Entrepreneurial Leadership : A Review of Measures , Antecedents , Outcomes and Moderators

The current study presents the review on entrepreneurial leadership since year 1980. Concept of entrepreneurial leadership, and its development so far were captured. Drawing on the comprehensive literature review of 50 studies, we have presented the measures used in the prior literature to capture the main construct of entrepreneurial leadership. Dimensions such as strategic factors, communicative factors, personal factors, motivational factors and leadership behaviors contribute to form entrepreneurial leadership. Various antecedents of entrepreneurial leadership such as human capital, social capital, entrepreneurial mindset, ambidexterity, and uncertainty absorbing, challenge framing, clearing path, commitment building and limits specification were identified. Outcomes such as wealth creation, strategic management of resources, innovation performance, startup performance and creativity were also identified. The possible traits of entrepreneurial leaders such as performance oriented, ambitious, informed, extra insight visionary foresight, confidence builder, diplomatic, effective bargainer, convincing, encourage, inspirational, enthusiastic, team builder, improvement-oriented, integrator, intellectual stimulation and positive attitudes are found.


Introduction
The term entrepreneur originates due to emergence of new business or startups.Entrepreneur is defined as individual who has started a novel firm or company (Cunningham & Lischeron, 1991).While novel firm means business where no person has been before entered into the same business.Entrepreneurs are considered to be a great person as they are always active in presenting notion or novel ideas.Their novel ideas let other find engrossment with their new beliefs.Cunningham & Lischeron (1991) have presented schools of thought on entrepreneurship.Entrepreneurs are bestowed with characteristics such as their ability of intuition, need for achievement, ready to handle risk, surviving in turbulent market and presence of specific traits makes separates them from other individuals.Having the ability to innovate and creative mind mold their entrepreneurial behavior for early growth business and start-up.They are also considered to be good at planning, capitalizing, organizing people and preparing budgets.Since the entrepreneurs can't effectuate their goals in isolation, but are dependent and requires followers.In line with leadership school of thought, having the ability to motivate, direct and lead, makes them leaders of humankind.
Entrepreneurial leadership has been defined as ability to manage the resources available for seeking opportunity and advantage in an strategic manner (Ireland, Hitt, & Sirmon, 2003).According to this definition, entrepreneurial leadership can be applied to every type of firms independent of the size of the firm.Entrepreneurial leaders are having provocations related to the enactment of scenario and cast and should be able to seek opportunities, make the vision and create situations.Leaders of entrepreneurial orientation persuade stakeholders and followers to achieve the goal by acknowledging and exploiting the opportunities concealed behind the scenario (Gupta, MacMillan, & Surie, 2004).Wang, Tee, & Ahmed (2012) and Mccarthy et al. (2010) defined entrepreneurial leadership as the ability of an individual to influence others to make the usage of the resources in an strategic manner.Entrepreneurial leadership has been presented to be existing at the junction of leadership and entrepreneurship (Leitch & Volery, 2017).
According to Surie & Ashley (2012), entrepreneurial leaders are team oriented, value based and neo-charismatic in nature.Neo-charismatics leadership deals with ability to integrate the followers and leaders together for mutual consent.Team oriented approach deals with the ability of a leader to achieve high involvement of members in the team.Entrepreneurial leadership is based on value, thus articulating and reinforcing the mission and vision by enhancing the confidence of conviction of followers in meet the leader's expectation.
Entrepreneurial leaders have both the ability of cognition and are highly motivated.The cognitive ability of leaders allows them to evaluate the opportunity, discover and create the venture and growth of the same.They are capable of making mental models through their experience and tacit knowledge they are having.The presence of motivation in allows them to use their expertise for productive use (Koryak et al., 2015).Destler & McArthur ( 1946) have investigated 43 entrepreneurs and found certain practices carried out by entrepreneurial leaders.The activities such as innovation, development of monopoly techniques, development of sound corporate finance, political corruption, manipulation of the government and press were undertaken by the entrepreneurs to achieve success.
Although the past literature has focused on entrepreneurial leadership there is dearth of the study on entrepreneurial leadership.We extracted opportunity from the past literature by reviewing the clarity over entrepreneurial leadership.Moreover we investigated and identified the measures, antecedents, outcomes and moderators of entrepreneurial leadership, which have been not captured in the previous literature yet.
In the current study, we started the review with the presentation of the concept of Entrepreneurial Leadership and it's development.The structure of the study is as follows: section 2 provides major findings across the literature on entrepreneurial leadership.Section 3 provides a description of the research methodology used in the current study.Section 4.1 presents the description of the existing measures of the entrepreneurial leadership.Section 4.2 describes antecedents to the entrepreneurial leadership.Section 4.3 identifies the possible outcomes of entrepreneurial leadership.Section 4.4 provides certain possible moderators of entrepreneurial leadership.Next we concluded the study in section 5.

