Classification: Entrepreneurs and Entrepreneurships

Danhof’s classification:

 Innovative Entrepreneurs- These kinds of entrepreneurs are creative and risk takers. They
can think newer, better, and more economical ideas ofbusiness organizationand
management. They can anticipate innovativeness, and are aggressive in experimentation and
can put possibilities into practice. An innovative entrepreneur sees the opportunity for
introducing a new technology, a new product, or a new market.They are business leaders
andcontributors to the economic development of a country.
 Imitative Entrepreneurs- these types of entrepreneurs are less risk takers than Innovative
Entrepreneurs. They adopt suitable innovations made by the innovative entrepreneurs.
Imitative Entrepreneurs imitate the existing entrepreneurs and setup / reorganize their
enterprise in the same manner. Instead of taking risk and research for innovation, they prefer
to adopt the technology and methods innovated by others. These entrepreneurs do not
prefer to take the risks and uncertainty like innovative entrepreneurs.
Maximum businesses fall under this category .
 Fabian Entrepreneurs- This type of entrepreneurs is much more cautious. Normally Fabian
entrepreneurs are not interested in introducing new changes or to adopt new methods of
production introduced in the industry. They are very much skeptical in their approach in
adopting or innovating new technology in their organization and they continue with existing
techniques of production. They adopt new technologies only when there are not options left
out to survive in the business venture.
 Drone Entrepreneurs- Drone entrepreneurs refuse to adopt any kind of changes. They are
very conservative and restricted to changes. they always feel comfortable with their old-
fashioned technology of production even though the environment as well as the society have
undergone considerable changes and they are even ready to suffer the loss of their business

Classification Based on Development Stage

First Generation Entrepreneur

 A first-generationentrepreneuris the first one in his family to start his or her own business.
 First-Gen Entrepreneurs are the risk takers and innovators.
 Most of the time they do not get any support or backing from their families.
 They invent and innovate each process and plan of setting up their business. They can
anticipate opportunities and trend setters.

Challenges for First Generation Entrepreneurs:

 First Gen Entrepreneurs face, they do not have any hands-on experience of doing business
within their family or even outside.
 The second obstacle they must come across is the financial and legal complexities that come
with running a business.
 Raising capital funds and manage their cash flows is another challenge for them. They must
put high effort to convince the investors
Sources of Funding for Entrepreneurs

(1) Angel Investors:

Angel investors support startups in their initial phase of growth and expansion. They are private
investors or a network of wealthy individuals sometimes with family connections. They provide
financial backing to small startups and entrepreneurs in exchange for ownership equity in the
company.
Angel investors typically use their own money, unlike venture capitalists who use an investment
fund. Getting funds from angel investors means the company does not have to return the funds. This
paradoxically happens to be the biggest disadvantage to entrepreneurs as angel investors typically
want 10% to 50% of the company’s equity in exchange for funding.

Advantages of Angel Investors

 Infusion of Capital in the Venture : Getting financial support from angel investment,
entrepreneurs can transform their business ideas into reality. Availed funds can be used for
product development, market expansion, hiring talent, research and development, and
other critical aspects of business growth
 Industry Expertise and Mentorship: Not only the capital on the table of entrepreneur, Angel
Investors also share their wealth of knowledge, industry insights, and network connections.
These experienced individuals often serve as mentors, guiding entrepreneurs in strategic
decision-making, market positioning, business development, and providing support
throughout the startup journey.
 Validation and Credibility: Angel investors' involvement not only provides financial backing
but also lends credibility and validation to the startup. Their willingness to invest signifies
that the entrepreneur's idea has merit and potential, which can be instrumental in attracting
further investment from other sources and building the trust of potential customers and
partners.
 Access to Networks: Angel investors often have extensive networks in various industries. By
leveraging these connections, entrepreneurs gain access to potential customers, strategic
partners, suppliers, and other stakeholders who can fuel business growth.

