There have been numerous attempts to define the traits or characteristics possessed by entrepreneurs. However, there is low correlation between trait measures and performance (Chell, 1985). Explain why this may be the case.Peter Drucker (1985) states in his article, “A Prescription for Entrepreneurial Management”, “Leadership does not necessarily mean bigger; it means being accepted as the leader, recognized as the standard setter. Above all, it means having the freedom to lead rather than being obliged to follow” . In looking at these definitions it can be seen that there are many different types of leadership. Several examples might be transformational, charismatic, and entrepreneurial leadership. Entrepreneurial leadership is vital to an individual and to a corporation’s success. Entrepreneurial firms are a major source of innovation and change. They create jobs, new tax revenues, and other transfers of money. At a time when U.S. productivity growth is lagging behind other countries, and when large corporations are laying off workers and focusing on core businesses, entrepreneurial firms assume a more significant role; They do what large companies are not doing. Definitions of Entrepreneurial Leadership Entrepreneurship has been defined as “The process of creating value by bring together a unique package of resources to exploit an opportunity”. “The process itself consists of the set of activities necessary to identify an opportunity, develop a business concept, and then manage and harvest the venture. As a process, it has applicability to organizations of all sizes and types. The entrepreneurship construct has three underlying dimensions: innovativeness, or the development of novel or unique products, services or processes; risk-taking, or willingness to pursue opportunities having a reasonable chance of costly failure; and proactiveness - an emphasis on persistence and creativity ...
