Leadership: Training and Development

The concept of leadership training and development refers to the expansion of an individual's capacity to be effective in leadership roles and processes through informal and formal mechanisms. The development of leadership capabilities is essential for the growth and success of any new venture. However, leadership requirements for the entrepreneur are dependent on the stage of growth of the firm. At the early stages of a new venture, an entrepreneur must fulfill many functional roles, including finance, marketing, [Page 301]sales, and accounting, thus relying on more informal leadership practices. As the firm grows, these formal functional roles are delegated, and the entrepreneurial role evolves primarily to a leadership position with formal demands.

Conventionally, leadership training and development have been seen as an intrapersonal strategy; focus was ...