...The past thirty years have witnessed the most powerful emergence of entrepreneurial activity in the world. Entrepreneurs are now described as aggressive catalysts for change in the world of business; individuals who recognize opportunities where others see chaos, contradiction, or confusion. They have been compared to Olympic athletes challenging themselves to break new barriers, to longdistance runners dealing with the agony of the miles, to symphony orchestra conductors who balance the different skills and sounds into a cohesive whole, or to top-gun pilots who continually push the envelope of speed and daring. The U.S. economy has been revitalized because of the efforts of entrepreneurs, and the world has turned now to free enterprise as a model for economic development. The passion and drive of entrepreneurs move the world of business forward as they challenge the unknown and continuously create the future (Kuratko, 2002). Several methods have been used to measure the impact of entrepreneurial ventures on the economy—for example, efforts to start a firm (which may not be successful), incorporation of a firm (which may never go into business), changes in net tax returns filed (reflecting new filings minus filings no longer received), and a substantial amount of full-time and part-time self-employment. According to the Small Business Administration, 672,000 new businesses were created in 2005; the largest in US history (even 12% higher than the...
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...skilled workforce has contributed to the rising importance of obtaining a college education. However, recent studies indicate that newly hired college graduates do not excel in these higher-level knowledge and information based skills at the level that employers desire. Entrepreneurs have also indicated that the shortage of highly skilled workers inhibits the growth and development of new entrepreneurial firms. In response to this there have been multiple calls for educators at all levels to recognize the challenges and opportunities in today’s economy and to ensure that students develop the “21st century” knowledge, skills, and abilities (KSAs) they need. A closer look at these 21st century KSAs alongside research and data on entrepreneurial competencies reveals a meaningful overlap between the two. This overlap can be developed into a useful heuristic to determine appropriate outcomes for assessment of undergraduate entrepreneurship programs. Sample outcomes and program assessment processes are illustrated and discussed. INTRODUCTION As the “new” economy of the 21st century continues to develop around knowledge, service, and information based activities, a company’s ability to create and commercialize knowledge has become tantamount to its ability to generate sustainable returns (Apte, Karmarkar, & Nath, 2008; Audretsch & Thurik, 2000; Black & Lynch, 2003; Ewing Marion Kauffman Foundation, 2007). This emphasis on knowledge, service, and information creates space...
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...Framework for 21st Century Learning The Partnership for 21st Century Skills has developed a vision for student success in the new global economy. 21st Century Student Outcomes and Support Systems 21ST CENTURY STUDENT OUTCOMES To help practitioners integrate skills into the teaching of core academic subjects, the Partnership has developed a unified, collective vision for learning known as the Framework for 21st Century Learning. This Framework describes the skills, knowledge and expertise students must master to succeed in work and life; it is a blend of content knowledge, specific skills, expertise and literacies. Every 21st century skills implementation requires the development of core academic subject knowledge and understanding among all students. Those who can think critically and communicate effectively must build on a base of core academic subject knowledge. Within the context of core knowledge instruction, students must also learn the essential skills for success in today’s world, such as critical thinking, problem solving, communication and collaboration. When a school or district builds on this foundation, combining the entire Framework with the necessary support systems—standards, assessments, curriculum and instruction, professional development and learning environments—students are more engaged in the learning process and graduate better prepared to thrive in today’s global economy. Publication date: 12/09 177 N. Church Avenue, Suite 305 Tucson, AZ 85701 ...
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...Personal Evaluation of Entrepreneurial Characteristics Introduction The purpose of this report is to give a wide overview about the aspects of the entrepreneur and examine the student’s characteristics in this respect. This will be achieved by presenting three strengths and three weaknesses of the student relating with them theories that have been developed by scholars over the years. The Table 1 below is a summary of some contributions that have been made by economists, sociologists, political scientists etc. in their effort to define the entrepreneurial personality. However there is not a term that has been universally accepted yet. Joseph Schumpeter was the first scientist that made contributions trying to examine the entrepreneurial character. He argued, “It is in most cases only one man or a few men who see the new possibility and are able to cope with the resistance and difficulties which action always meets with outside of the ruts of established practice” (Joseph A. Schumpeter, 1947). Table 1: Definitions of Entrepreneur (Journal of Entrepreneurship, 2000) 1. Strengths 1.1 Risk Taker Scientists have given a lot of emphasis on the characteristic of risk bearing with respect to the entrepreneurs. Noah Webster in Webster’s Third New International Dictionary (1961) refers to the entrepreneur as “the organizer of an economic venture, especially one who organizes, owns, manages and assumes the risk of a business”. On the other hand, Schumpeter (1934) argued...
