Aspects of Entrepreneuship
What are Matt Roger’s views on “hiring well” and fixing mistakes as quickly as possible?
‘hiring well” significantly indicates commencing the hiring or recruitment procedure of any business carefully and in a selective manner. As per Matt roger hiring well indicates hiring selectively and that needs to consider several criteria or skill specifications of any aspirants. Roger is of the opinion that hiring well is one of the potential criteria that decreases recruitment mistakes (Antonakis, 2017). In an early stage of business it is significant to recruit the required people in order to avoid critical mistakes. In order to hire the right people it is important to understand the required skill for the designation and understanding the skill or requirement and matching those skills to roles needs to be straightforward. This is a potential workforce planning for new business ventures.
He discusses the difficulty of firing a highly qualified engineer. According to him it is important to surround himself with right people who are capable of advising him properly and can help him to take the right decision. People who can help him in the decision making process can help fixing the mistakes as quickly as possible.
Bill Gross classifies personality types into four groups: Entrepreneur, Producer, Administrator and integrator. Which one of these groups do you associate with? Why?
Bill Gross classifies personality types into four groups and Entrepreneur is one of them. I can associate myself with being an entrepreneur as it requires the ability to take risk. Assessing risk factors in a new business venture is an important factor of start up businesses and it requires the ability to assess the risk factors and accordingly decrease them for the success of the venture. The primary responsibility of an entrepreneur is to identify the possible risk and issues that can affect the business venture in an adverse manner (Bills, 2017). Along with that it is also important to have the required amount of capital both tangible and intangible in order to start the entrepreneurial venture. Entrepreneurial ventures often require innovation as well. I can associate myself with this group as it often I come across with innovative business ideas that can prove to be a good strategy for the future business ventures.
In what ways does a leader’s role differ in routine versus challenging work? Do these roles shape an organization’s culture?
Several leaders of some of the eminent modern organizations have exhibited considerable distinction of demeanors while prioritizing challenging jobs over the scheduled ones. Since challenging tasks are the inevitable aftermath of imbibing the emerging risks of a certain strategic decisions, the leaders seem to boost the immediate subordinates with the requisite courage and inspiration, which is imperative to attend the certain task (Greenwood, 2015). Furthermore, since it is expected from a strategic leader to patronize innovative aptitudes that facilitate the origination of challenging tasks, it is the strategic leaders that is liable to develop the momentum and confidence within the respective attendants towards the desired end of accomplishment,
On the other hand, since the strategic leaders are liable to ensure the rigid commitment towards a certain task, in general cases the leaders are expected to ensure the accountability of the respective subordinates.
Since the strategic leaders are inherently endowed with sound insight, they appear to be very capable in anticipating the possible outcomes of a long-term priority and simultaneously encourage the shaping of organizational care.
What is a credibility cycle and how does it help entrepreneurs?
Credibility refers to a new and innovative idea that helps the entrepreneurs to convince a group of stakeholders. Characteristics of credibility are:
- To be sensible: it is important for an entrepreneur to be sensitive and demonstrate empathy for the people of the team and the customers and it is more important than being politically correct in the business strategy (Terziev, 2016). For start up businesses it is important to cut the expenses and work beyond the working hours and a sensitive leader can only emphasize on the importance of his team.
- Credibility is facilitated by honesty. Dishonesty is one trait that can kill credibility. Therefore in order to achieve the trust of the stakeholders it is important for an entrepreneur to be honest and have transparency with the stakeholders.
- It is important to be objective for assuring the success of the business venture.
- Optimism is another necessary trait that highlights the achievement and thus it is important for an entrepreneur to be sincere.