Major Findings Across Literature on Entrepreneurial Leadership
Entrepreneurial studies has been growing since 1980 (Charan, Hofer, & Mahon, 1980).In line with some of the significant findings around entrepreneurial leadership and related field, 841 youth aging from 14 to 19 were examined through telephonic interviews.The author has found the black youth are more desperate and interested in starting the business (Waistad & Kourilsky, 1998).Youths have a perception that successful entrepreneurs need to give back to society.There is a need for entrepreneurial studies as part of the education to clear the misconceptions of the young generation (Boni, Weingart, & Evenson, 2009;Waistad & Kourilsky, 1998).
Previous literature has tried to bring the importance of innovation for business.Innovation is a vital function of entrepreneurial leadership whether the business is existing, early growth or public service institutions (Durker, 2015).
Through a case study on family business, the importance of procedural justice (Van der Heyden, Blondel, & Carlock, 2005) and shared meaning of "who we are as a family business" (Shepherd & Haynie, 2009) for the resolution of conflict and enhancing the performance of the family business is suggested.
Through the investigation of 276 nascent entrepreneurs, pre-venture planning has been found to be related to persistence in the new venture (Gartner & Liao, 2017).Nascent entrepreneurs who have completed business plan at an early stage are more likely to persist as compared to entrepreneurs who have no idea.
Importance of gender in the venture process is covered in the past studies (Brush, 2002;Galloway, Kapasi, & Sang, 2015;Hamilton, 2006;Lechner, Sortheix, Obschonka, & Salmela-Aro, 2018;Lewis, 2015;Mcgowan, Cooper, Durkin, & O'Kane, 2015).The relation of gender with the entrepreneurial leadership has been explored in the past and it has been found it is the passion of the leaders rather than gender can make entrepreneurial success through altercation to the lives of people, customers and other entrepreneurs in the society (Bodolica & Spraggon, 2015;Dean & Ford, 2017).
Creativity has been found to be one of the possible outcomes in the study of 191 pairs of employees and leaders of Chinese firms and it has been concluded that the behavior of entrepreneurial leader is significantly related to the creativity of employees (Wu, McMullen, Neubert, & Yi, 2008).
Various studies in the past have uncovered the importance of social, human capital and financial capital influencing the funding of new firms, categories of financing, time for new firms to get the IPO and emergence of young women as entrepreneurial leaders in business (Gartner, 2011;Jayawarna, Jones, & Macpherson, 2011;Mcgowan et al., 2015;Nicholls, 2010;Yang, Zimmerman, & Jiang, 2011;Yang, Zhou, & Zhang, 2015).
Distributed leadership, transactional and transformational and laissez-faire leadership, and charismatic leadership were also found to influence the performance of business apart from entrepreneurial leadership (Cope, Kempster, & Parry, 2011;Yang et al., 2015;Zaech & Baldegger, 2017).

Research Methodology
The objective of the present study is to examining the literature on entrepreneurial leadership, identifying measures to capture the construct of entrepreneurial leadership and the related construct, describing the precursors, outcomes and moderators of an entrepreneurial leaders.
A comprehensive literature review was performed to achieve the objective.The literature reviewed in the present study includes journal articles.Articles from the journals of ABDC A*A and B category are reviewed as the inclusion criteria.In all, a total of 50 studies from the year 1980 to 2017 were examined for the current study.
Identification of the relevant literature was captured after investigating through the databases for the keywords "Entrepreneurial Leadership" and "Entrepreneurial leader".The databases captured for the same are:  (Renko et al., 2015) Innovativeness-3, Creativity-2, Passion-1, Vision of future-1, Taking

Existing Measures of Entrepreneurial Leadership and the Related Construct
Risks-1 Entrepreneurial Leadership-ENTRELEAD Scale 8 • Prior literature has presented different measures to capture entrepreneurial leadership.Gupta et al. (2004) has presented measure of entrepreneurial leadership through 19 attributes under the taxonomy of five roles.
The construct has been studied in the cross-cultural context across middle managers.After evaluation of the universality of the construct, the author found universal partly support for the construct at the individual level and full support at an organizational level and society level.