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...Kiara A. Holland Capella University Southwest Airlines Case Study Analysis MBA 6143: Entrepreneurial Leadership August 17, 2012 Abstract This paper analyzes Southwest Airlines Case Study. Southwest Airlines was originally incorporated to serve three cities in Texas as Air Southwest on March 15, 1967, by Rollin King and Herb Kelleher. Leadership at Southwest Airlines plays a paramount role in the success of the company. Before its role is discussed in detail though, a definition of leadership will provide a foundation for the rest of this analysis. The paper explains the Southwest Airlines company history, background of the company, the role of leadership at Southwest Airlines, how culture is displayed at the company, competitive dimensions, leadership practices of CEO, recasting the role of the CEO, and 21st century entrepreneurial leader. Keywords: 21st century entrepreneurial leader, Southwest Airlines, Leadership, CEO Company History Southwest Airlines was originally incorporated to serve three cities in Texas as Air Southwest on March 15, 1967, by Rollin King and Herb Kelleher. According to frequently-cited story, King described the concept to Kelleher over dinner by drawing on a paper napkin a triangle symbolizing the routes (Dallas, Houston, and San Antonio). Some of the incumbent airlines of the time (Braniff, Aloha Airlines, United Airlines, Trans-Texas, and...
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...1. Introduction The main objective of this essay is to answer the following question: In the Schumpeterian approach to entrepreneurship, entrepreneurs are the creative economic actors who fashion new ventures by combining the factors of production in new and innovative ways. To what extent does this approach hold true for entrepreneurs in the early 21st century? The basic analysis method consists in finding similarities and differences between Schumpeter’s and modern day theories of entrepreneurship and establishing general patterns coming out of the comparative analysis. We shall try and decompose the main question in several constituent parts. The above given Schumpeter’s definition of entrepreneurship can be broken down as follows: * Entrepreneurs are economic actors, i.e. individuals engaged in commercial activity * Entrepreneurs create new ventures through innovation * Innovation consists in combining existing factors of production in new ways We will analyse both Schumpeter’s and modern day entrepreneurs along these and other dimensions in an attempt to place Schumpeter’s concepts in the realities of the 21st century. 2. Schumpeter’s theory of entrepreneurship Economic development One of Schumpeter’s major life works is his book Theory of Economic Development published first in 1911 in German and then republished in an updated version in 1934 in English (Schumpeter 1934), in which he describes a model of economy where entrepreneurs are the main drivers for change...
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...Strategic leadership capabilities Hitt et al. (1998) and Ireland and Hitt (1999) described the capabilities needed for effective strategic leadership in the new competitive landscape expected for the 21st century. They argued that effective strategic leaders had to: (1) develop and communicate a vision, (2) build dynamic core competencies, (3) emphasize and effectively use human capital, (4) invest in the development of new technologies, (5) engage in valuable strategies, (6) build and maintain an effective organizational culture, (7) develop and implement balanced controls, and (8) engage in ethical pratices. 4.1. Develop and communicate a vision First, strategic leaders–—hopefully in concert with others in the organization–—must develop a vision and communicate that vision broadly, to help guide the formation and implementation of strategies to achieve that vision. This form of guidance is important to establish the direction of the organization for its growth, types of products, and market focus, and to achieve the desired targets. Without the guidance provided by a vision, organizations can become chaotic and are unlikely to be as successful. 4.2. Build dynamic core competencies A core competence is a major capability to perform important tasks (e.g., a function) quite well, and makes a valuable contribution to a firm’s competitive advantage. A dynamic core competence implies that the firm continues to develop and update the competence to be the leader...
