Entrepreneurship is not just for start-ups. It’s a lens through which all organisations should view strategy and leadership in the 21st century to address societal problems.
Management theories come about in response to particular problems. At the turn of the 20th century, the most notable organisations were large and industrialised and carried out routine tasks to manufacture a variety of products. This led Frederick Taylor in the late 19th century to develop his theory of scientific management, or Taylorism, which advocated optimising tasks by breaking big complex jobs into small ones, measuring what workers did and linking pay to performance.
Entrepreneurial leadership will, and should, define the next era of management theory. Entrepreneurs have always existed to improve society by spotting gaps and filling them. Henry Ford’s mass-market automobile, for example, made travel exponentially more efficient.
James Chen is a member of the Outward Bound Trust of Hong Kong, a past president of the Young Entrepreneurs’ Organisation Hong Kong and a founder at Project Oversight. His latest venture, Adlens, aims to provide adjustable and affordable spectacles to the visually challenged, and is a good example of the new era of management theory in action. Adlens has a related social venture, Vision for a Nation, that aims to make the glasses available in the developing world.
From health care to the environment to education, governments are facing budget constraints that leave many citizens underserved. The need for entrepreneurial ideas and strategies to address this shortfall has never been greater.
Furthermore, business leaders already have to grapple with new strategies for growth, innovation, regeneration and turnarounds, whether they are in start-ups or multinational companies.
Therefore, all organisations require entrepreneurial mindsets and entrepreneurial leaders.
Entrepreneurship as a continuum
Entrepreneurship in its different forms comprises a continuum of behaviours related to strategy and leadership, often driven by organisational life cycles.
The challenge for all organisations is sustainability based on creating value for stakeholders. There are four entrepreneurial contexts, which require different types of entrepreneurial leadership:
1. Organisational innovation: This requires leaders to strengthen the alignment between strategy and culture by providing leadership that enables creativity and change.
2. Starting a new venture: Leaders need to be more hands-on, identifying opportunities and engaging teams and investors. They have to operate differently to big organisations that have access to resources by low-cost probes, teams and partnering. They have to be closer to customers and aim at ensuring the venture survives.
3. Social ventures: The main purpose is meeting the unaddressed social or economic needs. Leaders in social ventures should spend more time on partnerships, developing relationships with community, government, NGOs and foundations. Funding is less conventional, coming from a combination of sources including sales of products and services, government and NGO grants, and project loans with social impact as the main aim.
4. Family enterprise: Leaders in this environment have to focus on the parallel planning of the family and business to ensure a successful transition to the next generation. They are backed by family values and capital, and have the ability to play the long game. Ultimately their aim is to grow the family capital, be it economic, emotional, social or spiritual.
The challenge for management educators is to teach managerial practices that focus on entrepreneurial strategy and leadership that can be applied across a range of organisational contexts.
It is clear that new approaches are needed, and the evidence suggests that entrepreneurship in most organisational contexts works.
From the Ford family quarterly shareholders’ meeting to consider the future to Mr Chen’s team struggling with disruptive technology to improve peoples’ sight, entrepreneurial leadership is central to growth and social impact in the 21st century.
Randel Carlock is a senior affiliate professor of entrepreneurship and family enterprise at Insead
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
UAE currency: the story behind the money in your pockets
WTL SCHEDULE
DECEMBER 19 (6pm)
Kites v Eagles
Aliassime v Kyrgios
Swiatek v Garcia
Entertainment: Tiesto
DECEMBER 20 (6pm)
Falcons v Hawks
Djokovic v Zverev
Sabalenka v Rybakina
Entertainment: Wizkid
DECEMBER 21 (6pm)
Falcons v Eagles
Djokovic v Kyrgios
Badosa v Garcia
Entertainment: Ne-Yo
DECEMBER 22 (6pm)
Hawks v Kites
Thiem v Aliassime
Kontaveit v Swiatek
Entertainment: deadmau5
DECEMBER 23 (2pm)
Eagles v Hawks
Kyrgios v Zverev
Garcia v Rybakina
Entertainment: Mohammed Ramadan
DECEMBER 23 (6pm)
Falcons v Kites
Djokovic v Aliassime
Sabalenka v Swiatek
Entertainment: Mohammed Ramadan
DECEMBER 24 (6pm)
Finals
Entertainment: Armin Van Buuren
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
SPECS
Engine: 2-litre direct injection turbo
Transmission: 7-speed automatic
Power: 261hp
Torque: 400Nm
Price: From Dh134,999
KEY DATES IN AMAZON'S HISTORY
July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington
July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon
1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024
1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs
2000: Amazon Marketplace opens, allowing people to sell items on the website
2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006
2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black
2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year
2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video
2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started
2009: Amazon introduces Amazon Basics, its in-house label for a variety of products
2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013
2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS
2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa
2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition
2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone
Bridgerton season three - part one
Directors: Various
Starring: Nicola Coughlan, Luke Newton, Jonathan Bailey
Rating: 3/5
More from Janine di Giovanni
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
BLACKBERRY
Director: Matt Johnson
Stars: Jay Baruchel, Glenn Howerton, Matt Johnson
Rating: 4/5
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
India Test squad
Kohli (c), Dhawan, Rahul, Vijay, Pujara, Rahane (vc), Karun, Karthik (wk), Rishabh Pant (wk), Ashwin, Jadeja, Kuldeep, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures