Contributors to Dick Smith's Business Success - Case Study Example

Name Class Unit Introduction Entrepreneurship is a major contributor to economic growth. Through entrepreneurship, innovativeness is enhanced and productivity is boosted. Entrepreneurship involves coming up with new products, new markets, new business as well as organisations (Van Praag, 2005). Dick Smith is a successful Australian entrepreneur, social activist and an aviator. He is one of the most respected businessmen having been able to achieve a lot in his life. Dick Smith is the founder of Dick Smith electronics, Australian geographic and Dick Smith Foods among other achievements. He has been involved in running successful business as well as acting as a promoter of Australian pride, identity and self-confidence. The essay looks at the factors that have contributed to Dick Smith business success and attributes that contributes to his Charisma. Lastly, the essay discusses Dick Smith as a transformational leader. Contributors of Dick Smith's business success Dick Smith is an entrepreneur who values free enterprise and virtues of hard work. He also believes in free speech and is dedicated to philanthropic work. From the essay, it is evident that these values have played a great role in his success. Dick Smith has been able to promote national pride and identity as part of his vision of running successful business. Through this, it is evident that Dick Smith has linked his vision with a large part of the Australian society. Being able to inspire and link with the society has earned Dick Smith support in his business. By instilling pride to the society, they are able to make purchases of Australian made products from his stores. Consumers are attracted to his business due to fact that he is able to connect with them and contribute to social cause. Modern consumers are also attracted to business which operate ethically and in a social responsible manner. Dick smith loves challenge and is a risk taker. This is according how other people see him. A good entrepreneur must be able to set challenging goals which are realistic (Casson, 2005). Being ready to take a challenge makes it possible for Dick Smith to set goals that are attainable. This is a major contributor to entrepreneur success. An entrepreneur is a risk taker. This is through taking moderate risks that have reasonable as well as challenging success chance (Schmitt-Rodermund, 2004). Dick Smith claims that he copies others success and also looks for advice. Seeking advice helped in nurturing his entrepreneurship skills. Successful entrepreneurs have an inquiring mind. This is through asking questions and looking for advice from successful entrepreneurs. Learning from other people’s success and looking for advice have also helped him to attain his success. This is due to fact that learning from others helps in avoiding mistakes and acts a source of mentorship (Markman & Baron, 2003). As an entrepreneur hard work is paramount to success. Dick Smith admits that he is a hard worker in the business. A successful entrepreneur must be prepared to work hard to attain results. Lastly, Dick Smith possesses qualities of a successful entrepreneur. He has creativity, dedication, determination, leadership skills, passion and self-confidence. His achievements are proof that he is a successful entrepreneur who has used his strengths in his qualities to succeed (Schmitt-Rodermund, 2004). Attributes that contribute to Dick Smith's charisma Charismatic leadership is one of the most effective forms of leadership. A charismatic leader is able to achieve results through engaging and stimulating employees. Through charisma, a leader is able to bring transformation in an organisation (Eatwell, 2006). Dick Smith is a social leader, businessman, philanthropist and an adventurer. Having charisma enables one to lead a group without need for formal mandate. This is leading through influence of one’s own personality. Dick Smith personality has enabled him to lead people at different capacities without the need of mandate. As a leader, his personality has enabled him to command change. The case study describes his personality as a magnetism that has had a great impact on the Australian society (Avolio & Yammarino, 2013). Dick Smith has shown an extraordinary ability to connect with people. This has helped him to gain respect and admiration from others. Through charisma, a leader is able to have an influence to people such that they can accept their idea, opinions and thoughts. Dick smith is a visionary leader. Being visionary is one of the attributes that contribute to charisma. Charismatic leaders are able to inspire others through their vision. This is especially through goals which are attainable (Avolio & Yammarino, 2013). The case shows that his vision which includes running successful business and promoting Australia pride, identity and confidence has been able to influence the society. His vision has been linked with the values of large part of Australia community. Dick Smith communication style is an attribute that has also contributed to his charisma. It is described