A proper way to lead the whole team or fellow members requires efficient strategies and techniques. In this regard, the leaders must be passionate and simultaneously possess certain qualities, strong determination, and practical approaches to achieve the long-term goals. These foundational traits are also crucial for long-lasting success in this tough competitive market.
In visionary leadership, these fundamental traits reflect through envisioning the future of the organization with which they are associated. Moreover, envisioning the future on the company’s part also creates a shared vision with fellow employees. The leaders understand that by encouraging and motivating the employees, productivity and performance can be increased.
Therefore, the present article tries to enlighten the importance of visionary leadership theory with its impact on business growth. The paper also sheds light on certain leading companies where the leaders address this approach.
Table of Contents
Fundamental Principles of Visionary Leadership –
As elucidated by Van der Voet and Steijn (2021), visionary leaders always try to achieve success by dealing with the competitiveness in the industry. By following the five principles of visionary leadership, the achievement can be possible as well as in a more sustainable way.
● Build Vision –
The fundamental principle, as shown in the above image, reflects that having a common goal and creating a common understanding is essential to achieve the goal or target for all the employees. This principle can also monitor the tracking of progression.
● Nurture Collaboration –
Teamwork always reflects the successful execution of any project. Therefore, the leaders always emphasize the collaboration of employees. In this regard, the communication among the employees is improved, which provides the achievement of the long-term goals.
● Promote Performance –
The leaders are responsible for creating a work environment that acts as the catalyst for increasing performance.
● Cultivating Learning –
The leaders encourage employees to increase their work performance. In this regard, the employees can have the opportunity to improve their skills and knowledge in new avenues. Moreover, the leaders also stress improving the performance through innovating and creating different things.
● Ensure Results –
Delivering the result or the final execution of the project is the most critical factor for the employees and the leaders at the same time. By incorporating the above four principles, the leaders successfully achieve the result.
Traits of Visionary Leadership –
Successful visionary leaders are commonly delivered through a particular time in an agency. Transformational leaders can be invited to an agency to inspire workers through motivating and creating successful leaders. Charismatic leaders are probably used to encourage a business enterprise to live the route and generate pleasure across the undertaking and vision.
As elucidated by Mascareñoet al. (2020), visionary leaders are responsible for supporting transport closer to innovation and cultivating a new pathway to success in the business enterprise. Therefore, if an enterprise is trying to pass to the subsequent degree and tackle new tasks or re-examine its vision, then a visionary chief is possibly the individual they should not forget operating with.
1) Favorable Toward Innovation –
The visionary leaders need to embrace the failures and accept the volatile effects of the innovations the employees make in the projects.
2) Resilience –
The leaders need to deal with certain situations where they are supposed to work against the old perceptions, company politics, and the market pressure simultaneously.
3) Strategic Thinking –
The visionary leaders always plan before the execution of the project. In this case, they always have all strategies readty to succeed with the future perception of the project (Status, 2022).
4) Intelligent Risk Taker –
To address the innovation in the project, the visionary leaders are always ready to deal with the failure and adverse situations.
5) Skilled Communication –
The leaders always reflect their convincing power through skillful eloquence. In this regard, visionary leaders are always successful in convincing the company’s investors.
6) Expert Organizers –
The leaders have the skills to manage and utilize the employees’ talent properly, unlike the transformational and bureaucratic leaders.
7) Intensely Focused and Enthusiastic –
The visionary leaders possess the self-control and self-discipline to deal with every situation. The passion and keen interest also inspire fellow employees (Status, 2022).
Visionary Leadership Examples [Case Study] – Implementation in Business Industry
Developing a vision statement is one of the foremost things leaders formulate in the business operations (Alshameri and Green, 2020). In this regard, we may take examples from the leading companies in the business industry. Among them, the vision statement of Tesla, which states “to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles,” reflects the credibility and the positive feelings on the part of the company (Panmore, 2022).
In this regard, Elon Musk, CEO of Tesla and SpaceX, represents his company’s visionary leaders. According to the business strategies which have been reflected in the contemporary market, it can be viewed that Elon Musk always tries to seek improvement in Tesla.
The above pictorial illustration enlightens the fact of becoming a successful visionary leader in the business industry. Moreover, sharing each detail of business with employees of his operations creates harmony in the overall workforce, and this simultaneously brings sustainable achievement.
From the above image, the net profit of Tesla will be impressive in a few years when the company manages to acquire 5.5 billion U.S. dollars in 2021. The outstanding achievement reflects the profitable strategies undertaken by the company’s leader.
Therefore, visionary leaders who stick to big visions must be careful, as the competition cannot be ignored. It would help if you also had a well-defined role and sense of responsibility so you don’t lose your steps toward the vision.
Alshameri, F. and Green, N.G., 2020. Analyzing the strength between mission and vision statements and industry via machine learning. Journal of Applied Business Research (JABR), 36(3), pp.121-128.
Mascareño, J., Rietzschel, E. and Wisse, B., 2020. Envisioning innovation: Does visionary leadership engender innovative team performance through goal alignment?. Creativity and Innovation Management, 29(1), pp.33-48.
Panmore, 2022, Tesla’s vision statement, Available at: http://panmore.com/tesla-motors-inc-vision-statement-mission-statement-analysis#:~:text=Tesla’s%20vision%20statement%20is%20%E2%80%9Cto,company’s%20focus%20on%20renewable%20energy[Accessed on: 11th June 2022]
Statista, 2022a, Tesla’s Vehicle production growth, Available at: https://www.statista.com/statistics/715421/tesla-quarterly-vehicle-production/[Accessed on: 11th June 2022]
Status, 2022, Visionary Traits, Available at: https://status.net/articles/visionary-leadership/ [Accessed on: 11th June 2022]
Van der Voet, J. and Steijn, B., 2021. Team innovation through collaboration: How visionary leadership spurs innovation via team cohesion. Public Management Review, 23(9), pp.1275-1294.