Discuss about the Traits Of Great Business Leaders.
Business leadership is the subject of this article with its features and approaches for success. Business leadership is the most important factor for the success of the business. Business leadership drives the business with its own way of flowing through the constraints by the useful guidance of the leaders. Leaders may be from any part of the business, but business leadership forms a team who will follow the directions of the leader to accomplish common objectives. Any business is run by vision and mission which are instrumental for fixing the objectives of the organization. Then the objectives are segregated in macro and micro level (Kaufman, 2014).
Macro objectives are being deputed to macro team which will consist of micro teams who will take care of the micro level objectives. As it is accepted that micro objectives are the basic components of macro objectives and are able to form the pillars of the organization so far its objectivity is concerned, macro objectives can only be achievable when the micro objectives are accomplished through different level of strategies adopted for ensuring the accomplishment of objectives (Qld, 2016). Business leadership plays vital role in accomplishment of tasks or objectives assigned to them through the perfect execution of strategies to meet the desired goals. In this article the role of business leadership will be discussed with the perspective of SWOT and PESTLE analysis of any business and how business leadership plays vital role to accomplish the business objectives to prove the feasibility of the business with profit and other factors for long term sustainability of the organization (Hamel, 2010). The caser study of W.L. Gore will be discussed as an example to make relevant conclusion about the role of business leadership of any business.
Situational analysis is done for any situation through SWOT analysis to understand the internal and external factors which can make impact on the situation. For this article the situation to be analyzed is business leadership of W. L. Gore and Associates. SWOT analysis is consisting of strength, weakness, opportunities and threat to business leadership out of which internal factors are determined through strength and weakness of the specific situation (Woods, 2015). There are external factors like opportunities and threat which are also prevalent to find the way of success of the business leadership of W. L Gore. Strength and weakness can determine the future strategies of business leadership which can be able to strengthen through strength factor and weakness can determine the internally prevalent loopholes of the business leadership in its present status which are to be looked into and turn into strength by changes in strategies. The external factors like opportunities and threat can be created by some external factor of which business leadership has no internal control. But these factors can determine the future scope of business of the company if opportunities can be availed and the threats can be faced with strategic decision by business leadership to mitigate the loss of business of the company (Pestleanalysis, 2013). We will discuss the above factors to understand the situational analysis of their business.
Strength and weakness are the factors arising out of the internal environment of the company. Business leadership needs to look into the matter of weaknesses in order to make improvement in the field of business leadership to turn them as strengths. All the factors of weakness can be converted into strength if proper and appropriate actions had been taken by the management of the company to prove its culture of promoting business leadership within the company (Marketresearch, 2017).
As opportunities and threat are external environmental factors, business leadership is to think positive about the opportunities to have solid control over the future scope of enhanced business leadership through exploitation of scopes which can be determined as the striking force of future sustainability of the company
Threats are always there in different forms which can not be foreseen. With the proper strategic move, the company should insist on mitigating these risks in the areas of business leadership which pose threat to the business of W.L. Gore in future perspective of business (Wikiwealth, 2016).
Mainly there are factors may make barrier to the business leadership which are not prevalent in the present system of work culture promoting unique concept of business leadership. Through situational analysis, we can derive the factors of strength and opportunities as the positive outlook to find the enhancement of business leadership. Out of strength and opportunities, scope of assumption is lying on the scope of deployment of opportunities.
The strong point of company culture towards promoting business leadership gives the scope of assumptions for finding the grey areas with proper interference to make it more effective. The company is run by business leaders who are promoted by the company. Basic positive assumptions are:
There are negative assumptions too which needs to be taken into consideration while considering business leadership:
With the above assumptions related to business leadership, respective problems may occur which are to be handled with immediate attention.
Core problem which may be generated from the anticipated assumptions is the retention of efficient employees which may be diverted to other organization with proven track record of success and efficient business leadership.
In modern business world, it is bit difficult to get real business leaders who can be self motivated with motivating his team of followers. The understanding grown during the period of employment can be used for some personal gains and that may lead to loosing of efficient human resource in singular or plural form of individual or team. When an employee joins, he is trained with the culture of the company with the specific area of operation he would be involved into. This effort costs good money for the company. Team building is another area which also attracts the effort of the company and the leader. When any specific set of human resource is moving to other organization, a vacuum is created which can not be fulfilled easily with immediate effect (Romanowski, 2013).
