Leadership in Global Entrepreneurship

Introduction

Global entrepreneurship is effective for the organisations, where the leader is efficient in developing business strategic planning to run the organisations successfully and in this regard the global entrepreneurs have clear and concise ideas about the global activities, market structure and the market demand and customers base (Koe, 2016). This further influences the entrepreneurs to develop suitable strategic planning for conducting the organisational operational activities strategically. The aim of the study is to review the theories and practice of the global entrepreneurs in the organisational context, which are effective to develop innovative business ideas and develop the business strategically. The study also provides a scope to represent the new creative business idea and introduce the micro analysis for successful establishment of the organisational services. Through this study, it is also possible to demonstrate own skill set and develop reflective assessment through reviewing the experience and evaluating the personal and professional skill.

Global Entrepreneurship and Innovation

Global Entrepreneurship:

Global entrepreneurs are responsible of developing proper strategic planning and reallocating the organisational resources for achieving the organisational aims and objectives. It is the role of the entrepreneurs to restructures the strategy; arrange the finding to establish the business firm and run their operations strategically (Pinho, 2017). The characteristics of the entrepreneurs are,

Having absolute clarity of purpose

Open minded

Creative decision making behaviour

Very good in findings needs and niche

Contributing in cultural diversity management

Creating values of the stakeholders

Resource management skill

Self motivation and emotional intelligence

Passionate and having good understanding in the field of business and technological innovation

Risk taking behaviour

Managing professionalism and social skill

The global entrepreneurs are efficient to manage the business operational activities. The characteristics such as good decision making behavioural practice, problem solving activities and encouraging the risk taking behaviour are effective for the entrepreneurs to take risks of doing the business globally, where the entrepreneurs try to take the risk and develop proper strategic planning for achieving future success through managing the risk efficiently. The skill of professionalism and managing the workplace are also effective for the global entrepreneurs, where it is possible to develop suitable organisational circumstances and create employment policies and rules to manage the staff, who are the major stakeholders of conducing the business activities successfully (Goodman and Dingli, 2017). In addition to this, the entrepreneurs are creative and open minded where they try to develop different innovative ideas to run the business operational activities more creatively. Moreover, in depth knowledge and understanding about the needs and niche are fruitful for the leader to run the business operations efficiently by developing proper strategic planning. The entrepreneurs have great knowledge and skill about the market demand, customer’s attitude towards the products and services, latest market trend, pricing policies and competitive brands in the market, which influence the leader to develop proper planning to conduct the business operations globally (Markina et al., 2019).

Leadership skill for the global entrepreneurs:

It is mandatory for the global entrepreneurs to have proper leadership and managerial skill in order to manage the workforce and lead them towards achieving future organisational success. In this regard, the situational leadership style is effective to analyse the leadership style of the global entrepreneurs. As per the situational leadership style, there are four styles which are supporting, delegating, directing and coaching (Olcay and Kunday, 2016). As per the supporting style, the leaders are low directive and highly supportive. The delegating styles refers that there is high direction and low support from the end of the leaders and management team members. Direct is related to low support and low support and the coaching leadership style is determined as the leaders are highly supportive and highly directive behaviour in the organisational workplace.

In order to run the organisations globally, it is necessary for the leader to manage the workface which is culturally diverse and for which coaching leadership style is mandatory to support the workforce and lead them towards achieving future organisational success. For the innovative entrepreneurs, it is necessary to support the employees and protects them with proper instruction. In this regard, the leaders try to arrange proper training and developmental program for the employees and help the staff to gather in-depth knowledge and improve their skill for better performance in near future (Ratten, Ferreira and Fernandes, 2017). In addition to this, high directive behaviour is also fruitful for the management of the diverse workforce, where the leaders direct the team ember and staff with proper instruction so that all the staff can work together to achieve the future organisational aims and objectives.

In addition to this, the transformational leadership style is also effective in this regard, to manage the business operations creatively, her, the leader has own personality trait and the leader is efficient to develop suitable organisational culture. Additionally, the behaviour of the entrepreneurs includes idealised behaviour, inspirational motivation and idealised attributes, as well as idealised stimulation and individualised considerations, which helps the leader to manage the employees at the workplace and create values for them through motivation and encouragement.

The transformational leaders focus on the communication and cooperation, where they try to motivate the employees through developing suitable organisational culture and create values for them in long run. It further helps to enhance innovation at the workplace and increase the organisational commitment, where the leader is efficient to fulfil the needs and preferences of all the stakeholders as well as maximise the organisational vision successfully.