that his speech is emotive, shows self-confidence and is highly accurate. A charismatic leader use open and expressive communication. Through their communication, a charismatic leader is able to inspire the listeners. They also use storytelling and have great social networking (Eatwell, 2006). Dick Smith has used unconventional strategies which have helped his charisma in a great way. His public image has enhanced his leadership influence. He is socially responsible and makes efforts for his workers to emulate him. His philanthropic efforts have also helped him a lot in gaining popularity and ability to influence others. For example, a third of profits from Dick Smith foods are donated to the charitable causes. A charismatic leader is selfless. This refers to devotion to other people welfare. The philanthropic attributes of Dick Smith help shows his concerns for others than himself. Helping others motivates him. He also uses his heritage as an Australian to transfer charisma to others. Use of social cause is an attribute that is used by charismatic leaders to call for change and give better life for followers. Dick Smith is a leader with activist mind set. He is a social leader and encourages activism to change the status quo. Charismatic leaders’ uses a value based leadership. This is through aligning his values to those of the followers (Eatwell, 2006). Dick smith as a transformational leader Dick Smith is a transformational leader. During his leadership in business and social areas, he has been able to cause change. A transformational leader leads to a change in individuals and existing social systems (Kark, Shamir & Chen, 2003). He has been able to instil sense of identity in large part of Australian society and is a role model to many. As a leader, he has promoted national identity, self-confidence and pride. His leadership skills demonstrate the four traits of transformational leadership. The traits are; individualised considerations, intellectual simulation, inspirational motivation and idealised influence (Bass & Riggio, 2006). Through individualised consideration, Dick Smith attends to his followers (workers and large part of Australian society), acts as a mentor and listens to the needs of others. This is through giving support and empathy and engaging in communication (Avolio & Yammarino, 2013). The case study shows that he is able to connect with the public and win admiration of employees and other business leaders. He is also philanthropic and engages in social work to help others. Intellectual simulation is shown by his ability to challenge assumptions and take risks (Smith, Montagno & Kuzmenko, 2004). It also involves encouraging the followers. His ability to take risks has enabled him a lot in his business success. Through inspirational, motivational the leader is able to come up with a vision that can appeal and inspire their followers (Avolio & Yammarino, 2013). Dick Smith has been has been able to set a vision that is appealing and inspirational to followers. Apart from running successful business, his vision has helped in promoting self-confidence, pride and identity for workforce and Australians. His vision is able to link with the values of most Australians. His visionary aspect is supported by his great communication skills which makes it understandable and engaging. Finally, the idealised influence shown by Dick Smith is another qualification of a transformational leader (Judge & Piccolo, 2004). He acts as a role model for ethical behaviour to his followers, instils, pride, respect and has gained trust. This is expressed by his demonstration of social responsibility and encouraging those who works with to adopt (Lorente & Salanova, 2014). He donates to charity some of the proceeds from his business. His ability to instil pride and self-confidence has earned him idealised influence as a leader. It’s evident that through his transformative leadership, he has been able to perform well in leadership. He is an effective social leader businessman and a philanthropist through transforming his followers to become more successful and productive. Conclusion The essay have been able to show that Dick Smith Values such as hard work, philanthropy and instilling pride among the Australians have contributed a lot to his business success. Dick Smith also possess entrepreneurial and leadership skills which have enabled him to excel. Through his personality, Dick Smith has been able to lead people at different capacities without the need of mandate. Through charisma attributes, he is able to connect with people, instil vision to followers, use open communication and engage unconventional strategies. Dick Smith is a transformational leader. He has been able to lead to both individual and social change. His leadership skills demonstrate traits of transformational leaders which are; individualised considerations, intellectual simulation, inspirational motivation and idealised influence. References Avolio, B. J., & Yammarino, F. J. (Eds.). 2013. Transformational and charismatic leadership: The road ahead (Vol. 5). 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