LEARNING OBJECTIVES
1. Know the roles and importance of leadership, entrepreneurship, and strategy in principles of management.
2. Understand how leadership, entrepreneurship, and strategy are interrelated.
1. Leadership
Management is defined as getting things done through others.
Leadership is defined as the social and informal sources of influence that you use to inspire action taken by others.
2. Entrepreneurship
Entrepreneurship is defined as the recognition of opportunities (needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures.
3. Strategy
Strategy is the central, integrated, externally-oriented concept of how an organization will achieve its objectives.
Strategic management is the body of knowledge that answers questions about the development and implementation of good strategies.
4. Synchronizing Leadership, Entrepreneurship, and Strategy
Leadership helps you understand who helps lead the organization forward and what the critical characteristics of good leadership might be.
Entrepreneurial firms and entrepreneurs in general are fanatical about identifying opportunities and solving problems.
Strategic management aims to make sure that the right choices are made.
5. Help Wanted—Chief of Staff
Marketing, Sales, Finance and Accounting, Operations, HR and Recruiting, Production and Product Development