In what ways does entrepreneur’s vision affect the company’s strategic plan?
Strategic planning involves the formulation of plans that helps and promotes the achievement of effective management of both the internal and external environment of a business. The strategic plan of a company is influenced by various factors including personal vision and commitment from the side of the entrepreneur. With visionary planning, a company’s strategic plan will be achieved. On the other hand, it is not easy to implement the strategic plan when an entrepreneur has no defined vision for such achievements.
Successful ventures balance entrepreneurial characteristics with managerial styles. What does this statement mean?
This statement in one way is used to imply that it takes an entrepreneur more than entrepreneurial characteristics to be successful in the business. A successful entrepreneur is that who will be able to bring together and integrate both characteristics required for a successful entrepreneur and those for a manager to win the market. Therefore, the sentence is urging prospect entrepreneurs to learn to be good managers so as to be successful.
Explain the concept of entrepreneurial leadership?
Entrepreneurial leadership involves the ability of an entrepreneur to be innovative, flexible and be able to work with others as a team to ensure that the goals and visions of a company are met. Entrepreneurial leadership goes beyond just working with a team. It involves having a vision, hiring people who will be able to bring the company vision to reality and working within the company provisions to deliver the best services as compared to those of the competitor. In other words, a good entrepreneurial leader is that who is able to evaluate the situation within the company and use the available resources to achieve and meet the threshold.
