Entrepreneurial School of Thought

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Entrepreneurial School of Thought This school sees strategy formation as a visionary process and is fell under the descriptive school of strategic management. The chief architect of the strategy is the CEO of a company. This school took formal leadership seriously and CEO is responsible for strategy formulation. It stressed on mental state and processes such as instinctive knowledge, belief, wisdom, experience and insight of a single leader. The leader should be visionary in formulating strategy. The entrepreneurial school promotes strategy as a process which has a clear image and sense of direction which can be termed as a vision. Entrepreneurial strategy often occurs in startup companies and organizations in trouble and needing a turnaround. For any organization to sustain success it must engage in some form of entrepreneurial activity in order to effectively compete in the marketplace and continue to increase stakeholder value. In this school the organization becomes responsive to only one person, the CEO and vision is the central concept of this school. Vision is the mental representation of a leader and it outlines what the organization wants to be or how it wants the world in which it operates to be. It is a long term view and concentrates on the future. It can be emotive and source of inspiration. It serves as a guiding idea and often tends to be a kind of image than a fully clear plan. Visions are often flexible so that the leaders can change them as they like. Visionary Leadership The visionary leadership is the main essence of the entrepreneurial school of thought. Visionary leaders are the builders of a new dawn, working with imagination, insight, and boldness. They present a challenge that calls forth the best in people and brings them together around a shared sense of purpose. They work with the power of intentionality and alignment with a higher
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