Is Entrepreneurship merely a special case of leadership Research Paper

Is Entrepreneurship merely a special case of leadership - Research Paper Example Not every entrepreneur is a leader and not every leader is necessarily an entrepreneur; as globalization draws together resources and business capabilities and turns innovation into the major source of competitive advantage in business, entrepreneurs and leaders must assume a new, different vision of business reality which brings both concepts together and creates a new entrepreneurial leadership paradigm. What is entrepreneurship? Who is an entrepreneur? These are the questions that stir the hearts and minds of researchers and business professionals. Different researchers provide different conceptualizations of entrepreneurship; the latter has already become a buzzword in present day organization studies. The meaning of entrepreneurship can be traced back to the beginning of the 19th century, when the French economist Jean-Baptist Say created the first feasible definition of entrepreneurship (Miller & Collier 81). According to Say, entrepreneur is the one who â€Å"shifts economic resources out of an area of lower and into an area of higher productivity and greater yield† (Miller & Collier 81). More specifically, entrepreneur is believed to be the one who manages resources in ways that create value and profit in conditions of risk and uncertainty (Miller & Collier 81). The nature of entrepreneurship is too elusive to have a single, universal definition. Nonetheless, entreprene urs can be described in terms of the so-called â€Å"big five† traits. These are â€Å"risk-taking propensity, need for achievement, need for autonomy, self-efficacy, and locus of control† (Vecchio 307-9).... The nature of entrepreneurship is too elusive to have a single, universal definition. Nonetheless, entrepreneurs can be described in terms of the so-called â€Å"big five† traits. These are â€Å"risk-taking propensity, need for achievement, need for autonomy, self-efficacy, and locus of control† (Vecchio 307-9). Entrepreneurs exhibit an unprecedented striving and willingness to take up risks (Vecchio 307). This risk-taking propensity is a distinctive feature of entrepreneurship. Unlike managers, entrepreneurs are inclined to identify and access business scenarios that offer greater incentives and opportunities for profitability and growth (Vecchio 307). They are more achievement-motivated than business owners and managers (Vecchio 308). Simultaneously, entrepreneurs naturally seek greater autonomy in their decisions; it is through autonomy that entrepreneurs exercise freedom of self-expression in business environments and enjoy better adaptability to changeable conditi ons of doing business (Vecchio 308). Entrepreneurs have the self-efficacy needed to exercise full control over business situations (Vecchio 308). They always possess locus of control which is integrally linked to self-efficacy (Vecchio 308). These and other features position entrepreneurship as a distinct and separate field of research and performance; yet, both in research and business activity entrepreneurship and leadership still go hand in hand. Yang defines leadership as the art of influencing others. Leadership is crucial to the future of business (1). Effective leaders exemplify a foundational predictor of profitability and growth in changeable business environments (Yang 1). An effective leader is a person who influences other