Strategies to secure Angel Investors

 Make a solid business plan

 Craft a compelling and concise pitch
 Research and identify angel investors
 Building relationships with potential angel investors
 Be prepared to provide financial projections, market research, competitive analysis, and any
other relevant documentation

Disadvantage of Angel Investor- While angel investors enable entrepreneurs to grow their
businesses, there are some drawbacks to this source of funding, including the loss of equity. Many
entrepreneurs give away between 10 to 50% share of their startups for the investment. Angel
investors may also anticipate a high rate of return on their investment, often up to tenfold in the
first five to seven years. This may put the business and its promoters under extra pressure. Prior to
accepting funding, it is important to determine whether the business can grow at the rate an
investor would expect and establish growth expectations.
The other drawback is a loss of control in the business. After investing in a startup, most of the angel
investors become actively involved in the business. For instance, most angel investors prefer to have
an exit plan in place, such as the business going public or selling the company. They may convince
the promoters to sell the business before they are fully ready. If founders give away high equity in
the business, angel investors may also choose to replace them from their key roles with a more
experienced executive, thereby removing the founder themselves from the company they founded.

(2) Venture Capital Firms:

Like angel investors, venture capital firms help young companies that have the potential of providing
high returns. Venture capitalists are private investors who provide financial support to new
companies in exchange for an equity or equity-linked instrument.
Unlike angel investors who operate independently, venture capitalists work for private investment
companies who invest other people’s money. Contrary to the popular belief, most venture capital
firms usually do not fund startups right at their beginning phase. Rather, they fund firms that are
ready to monetize their idea. However, there are some early-stage venture capital firms that invest
in such ventures.

Benefits of Venture Capital

Some benefits of Venture Capital Funding are –

 Venture capital funding provides entrepreneurs with substantial capital injections to

accelerate growth, develop products, expand into new markets, invest in marketing and
sales, hire top talent, and scale operations
 Venture capitalists can provide valuable guidance, strategic insights, and mentorship to
entrepreneurs
 Venture capital funding acts as a vote of confidence in the startup's potential.
 Venture capitalists typically take an active role in the startups they invest in. They become
long-term partners

Disadvantages of Venture Capital funding

 The involvement of venture capitalists can lead to a loss of control over important business
decisions, including strategic direction
 entrepreneurs may face immense pressure to achieve rapid growth and meet aggressive
milestones
 Entrepreneurs may be required to share sensitive financial and operational information,
including business strategies and trade secrets
 By accepting venture capital funding, entrepreneurs dilute their ownership in the company.
 sometimes lead to a misalignment of goals between entrepreneurs and investors

(3) Government Grants:

Grants are financial awards given by an entity to a company to aid its performance. Usually, grants
are distributed in a few stages depending on the fulfilment of certain milestones. So, if a startup fails
to meet a goal at a particular point, it may not receive the grant due in its successive stages.
Government funding is provided by both the central government and the respective state
governments. Here a special mention must be made about the ‘Startup India’ program, which was
introduced by the government of India to support the startup ingenuity of several young business
enthusiasts across the country.

(4) Bank Loans:

Business loans can be availed by entrepreneurs from a bank in order to raise funds. Banks offer
different types of business loans depending on the business needs. They charge an interest which is
typically a certain percentage of the total loan amount.
To give impetus to the Micro, Small, and Medium Enterprises (MSME) sector and startups in India,
the government has now started special business loan schemes that can be availed through many
public and private banks.
Though bank loans are one of the most preferred and conventional funding options, many startups
face challenges especially because of the strict eligibility criteria of the banks. The biggest advantage
of bank loans is that no equity is surrendered to the lender, helping the startups retain their
ownership rights.

Applying for a bank loan involves a lot of time and paperwork. In some cases, the borrower may
have to pledge some collateral. Hence, a good alternative to bank loans is funds from NBFCs. Non-
banking financial companies (NBFC) have flexible loan terms and less stringent eligibility criteria.
Hence, they are popular among people with urgent capital requirements or weak credit ratings.

(5) Crowdfunding:

It is a good alternative to raise money essential to kickstart a new business venture. It is the practice
of pitching a business idea and raising money by attracting and collecting a small amount from a
large number of people. Typically, crowdfunding is done through social media and crowdfunding
websites. In most cases there are restrictions as to who can fund a new business and how much they
can contribute.
Types of Crowdfunding-
 Donation-based Crowdfunding: In this model, contributors donate money without expecting
any financial return. This type is typically used for charitable causes or community-driven
projects.
Example: A group of individuals launches a crowdfunding campaign to raise funds for relief
efforts in an area affected by earthquake.

