Human Resources Management: Why Human Resource Management skills are important for An Entrepreneurial Manager

An entrepreneurial manager needs to have a strong set of HRM skills to be successful

An entrepreneurial manager is an individual who possesses both an entrepreneurial mindset and the skills and knowledge needed to effectively manage a business or organization. According to a study by the National Small Business Association, this includes qualities such as "innovativeness, risk-taking, proactiveness, autonomy, and a strong sense of personal control over one's work." Additionally, the study found that entrepreneurial managers often have a "results-oriented focus" and a "customer-centric approach."

Entrepreneurial management is a management style that emphasizes innovation, creativity, and risk-taking in the pursuit of organizational goals. According to a study by researchers at the University of Cambridge, this approach is characterized by "a focus on opportunity identification and exploitation, an emphasis on innovation and creativity, and a willingness to take calculated risks."

Entrepreneurial management is also characterized by its focus on growth and expansion, rather than simply maintaining the status quo. According to a study by researchers at the University of California, Berkeley, this approach is characterized by "a long-term orientation, a focus on creating value, and a willingness to take risks to achieve growth."

References:

Storey, D. J. (1994). Understanding the small business sector. London: Routledge.
Covin, J. G., & Slevin, D. P. (1989). Strategic management of small firms in hostile and benign environments. Strategic management journal, 10(1), 75-87.
Covin, J. G., & Slevin, D. P. (1991). A conceptual model of entrepreneurship as firm behavior. Entrepreneurship theory and practice, 16(1), 7-25.

Real-life examples of entrepreneurial managers include Elon Musk, the CEO of Tesla and SpaceX, and Mark Zuckerberg, the founder and CEO of Facebook. Both of these individuals have been able to identify opportunities in their respective industries and create successful businesses as a result.

Entrepreneurial managers possess a unique set of skills and qualities that allow them to succeed in their roles. These include creativity, risk-taking, leadership, and the ability to think outside of the box. They are also able to identify opportunities, create and execute business plans, and manage teams effectively.

In a corporation, an entrepreneurial manager plays an important role in driving innovation and growth. They are able to identify new business opportunities and create new ventures within the company. This can include creating new products or services, expanding into new markets, or developing new business models.

An entrepreneurial manager also plays a critical role in leading and motivating teams and in fostering a culture of innovation and risk-taking within the organization. They can also be instrumental in securing funding, building partnerships and in developing strategic plans.

An entrepreneurial manager needs to have a strong set of human resource management (HRM) skills in order to be successful. These skills include the ability to attract, retain, and develop talent, as well as effectively manage and motivate employees.

One of the most important HRM skills for an entrepreneurial manager is the ability to attract and retain top talent. This requires the ability to identify the skills and qualifications needed for specific roles, as well as the ability to create an attractive and engaging work environment that will attract and retain top talent.

Developing and managing talent is another key skill for an entrepreneurial manager. This requires the ability to identify potential in employees, and to provide them with the training, development and mentoring they need to reach their full potential. This is important because it will help the organization to grow and succeed in the long term.

Effective communication is also a crucial skill for an entrepreneurial manager. They need to be able to communicate clearly and effectively with employees, to ensure that everyone is on the same page and working towards the same goals. This includes the ability to listen to feedback and respond to it appropriately, as well as the ability to communicate changes and updates to the organization effectively.

Another important skill for an entrepreneurial manager is the ability to manage and motivate employees. This includes the ability to set clear goals and expectations, as well as the ability to provide regular feedback and recognition for a job well done. This helps to ensure that employees are engaged and motivated to achieve the goals of the organization.

In conclusion, an entrepreneurial manager is an individual who has the skills and qualities to identify opportunities, create new ventures and manage them successfully. They play a crucial role in driving innovation and growth within a corporation and their ability to think outside the box can bring significant benefits to an organization. And, an entrepreneurial manager needs to have a strong set of HRM skills to be successful. These skills include the ability to attract, retain and develop talent, as well as effective communication, management, and motivation skills. These skills are important because they help the organization to grow and succeed in the long term by ensuring that employees are engaged and motivated to achieve the goals of the organization.