Term Paper on Leadership and Management

Leadership and management in Small business
Outline
In the 21st century era, small and large, private and public businesses are all aiming towards economic growth. However, this growth has slowed following emergence of unprincipled leaders whose main aim has been satisfaction of individual needs as opposed to their employees and customers. With such unethical practices, it is obvious that a strong impact has been witnessed in economic growth, which boils down to declining capital investments and unemployment for small businesses. Emergence of economic uncertainty can be traced back to WorldCom and e-business sector failure (Luthans, Luthans, Hodgetts, & Luthans 2001). Before the famous 9/11 attack, United States economy was already declining following increased unemployment and reduced consumer spending. This condition was further worsened by the 9/11 attack that resulted in increased uncertainty in economic change (Shaw & Shapiro 2002). These changes have challenged the need for leadership and management at all levels of business focusing on ensuring nothing but absolute success. For leadership and management to achieve these roles, there is need for redefinition from the commonly held perspective.

Management and leadership are two terms that are commonly and differently used in small businesses and importantly in rejuvenating a dwindling economy. To some people, these terms are seen as synonyms and hence used frequently and interchangeably. From other perspectives, these words are perceived as two different business approaches. Those identifying these terms as extremes maintain the possibility of an individual being a bad manager and good leader simultaneously. Others have resided somewhere between the terms insisting that while management and leadership inherently presents two different business