•
Zaech & Baldegger (2017) has referred to Bass (1985) for measuring the behavior of leaders.The construct was operationalized with the help of MLQ (Multifactor Leadership Questionnaire) developed by Bass (1985) to measure the behavior of CEOs and employees of startup firms.Leadership behavior was assessed using 36 items under the dimension of transformational leadership, laissez-faire leadership, and transactional leadership.
The scale contains 39 items under four dimensions for measuring entrepreneurial leadership: strategic factors with 10 items (e.g.; "Assigning vision for followers"), communicative Factors (e.g., "the ability to persuade followers"), personal factors (e.g.; "open mind in dealing with events") and motivational factors (e.g.; "self-confidence to influence others").Construct has met the reliability criteria as Cronbach's Alpha Value of all the factors were greater than 0.70.Renko, El Tarabishy, Carsrud, & Brännback (2015) have designed the measure of entrepreneurial leadership popularly knows as ENTRELEAD Scale.Five factors with total of 8 items were developed.Factors namely innovativeness (e.g.; "often comes up with radical improvement ideas for the products/services we are selling"), creativity (e.g.; "has creative solutions to problems"), passion (e.g.; "demonstrates passion for his/her work"), vision of future (e.g.; "has a vision of the future of our business") and taking risks (e.g.; "takes risks") together determines the main construct.

Possible Precursors to Entrepreneurial Leadership
Gupta et al. (2004) found different roles of leaders leading to the development of Entrepreneurial leadership.The study has found certain roles pertaining to the entrepreneurial leaders, such as challenge framing, uncertainty absorbing, clearing path, commitment building and limits specification.We propose that presence of specific attributes and functions in a leader may lead to entrepreneurial leadership.Some of the roles have been discussed below:

Challenge Framing
Leaders stabilize the growth and productivity of the team with the capability of the team.The role of a leader is to frame the challenge towards group and followers in a balanced way.The challenge should not push the team members and followers beyond their limits, preferably within the limit of their capabilities.

Uncertainty Absorbing
Leaders are ready to absorb the responsibility of the uncertainty of the future.Providing the vision for future to the followers, which is to accept by the followers.Leaders take responsibility for unreliable future if anything goes wrong due to followers.

Clearing Path
Entrepreneurial leader provide a clear path to the followers for achieving the goal.Leader works out with environment inside as well as outside the firm to obtain necessary information and resources.The leader negotiates with the internal and external stakeholders to clear barriers present in the path of goal achievement.

Commitment Building
Entrepreneurial leader helps in building commitment of the followers by inspiring them, enhancing their effort and energy in achieving the scenario enacted by the entrepreneur leader.

Limits Specification
Creativity thrives when some constraints are applied.Specifying limit according to the capability of the team and followers enhances creativity of followers.The role of leader in defining the limits helps the followers to maintain their commitment to the turbulent environment.
The above five roles of a leader can enhance their entrepreneurial leadership.Apart from these roles, entrepreneurial mindset and specific attributes in a person lead to entrepreneurial leadership (Gupta et al., 2004;Shepherd & Haynie, 2009).

Entrepreneurial Mindset
Entrepreneurial mindset aids managers to take effective action according to the situation in the contingent environment.Hard work, independence, and personal risk-taking together constitute to form entrepreneurial mindset of leaders.The presence of this mindset enhances entrepreneurial leadership.

Human Capital
Human capital has been found to be influencing the emergence of young women as entrepreneurial leaders.
Human Capital here refers to the capital available to a person regarding his experience and knowledge extracted so far.It also includes capital in the form of demographic attributes such as gender and age, and education, skills and training.Human acts as forerunner to entrepreneurial leadership (Mcgowan et al., 2015).The human capital available to a person is crucial for the development and successful business venturing.