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...PARADIGM SHIFTS IN ENTREPRENEURIAL LEADERSHIP Continual Paradigm Shifts in Entrepreneurial Leadership Barbara Gilley Professor Daniel Frost BUS508013VA016-1116-00: Strayer University July 17, 2011 CONTINUAL PARADIGM SHIFTS IN ENTREPRENEURIAL LEADERSHIP Pg.2 ABSTRACT This paper will focus on Creating a hybrid theory/philosophy which combines the common elements found in the thinking of Case, Kouzes, and Drucker, including the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets, and will describe what type of organization a transactional, transformational, and authentic leader would thrive in the most, as well as which type of leader would thrive the least, as well as, evaluating the resources and tools available through the Small Business Administration and SCORE, and determine which single resource or tool is most useful to the greatest number of businesses; a rationale will be explained. This paper will evaluate the resources and tools available through the Small Business Administration and SCORE, and determine which single resource or tool is most useful to the greatest number of businesses and a rationale will be explained; and this paper will create a list of leadership best practices that would apply to the greatest number of businesses both small and large, and a rationale will be explained. CONTINUAL PARADIGM SHIFTS IN ENTREPRENEURIAL LEADERSHIP Pg. 3 OUTLINE ...
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...Integrating entrepreneurship and strategic management activities to gain wealth: CEOs' perspectives. Authors: Hagen, Abdalla Tootoonchi, Ahmad Hassan, Morsheda Pub Date: 01/01/2005 Publication: Name: Advances in Competitiveness Research Publisher: American Society for Competitiveness Audience: Academic; TradeFormat: Magazine/Journal Subject: Business; Business, general; Business, internationalCopyright: COPYRIGHT 2005 American Society for Competitiveness ISSN: 1077-0097 Issue: Date: Annual, 2005 Source Volume: 13 Source Issue: 1 Topic: Event Code: 200 Management dynamics Computer Subject: Company business management Geographic: Geographic Scope: United States Geographic Code: 1USA United States Accession Number: 138408287 Full Text: ABSTRACT This study explored means and ways that can help CEOs achieve wealth for their firms in the era of globalization. Using a sample of CEOs of MNCs, the findings of this study indicated that the majority of the CEOs agreed that many of the activities undertaken by organizations in an attempt to achieve wealth occur within six domains: Innovations, networks, internationalization, organizational learning, top management team and governance, and growth orientation. Critical challenges facing top management and the suggested recommendations were acknowledged by the participating CEOs. INTRODUCTION There is a general agreement regarding positive effects entrepreneurship has on firms' efforts for creating wealth (Lyon,...
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...venture, gathering the necessary resources and assuming the associated risks and rewards. There are common traits associated with an entrepreneur, most entrepreneurs tend to: * Tolerant of ambiguous situations * Resist conformity * Enjoy risk-taking * Self-reliant, dominant and independent * Be interpersonally aloof yet socially adroit * Adapt readily to change The importance of entrepreneurship for economic development has been widely acknowledged in recent times. Entrepreneurship is assumed to be a major source of innovation, job creation and growth (Kunene, 2008). According to the SBA factsheet 2010/11, SME’s account for over 99% of the firms in the U.K and over 50% for total employment and value added. In the 21st century, entrepreneurs need certain skills and competencies. Due to the rapid and constant change in the business...
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...Entrepreneurial Leadership is a very important concept in today’s society. The determination of a person or business with the struggling of the economic and the many challenging that the economic having to face in order to get economic back on track, enabling the economic to be able to grow with the new technologies for the 21st century. An entrepreneurial leader a person has to “innovative, creative, and will to be open for change” (O’Connor & Fiol, 2002; Stevenson & Gumpert, 1983). The word entrepreneurial leadership is a very important element for an individual to have the knowledge of the many different changes that occurs with the economic and the continuously evolved of the current changes with the growth of the new technology. The most common elements that the three authors focus on where: entrepreneurial leadership and the strategies in how they are related within today’s society. The three different authors also had some similar focus on the entrepreneurial leadership’s vision and their creative. The first important element that Steve Case’s believes is: “The Three P”. “People, Passion, and Perseverance” (Case, 2010). Case’s believes that when a person’s innovation, are risk takers have an entrepreneurship will improve our economic. He also believes that entrepreneurship is the underline of our future for the economic. Steve Case’s believes that entrepreneurship is a growth of success to businesses and the way people live their lives in the future economic (Case...