Challenges of global organisations:

The organisations in the recent era of globalisation face challenges to run their business activities globally. The major challenges are changing demand and preferences of the customers over the time as well as intense competition and high numbers of substitute products are the major risk factors for which the sales volume of the organisation can be deteriorates. In the management context, the organisations face difficulties to manage diverse workforce due to cultural diversity, lack of management planning to motivate the staff, and difference in language, demographic background and beliefs and attitude, for which it becomes difficult for the organisational entrepreneurs to manage the workers at the workplace and lead the towards achieving future success. The global entrepreneurs also face the risk of arranging finance and developing the organisational infrastructure due to lack of proper capital fund, which deteriorate the pace of the internal business growth (Morozova, Popkova and Litvinova, 2019). The entrepreneurs also face the issue of employee morale and high turnover rate of the staff in the organisation due to lack of proper management of the employees. There is also turnover of the stakeholders such as management team, suppliers and distributors, due to lack of management and poor return on investment. These are the major risk factors for which the multinational corporate firms face challenges to run their global business operations. Additionally, there are other challenges of conducting the global business such as lack of cooperation and poor communication at the workplace which deteriorate the performance of the organisation as a whole. It is essential for the organisational entrepreneurs to develop proper planning to strategise the business activities and run the organisation for achieving the long run organisational success. There are also other issues related to sustainability management where the firms face the problem related to high emission of greenhouse, lack of use of renewable resources, poor waste management and lack of creation of the social values.

Strategic planning of the innovative entrepreneurs:

In the recent users the entrepreneurs become innovative to strategise their business activities and they would like to improve creativity to run their operations. For managing the organisational sustainability, the entrepreneurs try to manage the business responsibility towards its stakeholders including the employees, managers, suppliers and distributors, government customers and social communities (Ács, Szerb and Autio, 2016). The organisations try to improve green environmental footprint by sustainable practice including proper waste management, reduction of greenhouse gas emission and investing in social development planning, which in turn helps the entrepreneurs to create values for the stakeholders, who are engaged with the business. Additionally, for mitigating the above mentioned challenges, the innovative entrepreneurs focus on managing the diverse workforce and expatriates through providing monetary and non-monetary rewards and encourage their creativity at the workplace. Empowering all the employees in the organisational decision making behaviour and developing trust and loyalty through improving corporate relationship are effective to retain the staff or long run and improve the organisational innovation successfully. The entrepreneurs also focus on managing the technological innovation to digitalise the business and develop different ideas to run their business operations technically and easily so that they can serve the customers in a better and unique way.

Micro –Enterprise co-creation

The business idea is mainly to provide online application in the health care industry, where the patients can book and take appointment from the doctors and the health care professionals. There are proper collaboration of the private nursing home, public hospitals, clinics and the best pharmacies, from where the patients can access the health care services in a quickest way. E-health is the name of the application, where the information such as working hours, average writing time, availability of the health and social care services, treatment and doctors, transportation time, visit cost and medical service and evaluation comments are available in the website, where the patients can evaluate the charges of the treatment and the other facilities and make their appointments accordingly. The application will be available on Windows, Linux operating system, laptop and desktops, mobiles and tablets and thus it is accessible for the people in the society where they can gather a vast range of information and get latest updates on time. As per the project the initial cost s £73000 and the project management or the innovative entrepreneurs are efficient to arrange the initial cash required to start up the services. This is effective for the wellbeing of the individuals, where the people can take appointment easily and it is one of the quickest ways to appoint the doctors or the other medical services through the application.

As per the internal environmental analysis, the strengths of the co creation of the project are easy to use, free at cost for downloading the application, e-health record management, easy access to the health and social care services, availability of the doctors and nurses, and quickly resolvable of the emergency cases. It is hereby beneficial for the people in the society, where the entrepreneurs focus on improving innovation and creativity in the health and social care industry for serving the patients easily and providing equal opportunity to each of the patients. The weaknesses are such as cost of implementation, maintenance and continuous renewal and upgrading the application. The threats are such as possible reaction of willingness of the doctors, recent case of corona various and the incident of Brexit. Though there are such weaknesses and threats, there are further opportunities in the industry which are improving equality in accessing the health care services, increasing management of emergency case, success rate of the patients to overcome their health problems by getting instant care, increasing e-commerce activities and era of digitalisation, where the customer’s demand for suitable e-health application is high. It is hereby, necessary for the entrepreneurs to manage the project successfully by arranging proper funding and resources to restructure the project with implementing latest technology (Mamabolo, Kerrin and Kele, 2017). For developing the application and mitigating the financial risk, it is necessary to make sponsorship with famous private nursing home and arranging the cash would be beneficial for the project management team to develop the plan successfully and introduce the application of e-health.