Social Capital
Social capital deals with the relationship an individual is having in the social group.Presence of business network developed through information sharing and liaison between the individual and other actors in network is crucial for prosperous business venturing.Social capital is imperative for efficacious leaders in their business for furnishing critical resources available to the firm in the form of financial and human to a firm.Thus human and social capital is consequential for the very growth of entrepreneurial leadership.
4.2.9Institutional Capital Leitch, Mcmullan, & Harrison (2013) argues that without the institutional capital human capital of a leader comes to stake.It is the set of procedures, rules and formal structures, which intensify the impact of social capital, and amplifies the human capital of a leader.Hence, development of entrepreneurial leadership also depends on institutional capital.

Susceptibility of Followers
Susceptibility of followers to the entrepreneurial opportunities provides conducive environment to the development of entrepreneurial leadership.It is the interaction of leaders and followers which determines the achievement of goals of entrepreneurial leadership (Renko et al., 2015) 4.2.11Ambidexterity In the study of Dean & Ford (2017) six entrepreneurial leaders were examined with structured observation.Presence of competency in pursuing both exploration and exploitation of resources determines the effectiveness of entrepreneurial leadership.

Learning
Development of robust entrepreneurial leadership depends on entrepreneurial learning possessed by the leader.Experience, social interaction and ability to reflect on after observing the issues and opportunities constitutes entrepreneurial learning which leads to entrepreneurial leadership (Bagheri & Pihie, 2011;Kempster & Cope, 2010).

Emotions
Emotions at a time also predict the development of entrepreneurial leadership.Emotional stability during business failure and learning from the same is required at the individual level.The emotions and ability to handle it can greatly impact success of entrepreneurial leadership (Huxtable-Thomas and Hannon, 2016).

Work Values
Work values are the significance an individual gives to the attributes of his work and recompense that he receives from his work.Work value has been found to contribute to the development of entrepreneurial leadership (Lechner et al., 2018).

Strategic Management of Resources
As discussed in the previous section, the presence of capital in the form of human and social aids the development of sound entrepreneurial leadership.With the presence of these capitals, an entrepreneurial leader identifies the entrepreneurial opportunities around them.Since competitive advantage of a firm depends on the how a leader can acquire and develop the resources after identifying them (Ireland et al., 2003).

Wealth Creation
The presence of human and social capital and ability to identify the resources in the entrepreneurial leader is not enough to enhance firm performance.The entrepreneurial leaders' ability to manage the resources strategically affects the performance of the business by creating wealth (Ireland et al., 2003) 4.3.3Innovation Performance Yang et al. (2015) has examined the impact of centralization on innovation performance in 60 firms of China.
The presence of entrepreneurial orientation of leader and employees determines performance of the firm in terms of innovation.Entrepreneurial orientation helps the leader and other employees to solicit for innovative solutions to a problem.Thus entrepreneurial leadership can lead to the innovative performance of the firm.

Startup Performance
Along the same line as discussed above, CEOs and employees of 102 startup firms were examined.In the study, it has been found that the transactional, transformational and laissez-faire leadership are a significantly predict start-up performance (Zaech & Baldegger, 2017).

Employee Voice
Since leaders provide an opportunity and autonomy to the followers.In response, followers behave in way to manifest propositions and ideas for the benefit of firm (Dedahanov, Lee, Rhee, & Yoon, 2016).Thus entrepreneurial leadership can also lead to employee voice behavior in an organization.

Creativity
Wu et al. ( 2008) has found the significant impact of promotion focus and prevention focus of leader's behavior on the creativity of employees.Promotion focus leaders strive for maximizing goal and are success oriented while prevention focus leaders avoid failure and risk and attempt for minimizing goals.Thus the presence of prevention focus behavior in leader will reduce the creativity of employees while the creativity of employees will enhance if the leader is promotion focus.Sklaveniti (2017) concentrated on creativity and co-action of members of ventures leading to the emergence of entrepreneurial leadership in small to medium size firms.

Possible Moderators of Entrepreneurial Leadership
In the prior literature, specific attributes are solely linked to Entrepreneurial Leadership.Absence or presence of these attributes can influence the process of entrepreneurial leadership (Bagheri & Pihie, 2011;Ensley et al., 2006;Gupta et al., 2004;Renko et al., 2015;Soriano & Martínez, 2007): • Performance-oriented: setting the high benchmark for the performance.
• Ambitious: setting challenging goals and working hard to achieve the same • Employee Empowerment: share of authority and power from leader to followers so that followers don't have a sense of powerlessness.
• Entrepreneurial Self-Efficacy: followers should have belief that they are creative and can accomplish the task because entrepreneurial self-efficacy of followers influences the outcomes of entrepreneurial leadership • Entrepreneurial Passion: passion and emotions to engage in entrepreneurial tasks influences the susceptibility towards the entrepreneurial leadership style.
• Contextual Aspect of organization: Crisis situation, availability of resources, strategic orientation, entrepreneurial orientation, top management support and competitive markets are context which influence the entrepreneurial leadership • Pro-active: Ability of taking active steps towards future in identifying opportunities rather than waiting for the future.
• Environmental Dynamism: Uncertainty for the leader and organization due to dubious and swift change in the environments also influences entrepreneurial leadership.

