IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v7y2023i5p424-433.html
   My bibliography  Save this article

Assessment of Strategic Leadership Practices in Small Business Settings

Author

Listed:
  • Faith O. Sivili

    (Public Administration Department, Business College, Adventist University of West Africa, Liberia.)

  • Peter A. Boateng

    (Management and Marketing Department, School of Business, Valley View University, P. O. Box AF 595, Adenta, Accra Ghana)

Abstract

Scholars have considered strategic leadership as a 21st-century imperative. The new millennium seems to have been characterized by a complex competitive business landscape in the organization’s internal and external environments. Strategic leadership has been discussed and considered the way forward. There is extensive leadership literature but with emphasis on how large and medium size businesses should reposition strategically for success. Despite their numerous efforts, small businesses do not seem to have gained enough mastery within their environments and have been marked with limited success. The study assessed strategic leadership practices within small business settings. This was achieved by reviewing relevant literature on leadership practices in small businesses. The review focused on the relationships between the themes and ideas connected to the study. The outcome indicates that the failure of small businesses partly seems to be a result of the minimal application of strategic leadership principles and practices. Major strategic leadership practices found to be effective for small businesses include the need to plan strategically through the visioning and setting of achievable goals, effective allocation of resources, attracting and retaining the right talent, managing risk, fostering innovation, managing stakeholder relationships, and learning continuously. These discoveries served as major recommendations for consideration by small business owners and strategic leaders.