In order to develop the application, it is necessary to develop appropriate team, with proper empowerment of the technical staff, management team, engineers and software developer as well as hardware management team, so that the application would be developed and managed well. In this regard, the entrepreneurs need to provide proper financial assistance and continuously motivate the staff for developing the application. Providing continuous support and direction are also required for the entrepreneurs to develop the project and make it successful. In order to manage the team, it is necessary to empower all the staff in managing the project and encourage their creativity to develop innovative way to develop the e-health application. Hereby, team management is necessary for the project leader to lead the team members towards achieving future success. In this regard, in order to manage the co-cooperation of the project, the entrepreneurs need to manage the expatriates and handle the cultural diversity at the workplace. Improving trust and respect at the workplace through developing strong corporate relationship with the team members are necessary as well as the leader must focus on managing the staff through providing monetary and non-monetary incentives (Vyas and Vyas, 2019). Creating the organisational culture through managing harmony and freedom to work, equality and diversity management, managing the transparency and accountability at the workplace as well as treating all the employees fairly are effective management strategy which helps the entrepreneurs to engage all the employees in the project and improve their innovation to develop the application successfully.

Apart from the managing financial arrangement and human resource management, it is necessary to develop the organisational infrastructure to make the project successfully. In this regard, the entrepreneurs need to strengthen the organisational infrastructure by implementing effective hardware and software in the project as well as hire the experienced engineers and software developer to design and create the e-health application. It is also necessary for the entrepreneurs to arrange the capital stock through taking loan from the financial institutions and banking sector, utilising shareholder‘s personal funds, grants and donations and subscription in advance. It is also necessary for the project management team and the leader to promote the application where the service innovation, pricing strategy, promotional platform are effective to attract the audiences and make the service successful (Howson et al., 2019). The project manager chooses the television advertisement and social media campaign for successful promotion of the application and arrange more funds and attract more shareholders for the successful establishment of the e-health application. It is hereby a great opportunity for the entrepreneurs to show creativity and technological innovation and make the application successful for the benefits of the service providers and the service users in the health and social care industry. In order to make the application sustained, it is also necessary to develop innovative strategic planning, where the entrepreneurs need to utilise renewable resources through using solar panel for the electricity so that they can protect the natural resources. Additionally, making charitable investment in the society and innovative application development for creating values for the customers across the social communities further help the entrepreneurs to enhance creativity and establish the application successfully, where it would be possible for the entrepreneurs to manage the application globally and create values for all the stakeholders, engaged with the e-health application.

Critical Reflection

Critical refection is appreciate to review own skill and share experience for better management and understanding the progress in conducting the study. It is important to utilise the reflective model to share own sill and knowledge and performance and in this regard Kolb’s reflective model is effective. As per the Kolb’s reflective model, there are four stages which are concrete experience, reflective observation, abstract conceptualisation and active experimental.

Through this study, it is possible to gather in depth knowledge and understanding of global entrepreneurship and innovation, where I can improve my leadership skill and team building activities during the coursework (Ács, Szerb and Autio, 2017). I try to develop the vision and create future goal to progress through personal and professional learning activities to achieve future success. Through the theories and concepts of global entrepreneurship, I am able to understand the role of the leader in the organisation and the suitable strategic planning to run the business globally. I also evaluate the challenges and risk factors of doing business internally so that I can manage future risk and encourage the risk taking activities or more innovation and creativity of the business solutions. Throughout the study, I try to improve my leadership skill and problem solving skill to take active part in future and develop suitable strategic planning. I also try to review further literatures related to the entrepreneurship characteristics so that it would be possible for me to improve my personality trait and enhance emotional intelligence skill to perform better.

The learning experience is beneficial for me to perform better in future and develop new business ideas to run the global business activities sustainably in long run. Through developing the business ideas, I try to improve my knowledge in technological advancement and implemented the latest technology to strategise the organisational services. Additionally, the micro environmental analysis is also effective for me, where I can learn critical analysis practice and improve my critical evaluation skill to analyse the market for the business and develop the appropriate strategic planning for the business. As per the Tuckman’s team role strategy, the stages are effective to develop proper team which further provides me a scope to identify the factors which contribute positively in developing strong team. I try to improve my communication skill and cooperative practice at the workplace. Throughout the experience, I focus on representing the views and understanding through improving verbal and non-verbal communication. I also try to attend the meeting and participate in the group discussion to represent my thoughts critically.

Conclusion

The business ideas can be generated through creativity and technological innovation. In this business project, it is possible to utilise the latest technology to serve the customers in a better and unique way, where the entrepreneurs try to arrange the fund and reallocate the organisational resources to develop the technology for providing quality service to each customers. Through continuous creativity and innovation, it is possible for the entrepreneurs to empower the staff and communicates the project vision for further active participation of the employees to accomplish the business objective strategically.

Reference List

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