Moderators-References Explanation
Performance-oriented-Leader level (Gupta et al., 2004) Setting the high benchmark for the performance Ambitious-Leader level (Gupta et al., 2004) Setting challenging goals and working hard to achieve the same Informed-Leader level (Gupta et al., 2004) Having set of tacit as well as explicit knowledge Extra Insight-Leader level (Gupta et al., 2004) They have intuition or forethought Visionary-Leader level (Gupta et al., 2004) Leaders are imaginary and tend to set high vision for the future Foresight Leader level (Gupta et al., 2004) Easily foresee future happening Confidence Builder-Leader level (Gupta et al., 2004) Leaders Inculcate confidence in others Diplomatic-Leader level (Gupta et al., 2004) Considerate and have excellent interpersonal relationships with the followers Effective Bargainer-Leader level (Gupta et al., 2004) Good at negotiating with internal as well as external stakeholders Convincing-Leader level (Gupta et al., 2004) Able to convince others and persuade others of their viewpoints.Encourage-Leader level (Gupta et al., 2004) Able to build confidence and hope in the followers Inspirational-Leader level (Gupta et al., 2004) Inspire followers and enhances their motivation to do hard work Enthusiastic-Leader level (Gupta et al., 2004) Inculcating positive feeling and sentiment for work Team Builder-Leader level (Gupta et al., 2004) Leaders can build the team and the strength to work together Improvement-oriented-Leader level (Gupta et al., 2004) Always ready to seek and enhance the performance of the team and followers Integrator-Leader level (Gupta et al., 2004) Able to blend the work of each member and cohesiveness Intellectual Simulation-Leader level (Gupta et al., 2004) Motivate others to participate and inspire them to use their use their intelligence and intellect at work Positive-Leader level (Gupta et al., 2004) Leaders are always pragmatic and confident Decisive-Leader level (Gupta et al., 2004) Swift in decision-making ass.ccsenet.ering intellectual capital such as skills, knowledge, prior managerial experience, negotiation ability with the internal as well as external stakeholders, social capital in terms of their contacts within the business network and social group aids the leaders to develop entrepreneurial leadership Entrepreneurial leaders have specific attributes such as they have extra insight, sense-making of business failure, highly ambitious, the presence of intellectual stimulation, right integrator, ability to make fast decision, positive attitude and traits such proactive personality moderate the process of entrepreneurial leadership.
In the current study, we have found some possible outcomes of entrepreneurial leadership such as wealth creation, firm performance, innovation performance and strategic management of resources.The present study contributes to the literature by extending the scope of literature on entrepreneurial leadership and may provide the insights into studies related to entrepreneurial leadership for future research.

•
Informed: having set of tacit as well as explicit knowledge•Extra Insight: they have intuition or forethought.•Visionary: leaders are imaginary and tend to set high vision for the future • Foresight: easily foresee future happening • Confidence Builder: leaders Inculcate confidence in others • Diplomatic: considerate and have excellent interpersonal relationships with the followers • Effective Bargainer: good at negotiating with internal as well as external stakeholders• Convincing: ability to convince others and persuade others of their viewpoints.• Encourage: able to build confidence and hope in the followers • Inspirational: inspire followers and enhances their motivation to work • Enthusiastic: inculcating positive feeling and sentiment for work • Team Builder: leaders can build team and the strength to work together • Improvement-oriented: always ready to seek and enhance performance of the team and followers • Integrator: able to blend the work of each member and cohesiveness • Intellectual Simulation: motivate others to participate and inspire them to use their use their intelligence and intellect at work • Positive: leaders are always pragmatic and confident • Decisive: swift in decision-making

Table 1 .
Summary of existing measures of entrepreneurial leadership