These changes have challenged the need for at all levels of business focusing on ensuring nothing but absolute success.For leadership and management to achieve these roles, there is need for redefinition from the commonly held perspective.Tags: George Orwell Essay Language PoliticsPhotography Institute Assignment 3Table Of Contents DissertationParts Of Comparative EssayUniqueness EssayNational French Week Essay
Before the famous 9/11 attack, United States economy was already declining following increased unemployment and reduced consumer spending.
This condition was further worsened by the 9/11 attack that resulted in increased uncertainty in economic change (Shaw & Shapiro 2002).
With such unethical practices, it is obvious that a strong impact has been witnessed in economic growth, which boils down to declining capital investments and unemployment for small businesses.
Emergence of economic uncertainty can be traced back to World Com and e-business sector failure (Luthans, Luthans, Hodgetts, & Luthans 2001).
This essay will hence understand the fundamental characterizations of management and leadership, the components of effective leadership and management in small scale businesses and their underlying theoretical perspectives.
Ideally with appropriate training, it is possible for managers and leaders to develop a successful small scale business.In any small scale business, adopting an entrepreneurial spirit is perceived as critical for economic growth, enterprise growth, and overall nation wellbeing.Therefore in these , the passion is motivated towards ensuring development of businesses that will outline success.From other perspectives, these words are perceived as two different business approaches.Those identifying these terms as extremes maintain the possibility of an individual being a bad manager and good leader simultaneously.While some perspectives argue that their contributions to organizational success vary, it is conclusively understood that management and leadership will apparently contribute positively towards any business success.For the purpose of this article, management and leadership are understood differently.In Kotler’s , leadership is an old concept that has been employed in business for many centuries.Management on the other hand is a concept that has been developed over the last 100 years as a result of industrial transformation.Kouzes and Posner (2007) understand leadership as a process that enables a group member to influence fellow members towards achieving a common goal.Further, the same authors explain that while indeed there exists various leadership styles, there are particular leadership components that will inherently exist in all these definitions.