Leadership is a dynamic process of influencing others towards the attainment of organisational goals. Over the years, many leadership theories have emerged and leadership researchers have defined it as follows:
The creative and directive force of morale (Munson, 1921)
The presence of a particular influence relationship between two or more persons (Hollander & Julian, 1969)
Actions that focus resources to create desirable opportunities (Campbell, 1991)
Although these definitions differ in many ways, it is important to understand that there is no single "correct" definition.
Regardless of whether someone is mainly task or people orientated, all effective leaders share certain qualities and attributes.
Referring to the writings of Sogdill, Bass and Hollanders, John W. Gardner describes the key attributes of effective leadership in "On Leadership" in the following way:
1.Decision Making - Leaders have the ability to be effective in their decision making.
2. Competence - Good leaders have a high degree of confidence and are competent in the job.
3.Interpersonal skills - Good leaders are able to communicate effectively.
4.Motivating - Good leaders have the capacity to persuade others.
5.Risk Taker - Effective leaders are proactive and are always trying to improve something.
The term "entrepreneurship" comes from the French verb "entreprendre" and the German word "unternehmen", both of which mean to "undertake".
Schumpeter (1934) described an entrepreneur as one who destroys the existing economic orders by introducing new products and services, by creating new forms of organisations, or by exploiting new raw materials.
According to Kirzner (1979), an entrepreneur is essentially an arbitrageur, who recognizes and acts upon market opportunities. In contrast to Schumpeter's viewpoint, the entrepreneur moves the market toward equilibrium. Although there is no official definition of entrepreneurship, the following one has evolved from work done at Harvard Business School...