 Rewards-based Crowdfunding: Funders receive non-financial rewards, such as early access

to the product, exclusive merchandise, or personalized experiences. An entrepreneur may
go for crowdfunding campaign to launch a new game app. Funders may receive early access
to the product, exclusive discounts etc.
 Equity-based Crowdfunding: Investors receive shares or equity in the venture in exchange
for their financial support. This model is suitable for businesses seeking substantial funding
and offers potential returns on investment.
Example: A new startup Ed-Tech venture may need funding They may offer equity stakes in
the company to investors through a crowdfunding campaign. In return for their financial
support, investors become shareholders and have the potential to earn returns if the
company succeeds.
 Debt-based Crowdfunding: Entrepreneurs borrow money from multiple lenders and commit
to repay the principal amount with interest. This approach is akin to peer-to-peer lending
and suits ventures requiring short-term financing.
 Example: A small business owner plans to expand their bakery but lacks the necessary funds.
They turn to a crowdfunding platform where individuals can lend money to support the
project.
Strategies of effective Crowdfunding
 Craft a compelling narrative that communicates the purpose, value, impact of your venture.
 Highlight your USP and communicate attractive & genuine rewards
 Determine the funding target based on thorough research and a detailed financial plan
 Leverage visual and multimedia. Create engaging content
 Actively engage with your backers and potential supporters throughout the campaign.
 Respond to comments, provide regular updates, and express gratitude.
 Utilize social media platforms and your personal networks to amplify reach.
 maintain open lines of communication with your backers even after campaign
Benefits of Crowd Funding for Entrepreneurs
 Access to Capital: Crowd funding provides entrepreneurs with a platform to showcase their
innovative ideas and attract potential backers who are willing to invest.
 Mentorship & Experience sharing by the fund providers.
 Market Validation: Crowd funding campaigns serve as an excellent opportunity to
 gauge market interest and validate a product or service.
 Building a Community: Crowd funding creates a community of passionate supporters
who believe in an entrepreneur's vision.

(6) Business Incubators:

Incubators are specially designed programs that act as catalysts helping startups to develop their
businesses. Usually, it includes a wide range of services like providing office space, management
training, networking and also, financing.
Mostly, the incubation phase is for four to eight months but in some cases it can go up to two years.
To apply for an incubation program, entrepreneurs must submit a detailed business plan.

(7) Bootstrapping

Often Entrepreneurs choose Bootstrapping for their initial venture. It is the practice of starting and
growing a business using entrepreneur’s own resources, not depending on external funding. It can
be an effective way for entrepreneurs to fund their ventures, especially in the early stages. It may
involve sacrifices and slower growth initially, but it can provide you with greater control over your
business and limit your financial obligations to external parties.

Bootstrapping Strategies

 Personal Savings: Entrepreneurs use their personal savings to fund the initial expenses of
business. This may involve reducing personal expenses and setting aside a portion of income
for business.
 Minimize Costs: Look for ways to keep your costs low. Start by operating from a home office
or shared workspace instead of renting a separate office space. Reduces all overhead costs.
 Generate Revenue Early: Focus on generating revenue as quickly as possible.
 Lean Operations: Adopt a lean approach to your business operations. Avoid unnecessary
hires and try to handle as many tasks as possible on your own. May outsource specific tasks
or hire freelancers instead of full-time employees.
  Pre-Selling and Pre-Orders: pre-sales or pre-orders to generate upfront revenue before fully
developing and launching your product. This can provide with funds to cover manufacturing
costs.
 Trading: Explore opportunities for bartering or trading services with other businesses. This
can help you access resources and expertise without the need for cash.
 Sweat Equity: Many entrepreneurs Invest their time, skills, and expertise in the business
instead of relying solely on financial resources. This can help in saving money and build the
necessary foundation for growth.
 Strategic Partnerships: Entrepreneurs may collaborate with other businesses or individuals
who can provide resources, distribution channels, or complementary services. These
partnerships can help to access new markets and customers without significant financial
investment.
 Reinvest Profits: Profit can be re-invested to grow the business.

(8) Funds from Financial Institutes

There are several financial institutions in India that play a significant role in funding entrepreneurs
and supporting their business ventures. These institutions provide a range of financing options
tailored to the specific needs of entrepreneurs.

