation

5782 words - 24 pages great person to recognize an opportunity and make the appropriate decision. This approach holds that without this intuitive faculty, the individual would lack the entrepreneurial makeup. The great person has an exceptional confidence in himself and his abilities; he is also endowed with high levels of vigour, persistence, vision, single97 mindedness and self-esteem (Cunniingham and Lischeron, 1994). The psychological school of entrepreneurship

Entrepreneurs Are Made Not Born

2330 words - 10 pages the effect of entrepreneurial courses is lasting. Everybody has heard these stories about developers who has started their own business without college or university education or even without finished high-school education. People who have established their companies in garages and sell them for millions of dollars afterwards, but this is more exception than a practice. Scientific literature says that there is certain amount of people who are


1817 words - 8 pages Entrepreneurship Entrepreneurship Entrepreneurship assignment 1500 word: Interview with Pearse Kelly, Spar owner In the following assignment I will describe in a case study form the interview in which I undertook with Pearse Kelly that is the owner of the local Spar in my area Maghera. I will outline his role as an entrepreneur and explain how he started off and got to his success. Entrepreneurship and school of thought – Entrepreneurial

Gallop Internation's Article on Economy

2587 words - 11 pages . Innovation, discovery, breakthroughs, ideas, and creativity are wonderful -- we can't get enough of them. But they create little to no economic energy in and of themselves. The car, the light bulb, flight, or the Internet created little to no economic energy until each was successfully commercialized. You might say, "Well, I see a lot of entrepreneurial activity in the country." Yes, the U.S. is probably the best in the world at encouraging and

Entrepreneurial Leadership

1545 words - 7 pages Entrepreneurial Leadership 1 Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. What is an Entrepreneur? We find entrepreneurs in manufacturing, business, agriculture, health care, tourism, education, government

Lean Start-Ups and Creating an Entrepreneurial, Innovating

1705 words - 7 pages way, a safety net during the testing the hypotheses stages of a new venture to where if failure is detected, corrective action can be taken immediately with minimal risk involved due to testing. In today’s economy, employment can be tricky, thus creating an environment where new venture creation along with a lean business model can help to create an entrepreneurial, innovating economy. Lean Start-Ups and Creating an Entrepreneurial, Innovating

Business Plan - Catering for Kids

807 words - 4 pages students the opportunity to gain valuable work experience for which they can earn both school credit and a stipend, acquire entrepreneurial business skills and achieve a real sense of accomplishment. According to the National Foundation for Teaching Entrepreneurship, entrepreneurial training can help foster in students a sense of vision and personal responsibility for their future, creating a beneficial effect on self-esteem and outlook. However

Characteristics Of A Successful Entrepreneur

1726 words - 7 pages mentioned the most because they are physically resilient. In good health, entrepreneurs work extended periods of time. DEBUNKING ENTREPRENEURIAL MYTHS Let us examine a few "flying myths" and put things into a better perspective. i. Entrepreneur are born, not made It is true that most entrepreneurs typically have a flair for the creative and a lot of energy. They are born with it. But having these characteristics alone could not help much to

Related Essays

Merchantilist School Of Economic Thought Essay

1373 words - 6 pages History of Economic Thought September 6, 2012 The Mercantilist School 1. What Was the Historical Background of the School? Mercantilisms were a group of writers and thinkers who prevailed in Europe after the decline of feudalism in the early 15th century and the beginning of the Industrial revolution in 1780 (Mathur). The use of money expanded and trade increased within each country and between countries (Brue Grant 13). The focus

Rational Vs Irrational School Of Thought Approach Toward Strategic Management

1858 words - 8 pages Rational Vs Irrational School of Thought Approach Toward Strategic Management Introduction Managers face no greater challenge than that of strategic management, guiding a complex organisation through a dynamic; rapidly changing environment requires the best judgment. Strategic management are invariably ambiguous and unstructured, and the way in which management respond to them determines whether the organisation will succeed or fail

The New Left: Most Influential School Of Thought

1449 words - 6 pages is possibly the most influential school of thought in that it acknowledges everything stated in the latter two, while it also brings up new concepts. Predominantly in the period of 1910- 1945, Progressive historians were basically influenced by the Progressive movement. Ideals of these historians, obviously, have to deal with the fact that progress was inevitable and the United States was well on its way with progress. During the Progressive

A Primer In Entrepreneurship Essay

2413 words - 10 pages A primer in Entrepreneurship Prof. Dr. Ulrich Kaiser Institute for Strategy and Business Economics University of Zurich Spring semester 2008 Chapter 1: Introduction to Entrepreneurship Table of Contents I. II. Introduction to Entrepreneurship p p Changing Demographics of Entrepreneurs III. Entrepreneurship’s Importance IV. The Entrepreneurial Process University of Zurich ISU – Institute for Strategy and Business Economics Ulrich