Definition Of Entrepreneurship And Strategy

Reviewing definitions of Leadership, Entrepreneurship, and Strategy

Katerina Maria Orlando

BUS 1101

Wednesday, 13 September 2017 11:55 PM

Prof. Bruce Jones

Reviewing definitions of Leadership, Entrepreneurship, and Strategy

Even if one could be tempted to think that Leadership, Entrepreneurship, and Strategy, in a managerial scope, have difficult definitions that bring some “hidden secret formula” to manipulate people, it isn't so. In fact, everything rotates around very simple concepts that are concise and immediate to get, not conceived to manipulate.

Let's see them closer.

Our course textbook Management Principles refers to Leadership as “the social and informal sources of influence that you use to inspire action taken by others”

Defined as “the recognition of opportunities […] and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures” (Carpenter, Bauer, & Erdogan, n.d., p. 25), Entrepreneurship appears as stimulating, challenging, new. Anyway, this positive view is not always shared. Just look at the definition of Entrepreneurship reported into the Encyclopedia of Business and Finance which brings: “a subject taught in many high schools and colleges, entrepreneurship is actually defined as ’the state of being an entrepreneur’. An entrepreneur is an individual who owns, organizes, and manages a business and, in doing so, assumes the risk of either making a profit or losing the investment” (Berns, & Hairston, 2001, p. 303). Here, Entrepreneurship becomes a concept merely technic, quite mathematic, and loses all the philanthropic challenging we found in the textbook definition. However, both remain easy to get, also to unprofessional

Always retrieved from Management Principles we have: “ Strategy […] is the central, integrated, externally-oriented concept of how an organization will achieve objectives” (Carpenter, Bauer, & Erdogan, n.d., p. 26). It's clear that, while Leadership tells us who can conduct to the goal and Entrepreneurship brings us the goal through an idea, Strategy tells us the way to achieve that goal.

This statement makes us think of a plan, something prepared, meticulously designed for success. And it is so.

We can also check on the Business Dictionary that returns: “1. a method or plan chosen to bring about the desired future, such as achievement of a goal or solution to a problem. 2. the art and science of planning and marshaling resources for their most efficient and effective use” (n.a., 2017, p.#). Similar to the textbook strategy is compared to a sort of tactic to accomplish goals.

In conclusion, talking about Leadership and Strategy, different sources report similar definitions and concepts. On the contrary, for what it concerns Entrepreneurship we found contrasting definition about what the term relates to. Some concentrate ideas and actions, whereas others center the point on