Leadership, Entrepreneurship, & Innovation Flashcards
Qualities of Leadership
- Occurs at all levels of the organization
- Does not require a charismatic personality
- Relational process
- Culturally influenced
- Develops over life
Requirements of Leadership
- Learned behavior
- Teachable
- Requires follower-ship
- Involves purposeful change that satisfies collective needs and aspirations
- Includes the components of effectiveness and ethics
Leadership Theories
- before the 1980’s, there were the traditional leadership
- after 1980’s, there are the modern leadership theory
What are the traditional leadership theories?
- Trait Theory
- Behavioral Theory
- Contingency Theory
What are the modern leadership theories?
Transformational
Early (Trait) Theories
- 1940s and 1950s
- Identified traits that could distinguish leaders from non-leaders
- implies that leaders are born and individuals without these traits cannot be leaders
- criticisms: fails to take into account other factors (situational and environmental)
Behavioral Theory
- 1950s to 1960s
- Shifting from leaders to leadership
- Leadership can be taught and developed
What are the different behavioral theory?
- Autocratic
- Democratic
- Laissez-Faire
Autocratic
Leaders make all decisions with little or no input from employees
Democratic
Consult with subordinates and allow for input during decision-making processes
Laissez-Faire
Allow employees complete autonomy
Contingency Theory
- Late 1960s
- There is no best way to lead.
- Instead, the optimal course of action is contingent (dependent) on the several contextual factors
With respect to the contingency theory, what are the contextual factors that contribute to the optimal course of action?
- relationship between leader and subordinate
- degree of power held by leader
- structure of task
Traditional vs. Modern Leadership
- Traditional: task oriented, maintain good relations with the leader by exchanging promises of reward for performance
- Modern: relationship oriented, reflected business environment, includes factors related to crisis, change, and turning around a failing business
Transformational Leadership
- Modern
- Make subordinates conscious of the importance and value of their task outcomes
- Provide followers with a vision and motivation to go beyond self-interest for the good of the organization
- Create an environment that supports exploration, experimentation, risk-taking, and sharing of ideas.
Hallmarks of Effective Leaders
- Modeling
- Mentoring
- Motivating
- Monitoring
- Multiplying Successes
Modeling
Employees will replicate leader behavior
Mentoring
Leaders serve as instructors for personal development
Motivating
Leaders motivate employees to be responsible for their behavior
Monitoring
Leaders ensure efficient operation of the organization
Multiplying Successes
Individuals given greater responsibility will more likely work toward improving the organization
What are the ways to help develop leadership skills in others?
- experience
- delegating tasks
- evaluate tools
What are examples of leadership evaluative tools?
- Myers-Briggs Type Indicator
- The Thomas Killman Conflict Mode Instrument
- The StrengthsFinder Profile
- DISC Assessment
- The Strength Deployment Inventory
- 360-Degree Feedback
What are ways to develop leadership skills as a student pharmacist?
- Observe mentors and preceptors at work and on rotations
- Discuss your leadership style with those close to you
- Become active in local, state, and national organizations to build relationships and network
- Take a leadership evaluation tool
- Attend pharmacy leadership programs
define entrepreneurship
The process by which individuals pursue opportunities without regard to resources they currently control.
What are the implications of entrepreneurship?
- It is a process that can be taught and repeatable
- Implies characteristics of passion and perseverance
characteristics of entrepreneurs
- High level of achievement motivation
- Internal locus of control
- Tolerance for ambiguity
- Decisive
- Good at external relationship building
steps in the entrepreneurial process
- Identify an opportunity (Idea generation)
- Develop the concept (Research)
- Determine the Required Resources (People and Product)
- Acquire the Necessary Resources ($)
- Implement and Manage (Monitor, reinvestment, expansion)
- Harvest the Venture (Incorporate new concepts/products, license rights, family succession, sell)
steps to sell an idea
- What is the benefit?
- How is the opportunity mew and different?
- What is the reason to believe?
measures to protect intellectual property
- Copyright Protection
- Trademarks
- Patents
define intellectual property (IP)
A work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights.
Copyright Protection
- Easiest and least costly to acquire ($30)
- Least amount of protection - Only protects original work (not ideas, processes, or methods)
Trademarks
- Moderately expensive ($750)
- Protects names, brands, logos, and other marketing devices
- “Trademark” for “Marketing”
Patents
- Most expensive and time consuming (Thousands $$$, 2 years)
- Protects idea, method, and design of products and businesses
- Patent expiration: 17 years from grant date; 20 years from first filing date
Timing
First-Mover Advantage – rewards gained by early entry into a market
Competition
Competitive convergence – most companies focus on matching and beating rivals, and as a result their strategies tend to converge along the same basic dimensions
Literary, musical, graphic, or sculptural works can be protected by what?
Copyright Protection
Motion pictures and other audio-visual works can be protected by what?
Copyright Protection
Derivative of protected works, such as a sequel (Star Wars) can be protected by what?
Copyright Protection
Original compilation of facts, such as a field guide can be protected by what?
Copyright Protection
Name – Coco Chanel can be protected by what?
Trademark Protection
Symbols – McDonald’s golden arch can be protected by what?
Trademark Protection
Catchphrases – Just Do It. can be protected by what?
Trademark Protection
Figure or Mascot – Geico gecko can be protected by what?
Trademark Protection
Lyrics can be protected by what?
Trademark Protection
