Entrepreneurship is neither a science nor an art. It is a practice. Peter Drucker
Studying and learning about leaders and entrepreneurs, their characteristics, their decision-making styles, and how they develop ‘winning’ strategies, is a passion of mine and helps me to develop as a more diverse entrepreneur and business owner. Past experiences and current research inform my practices, and, in this way, allow me to be an authentic leader.
Though leadership and its impact on business has been thoroughly studied, entrepreneurship is a more recently researched phenomenon. As the focus shifts from the industrial age to the information age, business has witnessed an increased level of entrepreneurial activity. This shift has resulted in the emergence of entrepreneurial leadership and a new way of conducting business. It has been argued that the archetype of the future organization will be entrepreneurial (Fernald, Solomon, & Tarabishy, 2005).
I am not a product of my circumstances. I am a product of my decisions. Stephen Covey
Research shows that the shift from an industrial mindset has significantly impacted today’s businesses. Perry (2014) framed this impact in broad terms, of the 500 companies listed in the 1955 Fortune 500 index, only 61 were still on the list in 2014. Another metric shows that the average life of one of these 1955 firms was around 75 years; today, it is less than 15 years and steadily in decline (Perry, 2014). An example of this can be shown by the severity of ineffective leadership and dismal CEO performance. A recent study showed that thirty percent of today’s CEO’s in Fortune 500 companies stay in leadership positions less than three years (Tetenbaum & Laurence, 2011).
Though not all leaders may consider themselves to be entrepreneurial, the literature suggests that the more leaders integrate these entrepreneurial ideas and characteristics within their business practices, the more the organization stands to sustain its longevity. As Fernald, Solomon, & Tarabishy (2005) have put it, entrepreneurial leadership “deals with concepts and ideas, and these are often related to problems that are not of an organizational nature” (p. 3).
It is never too late to be what you might have been. George Eliot
The Master of Arts in Leadership program at City University of Seattle has entrepreneurship integrated into its leadership curriculum. The Leadership program includes the latest research in leadership theory. Courses such as Adaptive Leadership and Thought Leadership & Creativity are designed with the most up-to-date leadership theories designed to support all levels of the organization. Looking at these theories through the lens of developing leaders, students stand to gain much in their Master’s pursuits. The MA in Leadership program provides the concepts, ideas, and tools that allow student-scholars to develop into the leader they wish to be.
Contact Greg Price, Academic Program Director at City University of Seattle for more information. 206-239-4771
Greg is also a doctoral candidate at City University of Seattle researching entrepreneurial leadership.
Fernald, L. W., Jr, Solomon, G. T., & Tarabishy, A. (2005). A new paradigm: Entrepreneurial leadership. Southern Business Review, 30(2), 1-10.
Perry, M. J. (2014, August 18). Fortune 500 firms in 1955 vs. 2014; 88% are gone, and we’re all better off because of that dynamic “creative destruction.” Retrieved from https://www.aei.org/publication/fortune-500-firms-in-1955-vs-2014-89-are-gone-and-were-all-better-off-because-of-that-dynamic-creative-destruction/
Tetenbaum, T., & Laurence, H. (2011). Leading in the chaos of the 21st century. Journal of Leadership Studies, 4(4), 41-49. doi:10.1002/jls.20191