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...The 21st century Manager The 21st century sustainability leadership is about courage, creativity and faith in people. It is a values-based leadership. Sustainability opportunities and challenges are so complex, both of global scale and yet deeply rooted in people's cultures and beliefs, that tomorrow's leaders will need four core qualities to achieve success: • systems thinking to identify paradigms driving change • mediation skills to facilitate knowledge sharing, ensure stakeholders' ownership and foster innovation • vision rooted in community service and ethical behaviour • decisiveness in ever changing environments with blurred boundaries The 21st century leadership is about leading with the heart and to serve rather than rule. A sustainability leader of the 21st century has to have the ability to create a meaningful context out of the existing sustainability landscape. Sustainability is a broad notion that encompasses all aspects of our lives from economic to social and environmental actions. A number of ways to promote sustainability is infinite, and this vague plethora of contents is often the source of difficulty in raising awareness and participation in the movement toward sustainable future. It is therefore important for future leaders to recognise and provide innovative, sensitive, and meaningful sustainability possibilities. As an entrepreneur, leadership is the most important part of your job. But in a constantly changing business climate, you...
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...the desire to achieve this purpose efficiently and effectively that creates the need for leadership. Organizational leaders plan, organize, provide direction, and exercise control over organizational resources and material in order to achieve the organization's objectives. As a result, thinking like an entrepreneur no longer just refers to people assuming risks in order to implement a new business plan. Entrepreneurial leadership creates visionary scenarios that are used to assemble and mobilize a supporting team of participants who become committed a vision. Entrepreneurial leadership has been given a more divergent definition as, leadership creates visionary scenarios that are used to assemble and mobilize a supporting team of participants who become committed by the vision to the discovery. Case, Kouzes, & Drucker contribute many comparisons to the new definition of entrepreneurial leadership. The mindset is now a strategy of renewal within existing organizations. This entrepreneurial leadership requires three key dimensions: (1) a clear vision; 2) create opportunities; (3) and adapt to change. The entrepreneurial leader helps develop and sustain the elements of organizational culture. These include adaptation, how people deal with external forces and the need to change, goal achievement, the nature of organizational goals, how they are defined and their importance. Entrepreneurial leaders such as Steve Case handles sudden change as he understands that the conditions...
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...academic excellence through this faculty. They are found via video and there are a few articles that touch on their content and they are available in the Grand Canyon University school library. Ken Blanchard is a renowned writer and one of the founder members of Ken Blanchard Group of companies who has sold over 80 million hard copies of his books detailing on global leadership, entrepreneurship, innovation and servant leadership. I will be examining and discussing each of the three pillars in this essay and binding them with the findings I gathered from articles in topic 3 of this course. Servant Leadership The mission of Ken Blanchard College of Business is to develop a servant who by developing business skills and values not only can run businesses well but can also make difference in the community and in the world at large. According to Blanchard (2011), servant leadership is the foundation that sets up innovation and entrepreneurial spirit. These leadership skills in these servants will not only impact their homes, communities but can change the world. Blanchard (2011) continues to state that the servant Leadership has two parts in itself which encompasses the whole meaning. They are; vision and direction, and servant. In vision and direction, one cannot serve if there is nothing to serve. One must know what they stand for and what businesses they have in mind not forgetting what goals one wants the people to concentrate on. With vision and direction one is also capable in...
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...The Employment Outlook for Youth: Building Entrepreneurial Ecosystems as a Way Forward ---- An Essay --- Peter Vogel College of Management of Technology, École Polytechnique Fédérale de Lausanne, Odyssea 4.15 Station 5, CH-1015 Lausanne, Switzerland, peter.vogel@epfl.ch Since the outbreak of the recent financial crisis we have experienced some of the highest rates of youth unemployment in history. If we want to avoid branding the young people as a “Lost Generation”, we need to act quickly. One important active labor market strategy to solve the youth unemployment crisis is entrepreneurship, helping them turn into job creators rather than job seekers. Entrepreneurship has received significant attention over the past decade with a rapid and often uncoordinated increase in entrepreneurship support programs. These constitute a major part of entrepreneurial ecosystems. In order to build effective entrepreneurial ecosystems, we need to understand the components and assessment indices of such ecosystems. This essay proposes a new conceptual framework describing entrepreneurial ecosystems. The proposed framework is expected to support policymakers and practitioners in setting up new entrepreneurial ecosystems and serve as a basis for future research. Keywords: Entrepreneurial Ecosystems, Youth Unemployment, Next Generation Introduction An economic and labor market crisis has plagued the world since 2008. The labor market slowdown is dramatic with a current deficit of...
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