Entrepreneur Management
Entrepreneurs and managers are being seen as a leadership role in leading their company or organization to further success. Entrepreneur is defined as an individual or group of individuals who are also innovative users of that product and/or service . One is able to identify opportunities and intensely dedicated to develop business through constant innovation. On the contrast, manager is defined as one who are supposed to execute the owners will. They are usually perceived as one who is not able to replace an entrepreneur, as he or she has to perform the allocated tasks and obey the guidelines laid by the entrepreneur.
Entrepreneurial management, on the other hand, is a creation of a new management toolkit that is designed for managers to handle different kinds of difficulties they are facing everyday. An organization that encourages entrepreneurial management do not adhere the usual top-down approach, whereby employees will follow the orders given by their managers or supervisors. Instead, the organization will be engaging in a horizontal hierarchy, where all employees, in regardless of position, are encouraged to voice out their ideas, and practice their creativity that is beneficial to the organization.
After a better understanding of entrepreneurial management, let us have a look at why such practice should be encouraged in organizations in Singapore through micro and macro perspectives.
From micro perspective, entrepreneurial management provides an intimate and enthusiastic organization structure. Such structure promotes innovation within the company, encouraging one to constantly derive the best solution for issues a company encounters. With the fact that people are self-motivated, entrepreneurial management will ensure higher productivity and competence from employees, assuring them to devote more time and effort in their work, and performing more then what they are expected to perform. The case study of W.L.Gore clearly showed how their innovative culture kept their employees motivated and enthusiastic over the years, enabling them to be one of the most innovative and profitable organizations in the world.
Moving on to the macro side, we should take a look at the nations point of view. As compared to other countries, Singapore has limited or no natural resources. Over the years, human capital, or, I would say, we Singaporeans, had been the only resource of our country. With such constraints, it is important for the ministry and organizations to be innovative, and to constantly act as an entrepreneurial in order for us to compete against other countries that showed major developments over the years.
Even though the benefits of entrepreneurial management are clearly visible, there are several limitations to how an organization, or a country can apply to such system.
Firstly, organizations who are used to traditional structure may be less receptive