The need for entrepreneurial leadership training in management schools
Entrepreneurship works alongside concepts such as ownership and leadership. Ownership implies knowing who you are, owning up to your own actions and taking responsibility for your decisions and actions. On the other side, leadership implies leading people on the path that one thinks is correct. Entrepreneurial leadership, is therefore, about taking action and then taking accountability for the action. Training in entrepreneurial leadership doesn’t necessarily mean everyone needs to go start up a business. It is a trait that is critical to survive in this VUCA world. Why? Because the expectations have been set. Especially for management students. They are expected to be proactive, ask the right questions, think critically (versus taking orders), jump in and ACT!
The inclination of the student to imbibe these skills determines where the student gets placed. The ability to work in the grey and take risks attracts some to start-ups. Joining a new project/ program in an MNC attracts most. And then there are the family businesses which are now increasingly getting more talent from outside to stay competitive. For a management student who has a family business to go back to, it is critical that he is instructed in the fundamentals of entrepreneurial leadership. This could help in multiple ways – to help their company keep pace with changing styles of leadership and also to stand tall against bigger conglomerates.
Entrepreneurial leadership will help the students during change in management, be it in an organisation they work for or their own business. It is important for the students to tackle management change as it will help in the smooth functioning of the organisation. Through entrepreneurial leadership students learn to involve employees in the change process, have effective communication and plan activities which will impact the change. Another aspect of entrepreneurial leadership is innovative thinking and leading people on the path of innovation.
(This article is written by Deepa Kapoor, Director, CSB)