Smoot_Tanisha_ENT630_Entrepreneurs Toolbox-Leadership [Autosaved]

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Information about Smoot_Tanisha_ENT630_Entrepreneurs Toolbox-Leadership [Autosaved]

Published on January 5, 2017

Author: tcsmoot


Leadership : Leadership Reward Systems, building an entrepreneurial team and the delegation of authority Slide2: Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership What is leadership?: What is leadership? If you look up the terms ‘leader’ or ‘leadership’ you will find a variety of definitions. However, there are two underlying factors that remain consistent within each definition … .a person is accomplishing a task and that same person and their actions have an influence on others. A leader in any realm in one who serves as an example to be followed by others. In recent article about leadership Kathleen Brady defines true leadership as “the ability to influence people to achieve a better result for an organization or group .” Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership Ways to Execute Positive Leadership: Ways to Execute Positive Leadership Make others feel safe to speak up Make decisions Communicate expectations Challenge people to think Be accountable to others Lead by example Measure reward and performance Provide continuous feedback Properly allocate and deploy talent Ask questions, seek counsel Problem solve; avoid procrastination Positive energy and attitude Be a great teacher Invest in relationships Genuinely enjoy responsibilities Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership Slide5: Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership What are Reward Systems?: What are Reward Systems? Workplace reward systems are incentive programs that encourage employee engagement and productivity by offering bonuses, increased pay, additional time off or other awards for a job well done. Reward systems recognize staff members who excel in areas such as customer service, loyalty and sales ability. Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership The Importance of Reward Systems: The Importance of Reward Systems Increase productivity Improve attendance Improve moral Improve retention Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership Examples of Reward Systems: Examples of Reward Systems Taking care of the family Free vacations Monetary incentives Rewarding safety Keeping employees healthy On-site personal massages Having fun at the office Gift cards Tuition reimbursement Employee appreciation week Profit sharing plan Offsite employee activities Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership What is an Entrepreneurial Team?: What is an Entrepreneurial Team? “Entrepreneurial teams are defined as consisting of members involved in founding the business who have an equity stake in the new venture. Entrepreneurial team turnover is examined in terms of the whether or not there is a change to the composition to the entrepreneurial team, together with whether or not this is due to the exit of old, and the entry of new entrepreneurial team members .” – The Dynamics of Entrepreneurial Teams “Entrepreneurial team members provide the venture with access to an array of valuable financial, social and human capital resources. Moreover, each team member adds to the diversity of views which can be utilized to increase creativity, co-operation to improve decision-making quality, and a diversity of skills to enable the completion of complex tasks .” – The Dynamics of Entrepreneurial Teams Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership How to Build an Entrepreneurial Team: How to Build an Entrepreneurial Team Who is needed? What skills are needed? Founders Leaders for technology, business and design Advisors Directors Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership Diverse expertise Networks Perspectives Interpersonal Characteristics Shared value system Commitment, competence and a common goal What is Delegation of Authority?: What is Delegation of Authority? Delegation of Authority is an organizational process wherein, the manager divides his/her work among the subordinates and give them the responsibility to accomplish the respective tasks. Along with the responsibility, he/she also shares the authority, i.e. the power to take decisions with the subordinates, such that responsibilities can be completed efficiently . ( ) Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership The Importance of Delegation of Authority: The Importance of Delegation of Authority Efficiency Delegation improves efficiency when it allows work to be transferred to people whose skills are a better match for the work. When a team can implement the majority of a routine, the delegator now has time to plan for upcoming directions. Development The delegator should have a skillset to share with their team. Teaching the team new skills while delegating a task allows the team to learn and implement new skills. Delegating promotes team encouragement as well as improving coaching and mentoring skills for the delegator. Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership Delegation of Authority : Delegation of Authority Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership S ome power is given to the subordinate to act independently but within the limits prescribed by the superior. Authority once delegated can be further expanded, or withdrawn by the superior depending on the situation. The manager cannot delegate the authority which he himself does not possess. Also, he can not delegate his full authority to a subordinate. The delegation of authority may be oral or written, and may be specific or general. The delegation is an art and must comply with all the fundamental rules of an organization . Example of Delegation: Example of Delegation Schedule a Meeting Explain the Importance State Desired Results Give Clear Instructions Involve the Team Member Explain What, Not How Assign Accountability Check Progress. Collaborate on a Deadline Get a Commitment Let Go ! Follow up Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership Content References: Content References https:// http:// http:// gclid=CjwKEAiA4dPCBRCM4dqhlv2R1R8SJABom9pHXSa02teRnK7zwXxoPVcmR9rfvw1DBLpOv1OvlGhHCxoCPtPw_wcB 45906f537b26 http:// / https:// / entrep / fer /Babson2001/X/XA/ XA.htm http:// http:// https:// /project/ parkprgrd / PSTrainingModules /delegating/delsec1.htm Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership Image References : Image References https:// http:// http:// / wp -content/uploads/2015/12/Delegation-of- Authority.jpg Smoot_Tanisha_ENT630_Entrepreneurs Toolbox: Leadership

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