Entrepreneurship and leadership are often presented as the same things. However, these positions have very different meanings. To put it simply, entrepreneurship involves the ability to imagine and create a business, while leadership is about effectively and appropriately executing the vision of an entrepreneur.
The Entrepreneurial Mindset
Many people with an entrepreneurial mindset have difficulty working for others because they have their own vision for how a business should operate. As such, these individuals often shun teamwork and prefer to work alone towards a specific goal. Entrepreneurs tend to be focused on the innovation of a product or service. While this laser focus can be beneficial and create attractive outcomes, the energy used to create these outcomes often results in entrepreneurs not having the capacity to execute their ideas in the most effective ways.
The Drive of a Leader
On the other hand, leaders tend to have the ability to carry out or execute the vision and goals of the entrepreneur. Leaders usually possess an extensive knowledge base as it pertains to business and marketing strategies and this knowledge is then used to create a business plan that will lead to the development of a successful business. Leaders are experts at delegating authority to the appropriate people at the right time. The leader understands the value of teamwork and hiring competent people that have expertise in various fields. The leader is then able to guide this expertise and utilize it in a manner that guarantees that the vision of the entrepreneur will be realized in a prompt manner.
The Intersection of Entrepreneurship and Leadership
Periodically, the business world is gifted with an individual who is described as an entrepreneurial leader. This includes professionals like Steve Jobs, Sam Walton, and Bill Gates. These entrepreneurs were not only committed to their visions but also possessed leadership qualities that allowed them to bring their visions to fruition. Because of this combination, these men created some of the most successful and innovative businesses in the world today.
Obviously, entrepreneurs can also be leaders; it’s not that the two never align or intersect. However, in most instances, there are clear distinctions between the roles of the entrepreneur versus those of the leader. At the end of the day, though, entrepreneurs and leaders do need one another, and businesses will thrive when the vision of an entrepreneur is realized through the appropriate execution of strategies by the right leader.