New Business Venture

[Date Submitted]

New Business Venture

Introduction

Entrepreneurial businesses are based on the unique set of ideas and innovation, which others cannot develop easily. There are numerous companies who have very high marketing budgets which can develop products more efficiently, cost effectively and provide their customers with more value. The innovation or unique products offered are backed by the strategic decisions and strategies of the leaders which make the idea a success. The expansion strategies require a leader's insight in the external environmental variables and internal environmental variables which can help in exploiting opportunities using the strength of the entrepreneurial venture. It also allows the strategic manager to devise appropriate strategies to avoid the threats in the external environment and overcome the weaknesses in the internal environment. We will be exploring strategic leadership skills required for the growth of the venture and the different ways to evaluate the strategic leadership skills in the leaders of the venture. We will explore the challenges of entering the market of a different country. We will advise strategies for overcoming the challenges. We will highlight the entrepreneurial trend in United States and will assess the feasibility of expanding domestically. We will also look at the expansion model we intend to follow and will provide support for following of this model.

Discussion

Strategic Leadership Skills for Growth

The strategic leadership skills essential for growth includes such skills, which focuses on maintaining and growing of competitive advantage of the firm (Marcus, 2011). The leadership skills of developing innovation and the skill of scanning the environment for opportunities faster than competitors and utilize them more effectively. Besides these qualities, a strategic leader must be consistent in his following qualities:

Vision and Mission

The strategic leader must possess the skills to develop a strategic direction and provide the venture with long term goals. The leader must also be able to provide venture with a purpose and the reason for which they are doing their business. These strategies enable the venture to grow, by following an unambiguous direction, and provide clear guidance to the other team members.

Goal and Competencies

The leadership provides the goals to team members and the skill to develop goals and benchmarks is essential for leader. The goals are based on the core competencies of the team members and leadership skill to develop the competencies and then utilize them for the developing competitive advantage.

Team

Developing a team of required talents is essential for the achievement of results. The leadership skill to hire teams members, the evaluation and the selecting criteria, all play an important role in the development and functioning of the team.

Interpersonal Skills

Effective interaction with others and establishing a relationship is important for the leadership destined for growth. The leadership skill of effective interpersonal skill enables an entrepreneur to communicate his ideas to the team and the stakeholders.

An Actionable Attitude

The essential leadership skill for sustainable growth provides is the ability to lead by example of hard work and have a “can do” attitude. The team members look up to their leader as ...