Leadership Characteristics Of An Entrepreneur Affect Success Business Essay Example

good manager as someone who achieves maximum output with minimal available resources while motivating their employees.

Management Style

In management, there are three important styles: democratic, autocratic, and consultative. Choosing the appropriate management style can lead to superior inspiration and efficiency from your staff.

Choosing a manner can be difficult as it depends on the features and personalities of managers. An aggressive director may find it difficult to adopt a democratic manner, while a timid director may find an bossy direction manner hard to follow. Effective directors are flexible and can change their direction manners according to the situation.

In crisis situations, the democratic approach is not very effective because it requires time to make decisions, whereas quick decisions are needed. The choice of leadership style also depends on the culture of the country, organization, goals, and leader's personalities.

Leadership Characteristic

As Faye Wattleton accurately stated, "The only safe ship in a storm is Leadership." Leadership is the ability to motivate or influence others to achieve tasks. It is a trait that is not developed overnight but rather through a continuous process. There are various theories and arguments regarding whether leadership is inherent or learned.

Both innate and acquired traits play a role in the development of leadership. Theories propose that true leaders emerge during times of crisis and inspire their followers through exemplary conduct. Exceptional leaders prioritize taking action over using empty words. Mahatma Gandhi, Nelson Mandela, Rosa Parks, Martin Luther King Jr., and Quaid-e-Azam are renowned leaders who have achieved everlasting recognition in history for their deeds.

In order to achieve success as a leader, it is necessary to have effective leadership skills. This entails putting in effort

and learning from mistakes. Numerous students are unsure about the qualities that lead to a leader's success and effectiveness. Nevertheless, the various definitions of leadership make it difficult to establish a universally accepted concept.

Throughout history, renowned figures such as Alexander the Great, Achilles, Michael Dell, Bill Gates, and Michael Bloomberg have all been praised for their leadership abilities in historical documents. The achievements of many modern-day organizations clearly demonstrate the importance of effective leadership.

Enterprisers are among the most successful in the universe due to their leading features. These features are crucial in determining the success or failure of a business. Studies have identified the following characteristics as the most important for a successful entrepreneur.

Assurance

• Communication skills
• Decision-making
• Interpersonal skills
• Time management
• Fiscal management
• Effectively managing human resources
• Marketing management

Objectives of the Study:

• To analyze the management style of an entrepreneur
• To analyze the leadership characteristics of an entrepreneur
• To study and analyze the management styles and leadership characteristics of an entrepreneur in an organization

Hypothesis:

H1: The management style and leadership characteristics of an entrepreneur impact business success.
HO: The management style and leadership characteristics of an entrepreneur do not affect business success.

Significance

The Bank of America's publication "Little Business Journalist" reveals that more than 90% of recent bankruptcies are caused by inadequate management and unskilled personnel. This emphasizes the essential role of effective management in driving a nation's development.

Recent research in development reveals that possessing wealth or technology does not assure progress, as the absence of competent decision-makers frequently impedes advancement. Some factions and individuals counter the necessity for management and advocate for a cooperative strategy known

as "team effort." These proponents contend that people would thrive by working harmoniously and attaining heightened personal fulfillment without administrative oversight.

Possibly, individuals may not recognize that when playing a game, it involves both personal and group objectives. Management plays a critical role in the economic and social development of a country. Effective management helps a developing country utilize its resources more efficiently and contribute to economic growth.

In terms of communication styles, women have demonstrated differences and shown to be more beneficial for long-term commercial success. A recent study exploring the genetic basis for certain characteristics of women in social capacity and empathy suggests that businesses led and created by women perform better, as they are better able to communicate with employees, suppliers, and customers.