Feasible alternatives to this core problem of leadership are:
To evaluate the three feasible alternatives, in my opinion, list of evaluative criteria should be as follows:
Criteria Quantification of criteria
Long term gain 0.40
Corporate Image 0.35
Ease of implementation 0.25
Total 1.00
Financial analysis regarding these evaluative criteria with priority is as follows:
Measurement of evaluative criteria for all the alternatives:
|
Criteria |
Quantification of criteria |
Alternative one |
Alternative two |
Alternative three |
|
Long term gain |
0.40 |
0.40×8= 3.20 |
0.40×6=2.40 |
0.40×7= 2.80 |
|
Corporate Image |
0.35 |
0.35×7=2.45 |
0.35×8=3.20 |
0.35×5=1.75 |
|
Ease of implementation |
0.25 |
0.25×6=1.50 |
0.25x 5=1.25 |
0.25×7=1.75 |
The reason behind such ranking is that the first option will generate new string of human resource who can own up the responsibility to prove their business leadership qualities with more effort and professional knowledge powered by commitment and dedication. The continuous process of such practice can ensure regular flow of efficient human resource who can be the asset to the company. Second option will at times make the business leaders more over priced with the generation of self complacency and the feeling of indispensableness. The third option will be evaluated as the routine process of managing human resource with the inherent objective of “rolling stone gathers no moss” (Wikiwealth, 2016).
After proper analysis of three probable alternatives, it is observed that quantification of criteria will highlight alternative one as the best possible choice for averting the core problem. Justification behind the choice alternative one is that it has substantial advantage with disadvantage of lesser impact. It is also being observed that alternative one is cost effective with promoting of new entrants as the featured player of upcoming leadership in business. This alternative can also be able to provide a brace of well trained and groomed professional who will work for the company with commitment and dedication along with running a team through their effective business leadership.
Implementation of alternative one should be treated as the routine culture of the human resource department of the company.
The basic procedure of implementation includes analysis of five W’s:
Process of implementation for introduction of fresh employees should start with the campus interview for internee and business trainee to be undertaken by the Human Resource department of the company under the supervision of the Director. During internship or training period, the aspired candidates will be groomed with the work culture of the company followed by offer of subsequent jobs in the company. Human resource department has to play vital role in this domain as choice of human resource with the status of fresher can be vital issue. The new entrants are soft mud and they can be given any form as per the requirement of the management within their domain of expertise. Hence implementation of alternative one will be easy with lesser complicacy and the candidates thus chosen will devote their time, energy and effort to accomplish the objective set for them for proving them as well equipped business leader in reasonable time. (Researchandmarkets, 2016).
References:
Eetimes. (2000, December 09). 3M to acquire W.L. Gore’s high-density IC packaging business. Retrieved March 11, 2017, from Eetimes: https://www.eetimes.com/document.asp?doc_id=1186139
Hamel, G. (2010, March 18). W.L. Gore: Lessons from a Management Revolutionary. Retrieved March 11, 2017, from Wsj: https://wsj.com/management/2010/03/18/wl-gore-lessons-from-a-management-revolutionary/
Kaufman, M. (2014, September 05). Traits Of Great Business Leaders. Retrieved March 11, 2017, from Forbes: https://www.forbes.com/sites/michakaufman/2014/09/05/10-traits-of-great-business-leaders/#576065b32dc7
Kenresearch. (2016, June 20). W. L. Gore & Associates, Inc.-Strategic SWOT Analysis Review. Retrieved March 11, 2017, from Kenresearch: https://www.kenresearch.com/blog/2016/06/w-l-gore-associates-inc/
Marketresearch. (2017, February 28). W. L. Gore & Associates Inc – Strategic SWOT Analysis Review. Retrieved March 11, 2017, from Marketresearch: https://www.marketresearch.com/GlobalData-v3648/Gore-Associates-Strategic-SWOT-Review-10672573/
Passman, P. (2014, December 01). How to mobilize business risks. Retrieved March 11, 2017, from Gereports: https://www.gereports.com/post/104066595092/how-to-mobilize-risk-management-tools-against-ip-threats/
Pestleanalysis. (2013, December 30). SWOT Analysis Examples for Every Business Situation. Retrieved March 11, 2017, from Pestleanalysis: https://pestleanalysis.com/swot-analysis-examples/
Qld. (2016, January 29). Characteristics of a business leader. Retrieved March 11, 2017, from Qld: https://www.business.qld.gov.au/running-business/employing/staff-development/leadership/leader
Researchandmarkets. (2016, July). W. L. Gore & Associates, Inc. – Strategic SWOT Analysis Review. Retrieved March 11, 2017, from Researchandmarkets: https://www.researchandmarkets.com/reports/1322313/w_l_gore_and_associates_inc_strategic_swot.pdf
Romanowski, K. (2013, march 25). W.L. Gore & Associates. Retrieved March 11, 2017, from Prezi: https://prezi.com/sg9gsh1tugkk/wl-gore-associates/
Swotanalysis24. (2016). WL Gore Associates dynamic SWOT analysis – Strengths, Weaknesses, Opportunities, Threats of WL Gore Associates. Retrieved March 11, 2017, from Swotanalysis24: https://www.swotanalysis24.com/swot-w/119483-swot-analysis-wl-gore-associates.html
Wikiwealth. (2016). W. L. Gore’s SWOT Analysis. Retrieved March 11, 2017, from wikiwealth: https://www.wikiwealth.com/swot-analysis:w-l-gore-s
Woods, C. (2015, June 04). Situational Analysis in Marketing: Examples, Definition & Format. Retrieved March 11, 2017, from Study: https://study.com/academy/lesson/situational-analysis-in-marketing-examples-definition-format.html
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