 Banks: Traditional banks, both public and private, offer various financing options to
entrepreneurs in India. These include business loans, working capital loans, equipment
financing, and overdraft facilities. Banks assess the creditworthiness of entrepreneurs and
provide funds based on collateral, credit history, and the viability of the business. Banks also
offer advisory services, transactional support, and access to banking infrastructure to
facilitate business operations.
 Non-Banking Financial Companies (NBFCs): NBFCs are financial institutions that provide a
wide range of financial services similar to banks, but they are not licensed to accept deposits
from the public. NBFCs play a crucial role in funding entrepreneurs who may have difficulty
accessing financing through traditional banking channels. They offer loans, lease financing,
factoring services, and other customized financial products to meet the specific needs of
entrepreneurs. NBFCs often have more flexible lending criteria and faster loan processing
times compared to traditional banks.
Example: Bajaj Finance, IIFL, TATA Capital etc

 Small Industries Development Bank of India (SIDBI):

➢Specialized financial institution dedicated to supporting small-scale industries and
entrepreneurs in India.
➢ provides financial assistance and development programs to promote entrepreneurship
and small businesses.
➢ Offers various funding schemes, including term loans, working capital loans, equipment
finance, and credit enhancement facilities.
➢ Collaborates with other financial institutions to provide indirect financing and venture
capital support to startups and small businesses.
 Microfinance Institutions(MFIs):
➢ Focus on providing financial services, primarily microloans, to underserved
entrepreneurs and small businesses, particularly those in rural areas.
➢ Cater to individuals who may not have access to traditional banking services due to
limited credit history or lack of collateral.
➢ Offer small loans for income-generation activities, allowing entrepreneurs to start or
expand their businesses.
➢ Provide financial literacy training and other support services to empower
entrepreneurs and promote financial inclusion.
➢ Example: Ujjiban Fin serv. , Bndhan Fin Serv, M&M Fin Serv etc
Trade Credit

For Entrepreneurs or startup business, Trade credit can be a valuable tool for to manage their cash
flow and obtain short-term financing from suppliers or vendors. Simplest definition of Trade Credit is
an arrangement to buy goods and/or services on account without making immediate cash or cheque
payment to the supplier.

Different forms of Trade Credit

 Open Account: This type of Trade Credit are often observed to avail by small start-ups /
businesses. It is the most common form of trade credit. With an open account, the supplier
delivers goods or services to the buyer (entrepreneur / business) without requiring
immediate payment. A specific period like 30, 60, or 90 days can be availed to settle the
invoice.
 Revolving Credit: Revolving credit is a type of trade credit where the buyer is granted a
predetermined credit limit. The buyer can make multiple purchases up to this limit and
repay the outstanding balance within a specified timeframe. Once the balance is repaid, the
credit becomes available again for future purchases.
 Consignment: In a consignment arrangement, the supplier provides goods to the buyer, but
the buyer only pays for the goods once they are sold. Until the goods are sold, they remain
the property of the supplier. This type of trade credit is commonly used in retail businesses.
 Installment Credit: Installment credit allows the buyer to make payments for the purchased
goods or services over a specified period. The total cost is divided into equal installments,
which are paid at regular intervals, including interest charges.
 Trade Drafts/Bills of Exchange: Trade drafts are a form of trade credit where the supplier
issues a written order (draft) to the buyer, instructing them to make payment at a specific
future date. The buyer accepts the draft, indicating their commitment to pay on the agreed-
upon date.
 Supplier Financing: Some suppliers may offer financing options to their customers. This could
involve the supplier providing a loan or arranging third-party financing on behalf of the
buyer. Supplier financing can help the buyer obtain necessary goods or services while
deferring payment or securing more favorable terms.

Disadvantages of Trade Credit

 Trade credit may come with higher prices for goods or services compared to making upfront
payments
 While trade credit provides short-term financing, it can impact your cash flow over time
 Relying heavily on trade credit from a single supplier or a few key suppliers can create a
dependency on them
 Late or missed payments on trade credit can harm your relationship with suppliers
 Accumulating trade credit debt can affect your creditworthiness and borrowing capacity
with other lenders

Funding by issuing Share & Debenture

Share: also known as a stock or equity, represents ownership in a company. When a company issues
shares, it sells ownership stakes to investors in exchange for capital. Shareholders become partial
owners of the company and have certain rights and privileges, including the right to vote on
corporate matters, receive dividends (if declared), and participate in the company's profits and
potential appreciation.

