Running Head: Individual Weekly Tasks

Running Head Individual Weekly Tasks

Discuss the role of entrepreneurs in business success using real-world examples, and analyze whether strategic management is solely a top management function or involves managers at all levels.

Paper For Above instruction

Entrepreneurs are vital drivers of economic growth and innovation, shaping the landscape of modern business through their vision, risk-taking capacity, and perseverance. The entrepreneurial spirit is often characterized by the ability to identify opportunities, take calculated risks, and persist despite obstacles. This paper explores the fundamental role entrepreneurs play in business success, illustrating this with real-world examples and delving into the strategic management process, particularly assessing whether it should be confined to top-level management or encompass managers at all organizational levels.

Entrepreneurs form the backbone of many successful ventures by transforming innovative ideas into profitable realities. Their ability to take risks distinguishes them from other business players; they invest time, capital, and reputation into ventures with uncertain outcomes. As Shane and Baron (2007) articulate, entrepreneurs often derive ideas from diverse sources such as hobbies, research, or experiences, and turn these into tangible business opportunities. Crucially, entrepreneurs exhibit traits such as persistence, goal orientation, passion, and adaptability—qualities essential for navigating the turbulent waters of startup and growth phases of businesses.

The significance of entrepreneurs is evident in numerous global success stories. One particularly illustrative example is Google, founded by Sergey Brin and Larry Page in 1997. Both founders met at Stanford University while pursuing their PhDs, displaying early passion and expertise in technology. Their shared vision was to organize the world’s information and make it universally accessible—a notably ambitious goal. Despite initial uncertainties and the challenges of scaling a tech startup, Brin and Page persisted, investing continuous effort into product development. Today, Google is the world's largest search engine and a multifaceted technology giant, fundamentally transforming how humans access information. Their journey epitomizes the entrepreneurial qualities of vision, risk-taking, and resilience, underpinning the critical role entrepreneurs play in advancing innovation and economic progress (Schmidt & Rosenberg, 2014).

Furthermore, entrepreneurs’ influence extends beyond mere business creation, driving technological advancements and creating employment opportunities. Google's expansion exemplifies how entrepreneurial persistence fosters socio-economic development—generating revenue, innovating services, and improving countless lives. Similar narratives are evident in other successful entrepreneurs such as Elon Musk, founder of Tesla and SpaceX, who exemplifies relentless pursuit of innovation. Musk’s ventures have disrupted traditional industries, showcased the importance of visionary leadership, and stimulated technological progress in transportation and renewable energy sectors (Vance, 2015).

Transitioning to the realm of strategic management, there exists an ongoing debate about whether it is solely the responsibility of top management. Strategic management involves setting long-term goals, analyzing external and internal environments, formulating strategies, and implementing them to secure competitive advantage (Gregory et al., 2005). Traditionally, this function has been associated with top executives, given their broad organizational oversight and resource control. Fred (2011) supports this view, arguing that top managers possess the knowledge, authority, and strategic perspective necessary to formulate and oversee strategic initiatives effectively.

However, a more inclusive perspective recognizes that strategic management is a comprehensive process that benefits from input and active participation across organizational levels. As argued by Alan and Abbass (2013), involving managers at all tiers—middle and lower levels—can enhance strategic implementation and organizational responsiveness. Operational managers, who oversee day-to-day activities, possess critical insights into operational realities and can provide valuable feedback during strategy formulation and execution. For large, geographically dispersed organizations, involving lower-level managers ensures that strategies are tailored to local contexts, thereby improving compliance and effectiveness.

Additionally, engaging managers across tiers fosters a culture of shared strategic ownership, motivating employees and enhancing commitment. Such involvement also facilitates quicker identification of challenges and opportunities, promoting agility in dynamic markets. For example, multinational corporations like Unilever and IBM actively involve managers at different levels in strategic planning, recognizing that local expertise and operational experience are crucial for aligning corporate strategy with local market conditions (Hitt, Ireland, & Hoskisson, 2012).

Nevertheless, it is essential that lower-level managers remain answerable to top management to maintain strategic coherence. Top executives should set overarching goals and ensure alignment with organizational vision, while middle and lower managers adapt and implement strategies suited for their specific operational areas. This hierarchical yet participative approach ensures strategic consistency, operational efficiency, and organizational adaptability—key ingredients for sustained competitiveness.

In conclusion, entrepreneurs serve as catalysts for innovative growth, economic development, and employment generation across the globe. Their qualities of vision, perseverance, and risk-taking are fundamental to the success of many pioneering businesses, exemplified by companies like Google and Tesla. Regarding strategic management, emerging perspectives advocate for an inclusive approach that involves managers at all organizational levels. While top management retains a critical role in strategic leadership, effective execution requires input from operational managers who understand the nuances of local environments and daily operations. A collaborative, multi-tiered approach to strategic management empowers organizations to navigate complex environments, innovate continually, and sustain competitive advantages over time.

References

• Fred, D. (2011). Strategic management concepts: A competitive advantage approach. 14th Edition. Pearson.
• Gregory, G., Lumpkin, G. T., & Taylor, M. L. (2005). Strategic Management (2nd ed.). McGraw-Hill Irwin.
• Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2012). Strategic Management: Competitiveness and Globalization. Cengage Learning.
• Schmidt, E., & Rosenberg, J. (2014). How Google Works. Grand Central Publishing.
• Vance, A. (2015). Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. Harper Business.
• Shane, S., & Baron, R. (2007). Entrepreneurship: A process perspective. Cengage Learning.
• Vance, A. (2015). Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. Harper Business.
• Appendix for citation style reference.