Suggested Citation

  • Faith O. Sivili & Peter A. Boateng, 2023. "Assessment of Strategic Leadership Practices in Small Business Settings," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(5), pages 424-433, May.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:5:p:424-433
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-7-issue-5/424-433.pdf
    Download Restriction: no
    File URL: https://www.rsisinternational.org/journals/ijriss/articles/assessment-of-strategic-leadership-practices-in-small-business-settings/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bruce Kogut & Udo Zander, 1992. "Knowledge of the Firm, Combinative Capabilities, and the Replication of Technology," Organization Science, INFORMS, vol. 3(3), pages 383-397, August.
    2. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2011. "Small vs. young firms across the world : contribution to employment, job creation, and growth," Policy Research Working Paper Series 5631, The World Bank.
    3. Antonio Lecuna & Boyd Cohen & Roberto Chavez, 2017. "Characteristics of high-growth entrepreneurs in Latin America," International Entrepreneurship and Management Journal, Springer, vol. 13(1), pages 141-159, March.
    4. Julia Balogun & Jean M. Bartunek & Boram Do, 2015. "Senior Managers’ Sensemaking and Responses to Strategic Change," Organization Science, INFORMS, vol. 26(4), pages 960-979, August.
    5. Singh, Anjali & Lim, Weng Marc & Jha, Sumi & Kumar, Satish & Ciasullo, Maria Vincenza, 2023. "The state of the art of strategic leadership," Journal of Business Research, Elsevier, vol. 158(C).
    6. Dimitrios Georgakakis & Mads E. Wedell-Wedellsborg & Tommaso Vallone & Peder Greve, 2023. "Strategic leaders in multinational enterprises: A role-specific microfoundational view and research agenda," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(3), pages 514-537, April.
    7. Galvin, Peter & Arndt, Felix, 2014. "Strategic management: Building depth as well as breadth," Journal of Management & Organization, Cambridge University Press, vol. 20(02), pages 139-147, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marina Dabić & Jane Maley & Leo-Paul Dana & Ivan Novak & Massimiliano M. Pellegrini & Andrea Caputo, 2020. "Pathways of SME internationalization: a bibliometric and systematic review," Small Business Economics, Springer, vol. 55(3), pages 705-725, October.
    2. Henri A. Schildt & Markku V.J. Maula & Thomas Keil, 2005. "Explorative and Exploitative Learning from External Corporate Ventures," Entrepreneurship Theory and Practice, , vol. 29(4), pages 493-515, July.
    3. Soufiane Mezzourh & Walid A Nakara, 2009. "Governance and innovation : A Knowledge-based approach [La gouvernance de l'innovation : une approche par la connaissance]," Post-Print halshs-01955966, HAL.
    4. Asmund Rygh & Gabriel R. G. Benito, 2018. "Capital Structure of Foreign Direct Investments: A Transaction Cost Analysis," Management International Review, Springer, vol. 58(3), pages 389-411, June.
    5. Vitor Braga, 2004. "Business networking for SMEs as a means to promote regional competitiveness: A Theoretical Framework," ERSA conference papers ersa04p455, European Regional Science Association.
    6. Saerom (Ronnie) Lee & J. Daniel Kim, 2024. "When do startups scale? Large‐scale evidence from job postings," Strategic Management Journal, Wiley Blackwell, vol. 45(9), pages 1633-1669, September.
    7. Maurizio Zollo, 1998. "Strategies or Routines ? Knowledge Codification, Path-Dependence and the Evolution of Post-Acquisition Integration Practices in the U.S. Banking Industry," Center for Financial Institutions Working Papers 97-10, Wharton School Center for Financial Institutions, University of Pennsylvania.
    8. Filippo Carlo Wezel & Gino Cattani & Johannes M. Pennings, 2006. "Competitive Implications of Interfirm Mobility," Organization Science, INFORMS, vol. 17(6), pages 691-709, December.
    9. Zhang, Feng & Jiang, Guohua & Cantwell, John A., 2015. "Subsidiary exploration and the innovative performance of large multinational corporations," International Business Review, Elsevier, vol. 24(2), pages 224-234.
    10. Oznur Ozdamar & Eleftherios Giovanis & Sahizer Samuk, 2020. "State business relations and the dynamics of job flows in Egypt and Turkey," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 10(4), pages 519-558, December.
    11. Yildiz, H. Emre & Murtic, Adis & Zander, Udo, 2024. "Re-conceptualizing absorptive capacity: The importance of teams as a meso-level context," Technological Forecasting and Social Change, Elsevier, vol. 199(C).
    12. Yucheng Zhang & Zhiling Wang & Lin Xiao & Lijun Wang & Pei Huang, 2023. "Discovering the evolution of online reviews: A bibliometric review," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-22, December.
    13. Gaviria-Marin, Magaly & Merigó, José M. & Baier-Fuentes, Hugo, 2019. "Knowledge management: A global examination based on bibliometric analysis," Technological Forecasting and Social Change, Elsevier, vol. 140(C), pages 194-220.
    14. Arora, Ashish, 1999. "Exploring the internalization rationale for international investment: wholly owned subsidiary versus technology licensing in the worldwide chemical industry," DEE - Working Papers. Business Economics. WB 6430, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    15. Bertrand, Olivier & Zuniga, Pluvia, 2006. "R&D and M&A: Are cross-border M&A different? An investigation on OECD countries," International Journal of Industrial Organization, Elsevier, vol. 24(2), pages 401-423, March.
    16. Youngjin Yoo & Richard J. Boland & Kalle Lyytinen, 2006. "From Organization Design to Organization Designing," Organization Science, INFORMS, vol. 17(2), pages 215-229, April.
    17. Isaksson, Olov H.D. & Simeth, Markus & Seifert, Ralf W., 2016. "Knowledge spillovers in the supply chain: Evidence from the high tech sectors," Research Policy, Elsevier, vol. 45(3), pages 699-706.
    18. Davide Consoli & Pier Paolo Patrucco, 2011. "Complexity and the Coordination of Technological Knowledge: The Case of Innovation Platforms," Chapters, in: Handbook on the Economic Complexity of Technological Change, chapter 8 Edward Elgar Publishing.
    19. Marc Auboin & Alisa DiCaprio, 2017. "Why Do Trade Finance Gaps Persist: Does it Matter for Trade and Development?," CESifo Working Paper Series 6425, CESifo.
    20. Arie Y Lewin & Silvia Massini & Carine Peeters, 2020. "Absorptive capacity, socially enabling mechanisms, and the role of learning from trial and error experiments: A tribute to Dan Levinthal’s contribution to international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(9), pages 1568-1579, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:7:y:2023:i:5:p:424-433. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.