� about leaders being perceived by followers as empathically and exemplary.
Team-oriented leadership: this kind of leadership, as the name suggests, is about team building leaders who focus on common goals and purposes for a group of people and motivate them to use synergy. This leadership style requires“ diplomatic” and“ collaborative” traits.
In Panama, most successful companies focus on having leaders with similar qualities and direction. As mentioned before, Panama is all about building relationships and getting work done around those relationships. Therefore, charismatic leadership is necessary. Even if it is not about inspiration and motivation, it has to be about making people feel“ good,” since Panamanian culture is deeply rooted in emotional values.
ENTREPRENEURSHIP
As defined by New York University( NYU), entrepreneurship means“ seizing opportunities,” which is exactly what people ingrained with business philosophies do. Entrepreneurship is all about getting into ventures that bring innovation, fulfill unmet needs, create jobs, or take advantage of attractive markets. Research from International Entrepreneurship, a website created by two acclaimed entrepreneurs and professors, indicates that Panama enjoys a strong entrepreneurial culture and community; entrepreneurs are a key piece in the country ' s overall economy. They state that there are a lot of“ opportunities for entrepreneurial activity in the higher-growth sectors of financial services, logistics, telecommunications, retail, and tourism.”
Despite the enormously favorable conditions in the eyes of many, very few Panamanian locals actually got into entrepreneurship, as data from 2009 indicated. Most of the businesses in Panama are 4 | L A T I T U D E 0 4 / 0 1 / 2013 either owned by foreigners, who take maximum advantage of the attractive market, or are passed along as family enterprises, which are usually owned by the wealthy few nationals in the country( Samuel Taliaferro). In the Colon Free Zone, for example, most of the biggest companies were established by foreigners or Panamanians that have foreign ancestry.
Given that articles from La Prensa- Nicaragua suggest that 100,000 youngsters in Panama are unemployed after they graduate from university, the highest number in the region; the lack of entrepreneurial activity by Panamanians is just sad. Most aptly put, the education system in Panama and the culture of the country has created in people an aversion to action. Even if somebody has an idea, they are fearful to implement it or do something about it because risks run high. An article by Mary Triny Zea for La Prensa in 2010 pointed out that“ 68 % of Panamanians want to build a business, but only 14 % said they would dare to take that route in three years. Young people under 25 are the least likely to risk riding the wave.”
However, change is taking place in Panama, slowly, but surely. An article in Revista Summa stated that according to the Global Entrepreneurship Monitor( GEM), during 2011-2012, 20 % of Panamanians started their own businesses or managed one that was recently established. They also pointed out that 1 out of every 5 Panamanians has the willingness to start his / her own venture. These data indicate great results, since, as we all know, one can easily provide tools to people but not the willingness if they do not have it. Fortunately, a lot of effort is being put in for the encouragement of entrepreneurial activity. The City of Knowledge is one of those groups that is trying to create awareness about entrepreneurship in Panama. With a group like Accelerador de Empresas de Panamá( AEP) that promotes and aids people who want to start their own business ventures, various educational courses, and sponsors and patners like