CMC Market
- Are entrepreneurship and leadership the same? Why?
Entrepreneurship and leadership are terms that have different meanings. Entrepreneurship refers to the readiness and capacity to create, organize, and operate a business enterprise along with its challenges and uncertainties to generate profits. On the other hand, leadership refers to motivating people and providing a conducive environment for them to achieve organizational goals. Therefore, entrepreneurship is quite different from the direction. Leadership cannot include entrepreneurship, but entrepreneurship can consist of leadership. The majority of successful entrepreneurs are known to study, embrace, and practice leadership to develop crucial talent. Entrepreneurship involves growing ideas, whereas leadership grows people implying that entrepreneurs see the future, deduce trends, and design markets where none existed.
In contrast, leaders understand that although people might be brilliant, teamwork can achieve more extraordinary things if everyone believes in the same vision. Entrepreneurship involves commanding; leadership involves coaching; entrepreneurs tend to undervalue sensitivity and empathy to stay focused on building their dreams. Leaders will spend a lot of time with individuals to ensure they have the confidence, knowledge, and tools to accomplish a given role. Also, while entrepreneurship entails driving towards the objective, leadership involves taking people along. Entrepreneurs focus on achieving the laid aim at the expense of others who disagree or cannot keep up with the path.
In contrast, leaders understand the importance of having teamwork. They seek engagement, support, and advice from colleagues, friends, employees, partners, and advisors to take the path towards their objectives. Furthermore, under entrepreneurship, entrepreneurs micromanage by tirelessly committing to their vision. At some times, they may lack the capability to trust others and thus start the impossible duty of controlling every element of their business. In contrast, under leadership, leaders delegate; they use their professionalism to attract others’ talents and bring them into the industry as integral components. They believe in trusting, mentoring, and coaching them along the way for everyone to achieve success.
- Explain the main traits of an entrepreneur and show which of these Peter Cruddas demonstrated in setting up and establishing CMC Markets.
There are several main traits that an entrepreneur can possess. First, an entrepreneur should have a clear vision of their business venture and concisely articulate its market position, goals, and purpose. An entrepreneur with vision usually has identified the when, who, where, why, and what of their business. Peter Cruddas shows vision by believing that a single focus is essential; he finds his business’s success and pleasure by recognizing his achievement and working. Another prominent trait of an entrepreneur is risk-taking. A successful entrepreneur understands that risk-taking is necessary to achieve set goals in a business. Potential failure and uncertainty do not prevent an entrepreneur from doing what needs to be done to keep the business running but instead look at the risks and challenges as opportunities rather than problems. Peter Cruddas took a significant risk when he quit his secure job to start up his own business and also used risked using his capital for the new venture. Creativity is a vital trait in entrepreneurship since it allows an entrepreneur to think outside the box by seeing the world differently. An entrepreneur is always looking for new ways of doing things and making these ways better. Peter Cruddas used creativity to apply interment and transform his business venture. He understood that the technology would enable traders to carry out financial exchanges at the click of a computer key and invested heavily in incorporating the new software. Lastly, passion forms another main trait of a successful entrepreneur. Individuals with passion understand what drives them to keep working to accomplish their visions. Peter Cruddas is no exception, and he believes that doing business is not all about making profits.
References
Nine traits of successful entrepreneurs you should develop. Web. 2020,https://www.monster.com/career-advice/article/entrepreneur-traits
The Difference Between Entrepreneurship and Leadership, Web. 09 August 2017,https://homebusinessmag.com/management/leadership/difference-entrepreneurship-leadership/
What is entrepreneurship? , Web. 03 September 2020, https://entrepreneurhandbook.co.uk/entrepreneurship/
Develop both entrepreneurship and leadership for business success, Web. 11 October 2017, https://www.goldstonepartners.com/entrepreneurship-vs-leadership/
The 5 Personality Traits All Entrepreneurs Must Have, Web. 21 August 2017, https://www.entrepreneur.com/article/298650
10 Must-Have Traits of a Successful Entrepreneur, Web. 12 April 2018, https://medium.com/swlh/10-must-have-traits-of-a-successful-entrepreneur-d46519452b0e
Leadership and Entrepreneurship: What is the difference? , Web. 21 April 2012, https://innovateblue.umich.edu/leadership-and-entrepreneurship-what-is-the-difference-by-thomas-zurbuchen/