Business Management Research Paper

From other perspectives, these words are perceived as two different business approaches.Those identifying these terms as extremes maintain the possibility of an individual being a bad manager and good leader simultaneously.Others have resided somewhere between the terms insisting that while management and leadership inherently presents two different business approaches, it is possible to navigate in both positions for a successful business.In modern business environment, businesses – whether small or large- will importantly require effective managers and if any operation is going to be regarded as successful.With such unethical practices, it is obvious that a strong impact has been witnessed in economic growth, which boils down to declining capital investments and unemployment for small businesses.Emergence of economic uncertainty can be traced back to World Com and e-business sector failure (Luthans, Luthans, Hodgetts, & Luthans 2001).

Therefore, without even contemplating on what constitutes leadership and management, business developers embark on a journey that is entirely perceived to be geared towards the overall goal.From a different perspective, Kouzes and Posner (2007) argue that management is understood from varying definitions.Conversely, this does not imply that both management and leadership roles cannot be held by one individual, but management is perceived to follow a definition quite different from leadership.Before the famous 9/11 attack, United States economy was already declining following increased unemployment and reduced consumer spending.This condition was further worsened by the 9/11 attack that resulted in increased uncertainty in economic change (Shaw & Shapiro 2002).In Kotler’s , leadership is an old concept that has been employed in business for many centuries.Management on the other hand is a concept that has been developed over the last 100 years as a result of industrial transformation.Management definition incorporates supervisory, administrative, and executive direction of an organization or group.Therefore, management and leadership are perceived to share numerous similarities.For instance, going by the understanding of Gordon and Yukl (2004), both leadership and management are ways of impacting influence and collaborating with people for achievement of the overall goal.However, management and leadership fields can also be observed to be different.

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