Debenture: A debenture is a debt instrument issued by a company to borrow money from investors.
Unlike shares, debentures do not represent ownership in the company but rather a loan to the
issuing company. Debenture holders are creditors of the company and have a claim on the
company's assets and earnings in case of default or liquidation.

Characteristics of debentures

 Debentures typically carry a fixed interest rate, and the company is obligated to make
interest payments to debenture holders at regular intervals
 Debentures have a specified maturity date when the principal amount is repaid in full to the
debenture holders.
 Secured debentures are backed by specific assets as collateral, while unsecured debentures
(also known as debentures or bonds) do not have specific collateral and rely on the general
creditworthiness of the company
 Some debentures may be convertible into shares of the issuing company at a predetermined
conversion ratio and within a specific conversion period
Motivational Theories
Maslow’s Hierarchy of Needs-
Level 1: Physiological needs

According to Maslow, the most essential human needs are the ones that keep us alive, like
food, water, shelter and air. Without this basic level of survival, a person can’t be expected to
do much in the way of higher thinking or achievement.

“A person who is lacking food, safety, love, and esteem would most probably hunger for food
more strongly than for anything else,” Maslow explained in his paper. Everything else, he
posited, has to come after.

Level 2: Safety needs

With basic needs fulfilled, the next level of needs moves to safety. These are things like
financial security, freedom from fear, stable health and anything that can lend our day-to-day
lives a level of predictability and security.

Maslow argued that it’s this level of safety-seeking that leads humans to prize systems that
bring order to their existence, perhaps in the form of law or religion. Some challenges to this
level, he suggested, could be “wild animals, extremes of temperature, criminals, assault and
murder, (and) tyranny.”

Level 3: Needs of belonging

Once basic survival and a modicum of security are established, human needs change a little
bit. The third level of the hierarchy includes concepts like friendship, community, love, shared
experiences and anything that gives humans a sense of belonging among themselves.

In this model, Maslow assumed, with the fulfillment of one level, humans will generally
develop a longing to fulfill the next.

“Now the person will feel keenly, as never before, the absence of friends, or a sweetheart, or
a wife, or children,” Maslow wrote. “He will hunger for affectionate relations with people in
general, namely, for a place in his group, and he will strive with great intensity to achieve this
goal. He will want to attain such a place more than anything else in the world and may even
forget that once, when he was hungry, he sneered at love.”

Level 4: Esteem needs

The top of Maslow’s Hierarchy — the ultimate condition of human opportunity — has to do
with self-actualization. But first, humans must fulfill needs of esteem. Esteem, in this sense,
refers to a person’s sense of self and their sense of self in relation to others. This level
includes things like dignity, personal achievement and maybe even a sense of prestige in a
certain area.

“Satisfaction of the self-esteem need leads to feelings of self-confidence, worth, strength,

capability and adequacy of being useful and necessary in the world,” Maslow wrote.
Level 5: Self-actualization needs

Finally, once a person has all they need to survive, function, and understand their position in
the world and their community, they can enter the final portion of the hierarchy. Self-
actualization can mean many things, but many of the examples center around a desire to
explore, create or expand ones skills. Concepts like beauty, aesthetics and discovery translate
into real-world examples like art, learning a new language, refining one’s talents and
becoming the best one can be.

“A musician must make music, an artist must paint, a poet must write, if he is to be ultimately
happy,” Maslow wrote. “What a man can be, he must be. This need we may call self-
actualization.” (Despite the pronouns, one assumes the process of self-actualization is also
applicable to humans who are not men.)

Appearance and variations

The hierarchy of needs is traditionally represented as a pyramid. Over time, other thinkers
have tweaked and re-visualized Maslow’s hierarchy in different ways; expounding on or
splitting the levels, or proposing models where needs are differently ordered. The general idea
remains the same, however: Humans have different sets of needs that rely upon each other,
and one must have basic needs fulfilled before they can reach their potential.
Hertzberg’s two-factor Theory-
Herzberg’s two-factor theory is a well-known concept in the field of human resource management
and organizational behavior. This concept puts forward two factors that motivate employees: job
satisfaction and job dissatisfaction.

While these might seem like opposites, they work together in a cycle. For example, when an
employee is unhappy with their job, they may exhibit low performance or consider quitting the
company. On the other hand, satisfied employees feel content with their work, perform better, and
stick with the company for longer.

