Entrepreneurial Leadership and Innovation are supported by:
- Creating and communicating a relevant vision
- Motivating and empowering individuals
- Investing in and leveraging human (the what we know) and social capital (who we know)
- Developing a global mindset in organizations that embraces change and values diversity
- Cultivating continuous innovation.
Entrepreneurial individuals and leaders are needed to address the complex global issues associated with the evolving knowledge economy, which is now often referred to as an innovation economy.
So, how do leaders accomplish #1? How do they create and communicate a relevant vision?
Many leaders admit that developing and communicating a vision, which is relevant to others as well as the organization itself, is one their biggest challenges (Kouzes & Posner, 2007). Vision should be a component of a community and/or organization’s trategic planning model and is an essential element of leadership. Entrepreneurial Leaders must develop and communicate a vision is such a way that it becomes a powerful tool used to achieve common goals (Peck, 1991).
Creating a vision involves going through a vision process or session (Note: Wild Innovation does this for both communities and organizations!). Leaders must work with individuals in communities and/or organizations to develop a vision that provides a credible and attainable futuristic picture of where the organization is headed. Leaders must also talk about the vision often and coach others to help them see how their dreams and aspirations fit into the vision of the organization (Hall, Barrett & Burkhart-Kriesel, 2005). Physical and cultural reminders should also be used to effectively and continuously communicate the vision (Kouzes & Posner, 2007).
In order to effectively communicate vision, a leader must communicate and share their vision in a variety of ways. Environmental and cultural reminders repeatedly convey a vision. Vision statements should be physically present in buildings and on web sites. Individuals should be provided with materials that convey the vision of a community and/or organization in an effort to create a sense of belonging and personal fulfillment, which intrinsically inspires and motivates individuals.