Entrepreneurship is leadership with a flexible strategy, a culture of trust and engagement between leaders, employees and customers. It is the discomfort of “good enough” in pursuit of great individually and organizationally.

Writes Randel Carlock for Insead:

I would posit that entrepreneurial leadership will (and should) define the next era of management theory. Entrepreneurs have always existed to improve society by spotting gaps and filling them. Henry Ford’s mass market automobile made travel exponentially more efficient and comfortable. The iPhone put a portable computer in our pockets, giving us information on demand. Entrepreneurs today are going one step further, from addressing market opportunities to addressing market failures. James Chen’s new venture, Adlens, which aims to provide adjustable and affordable spectacles to the sight challenged, with goals of eventual profitability, is one such example. It has a related social venture, Vision for a Nation, that aims to make the glasses available in the developing world.

Source: The Need for Entrepreneurial Leadership | INSEAD Knowledge

Here are quick steps to get started:

1. Organize your employees to achieve a common goal using proactive entrepreneurial behavior by optimising risk.
2. Teach them to innovate to take advantage of opportunities.
3. Take personal responsibility.
4. Manage change and use complexity and uncertain as competitive advantage.
5. Stay nimble.

As an entrepreneurial leader your task is to embolden your employees in a culture of trust and respect where people act out of desire not control. Build a culture where you and your employees have a defined dissatisfaction with the present, a well articulated vision for how things should be, and an idea of the steps that need to be taken.