Entrepreneurship 110                                                            April 20 – 26^th

This week will we look at leadership and the skills necessary to effectively run a business.  Every leader has a personal leadership style.  Although there are a variety of theories about how leaders should behave, there are certainly patterns that define particular styles.  At one end of the scale are goal oriented leaders who just want to get the job done and at the other end, are more people-oriented leaders who are more concerned about the satisfaction of the people involved than achieving goals.

Questions:

1)     Research/define the following 4 leadership styles:

Autocratic, Democratic, Collegial and Laissez-Faire

2)     For each of the 4 leadership styles mentioned in question 1, describe what factors contribute to each style of leadership and provide examples of each style of leadership.

3)     Try to think of a person you know in a position of leadership who portrays each of the 4 leadership styles.

4)     In your opinion, which of the 4 types of leaders are you and why?  What characteristics of a particular leadership style do you possess?  Do you wish you possessed other characteristics to make you another type of leader?

Motivating Others:

It`s also important for leaders to recognize the needs of the people around them and encourage people to pursue personal goals that are compatible with the goals of the venture/business.  Successful leaders reward their employees appropriately and demonstrate to them that their work is meaningful and worthwhile.  According to Abraham Maslow (a noted behaviour psychologist), people have five levels of needs.

1)     Self-actualization needs

2)     Status and Esteem needs

3)     Social Needs

4)     Safety and security needs

5)     Physiological needs

Question:

Explain each of these 5 levels of needs in your own opinion. 

Which of the 5 levels do you consider most important for employees in your business?