Understanding this theory can help managers create a positive work environment and improve
employee performance.

In this article, we’ll provide an overview of Herzberg’s two-factor theory and how it works. We’ll
explore the two categories of factors that influence employee satisfaction and motivation, known as
hygiene factors and motivators. Additionally, we’ll provide examples of how to apply this theory in
the workplace to improve employee engagement and retention. And, if you’re looking for a tool to
help you manage your projects, you can read more about Wrike’s project schedule template.

What is the two-factor theory?

The two-factor theory is a concept that states the factors that affect an individual's satisfaction and
motivation level. These two factors are:

 Job satisfaction (affective/hygiene)

 Job dissatisfaction (motivational)

When American psychologist Frederick Irving Herzberg developed this theory in 1968, it quickly
became the most requested article in the Harvard Business Review. Herzberg believed that these
two factors impacted employees' performance in different ways.

Both effective and motivational factors tend to influence people differently. Even as an individual is
satisfied with their role, they may not be motivated enough to work towards their goals.

Let’s see how project managers can put this theory to work to ensure higher employee morale and
improved productivity.

Hygiene factors

Hygiene factors are the elements of a job that satisfy basic needs: security, pay, fairness, and

working conditions. When these needs are met, employees feel comfortable and satisfied with their

roles. Here are some examples of hygiene factors:

  Salary and benefits: How well an employee's basic needs are met, such as pay and insurance
 Job security: The amount of control the employer has over keeping the position filled
 Work environment: The amount of stress and travel required, as well as the office
environment (temperature, cleanliness, basic hygiene)
 Job policies: How an employee's day-to-day activities are controlled
 Supervisory practices: How well the employees are managed
 Company policies and administration: The way policies are set up in the organization
 Company reputation: The reputation of an organization outside of the company walls, such
as with suppliers and business partners

Herzberg motivators

Motivational factors are the key job elements that motivate people to stay and grow in a role. When

these needs are not fulfilled, the project team may become dissatisfied with their jobs. They may

want more challenging roles that allow them to grow professionally, learn new skills, or manage

greater responsibilities.

Here are a few examples of motivators as per Herzberg’s two-factor theory:

 Achievement: The sense of accomplishment at the end of a project or task

 Recognition for accomplishments: Being acknowledged for their work or contributions to
the organization that go above and beyond their job duties, whether that’s through a raise,
promotion, or important assignment
 Advancement: The opportunity to be promoted within the organization
 Creativity: The ability to think outside the box to solve problems or come up with new ideas
 Variety: A change in work assignments, projects, or duties
 Independence: The ability to make their own decisions
 Interesting work: Tasks are stimulating and keep them interested
 Responsibility: The opportunity to take on bigger project roles, more duties, and higher
levels of confidentiality
 Accomplishment: The ability to accomplish a given task within the set deadline
 Personal development: The opportunity to upskill by learning new skills, improving existing
ones, and attaining certifications
 Interpersonal relationships: The ability to interact with other employees or clients positively
and build long-term relationships
 Status: Being seen as a leader in the organization, giving orders, and seeing those orders
carried out
McClelland’s Theory of Needs
David McClelland's Theory of Needs focuses on the motivational needs that drive human behavior in
various contexts. According to this theory, individuals' actions and decisions are influenced by three
needs –

• the need for achievement (nAch)- Individuals with a high need for achievement are motivated by

 ➢ the desire to excel,

 ➢ accomplish challenging tasks, and
 ➢ attain personal goals
 ➢ take calculated risks
 ➢ often driven by a sense of accomplishment and the satisfaction that comes from
overcoming obstacles.

• the need for affiliation (nAff)-

 ➢ the desire for positive interpersonal relationships,

 ➢ social interactions, and a sense of belonging.
 ➢ seek to establish and maintain friendly connections with others.
 ➢ prioritize cooperation, teamwork, and harmonious relationships.
 ➢ often motivated by the need to avoid conflict and maintain a pleasant social environment.

• the need for power (nPower)-

 ➢ the desire to influence, control, or have an impact on others and the environment.
 ➢ motivated by the opportunity to lead, direct, and make decisions that affect outcomes.
 ➢ personal power, which is focused on controlling others,
 ➢ and institutional power, which is focused on making positive changes for the organization
or society.