"Moving from entrepreneur to leader" (Theme 1: A level Business Edexcel)
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Course
Unit 1 - Marketing and people
Institution
PEARSON (PEARSON)
In this lecture notes you will find in depth notes for the topic "Moving from entrepreneur to leader" Theme 1 of Edexcel A level business which is called marketing and people.The textbook "Edexcel AS/A level BUSINESS, 5th edition, Pearson" is referenced in these lecture notes. They are really well...
LESSON 23
.Moving from entrepreneur to leader
If a business is successful, the role of an entrepreneur changes, so now they have to adapt
and perform different functions:
- The need for formality
- The need for shared ownership (to obtain funding it is sometimes necessary to invite
new owners to contribute capital, this means selling shares and operating as a plc.
Ownership is likely to be shared with financial institutions or small investors)
- Greater responsibility to others (responsibility for a lot of people and their families)
- The need for motivation and inspiration
- The need for strategy and vision (the leader becomes more concerned with
designing business strategies and providing a vision for the future direction of the
company)
- The need to be proactive (always find a solution)
- The need to develop emotional intelligence (self and social awareness, self and
relationship management).
.Difficulties in developing from an entrepreneur to a leader
- Adapting to mindset
- Stress
- Sharing ownership and control (struggle with a loss or to share control)
- Trust (problems trusting people)
- Lack of leadership qualities
.Overcoming difficulties
- Delegation and trust (a successful leader must be comfortable with delegation. The
delegation of tasks to specialists and experts will improve the performance of the
business. This ability will reduce stress).
- Earn respect (people will be more trustworthy, effective and flexible if they are treated
well).
- Maturity and experience (some people are born leaders, others are not, but through
maturity, experience and learning from mistakes, they can overcome any difficulties).
- Education (skills can be learnt by attending specialist courses)
- Reduce stress
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