Contemporary Management Issues in the 21st Century

This report discusses the relevance of entrepreneurship theoretical models in the contemporary business context characterized by uncertainty and major global dislocations such as climate change. It critically assesses the causation and effectuation elements and their significance in the implementation of procedures at the organizational level. The report also highlights the challenges faced by new business ventures and the need for innovative solutions to improve living standards and stimulate economic development. The report concludes by emphasizing the importance of understanding contemporary management issues for conclusive approaches at the organizational level.

Contemporary
management issue in the
21st century

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Critically assess the theoretical model of entrepreneurship has little relevance in the
contemporary business context characterised by uncertainty and major global dislocations
such as climate change ...............................................................................................................3
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Contemporary management refers to the modern approach in order to oversee the
business and also involves the activities such as planning, decision-making and monitoring as
well. It is the practice which attempts to establish the goals which aligns with the stakeholders
interests which ranges from traditional investors to customers and employees(Bailey and et.al.,
2019). It also refers to the control of resources, processes and innovations in organisations in
order to achieve the goals into intended form within the existing possibilities. The present report
will cover discussion about the entrepreneurship theoretical model which has lower level of
relevance in the business at contemporary level context. It is basically distinguished
characterised by the main dislocations at global level and uncertainty such as climate change.
MAIN BODY
Critically assess the entrepreneurship theoretical model which has lower level of relevance in the
business at contemporary level context distinguished through dislocations at global level
on a larger scale and uncertainty such as climate change
Entrepreneurship refers to the readiness to develop and ability to its un certainities for
making the profit. It is also the kind of act of running and starting their own business or the
tendency to be creative and also wishes to work for themselves in their own ventures. When the
market value is generated by the combination of resources is more than the market value it
generates and entrepreneur makes the profit as well. As there are four main theories of
entrepreneurship which basically include cultural theory, economic theory, sociological theory
and psychological theory. These are the theories which has very little relevance into the
contemporary business context(Bersani and Doherty., 2018). In context to Sarasvathy, causation
and effectuation are the two major elements which serves as the basis to develop a new
establishment or venture. These are the two elements which plays a very significant role in terms
of shifting the inevitability of economy to entrepreneurial contingency. Causation is basically
based on the logic of prediction whereas effectuation is based on the logic of control.
The process of causation takes a particular effect which is as given and the focus is on
selecting in between the means to create that effect. The process of effectuation basically takes
the set of means which is as given and focused on the selecting between the possible effects
which can be created with that set of means. It has been observed that between these two

elements causation is mostly preferable at the time when entrepreneurs is given major emphasis
on the knowledge and effectuation is majorly preferable on focusing on the capitalising on the
opportunities. Within the business it has been observed that causation basically implies that
entrepreneurs which is focused n the predefined goal and then it aims to find the means to reach
towards the goal. The effectuation approach basically refers to the entrepreneurs which is
focused on the means at hand and also they aim to materialise into one or more goals which were
not predefined into the necessary format(Gunasekaran and et.al., 2019). Within the
entrepreneurship, causation basically involves the process which has been used to select or
predict the actions towards the set goals. It is also a kind of predictive and also more the
consequential decision making logic. The causation process basically takes the specific effect
and focused on selecting between the means to create that effect.
It has been observed that with support of causation approach, entrepreneurs also seek to
indeed network resources as the means for accomplishing the goals. When entrepreneurs plans to
do while planning to develop new ventures, engages in the decisions for changing the scope of
activities, comprising technologies, product offerings etc which can be shift to use of the
decision making logic. There are different kinds of business ventures that works according to the
effectuation while other businesses select the causation. It also relies on the motivational mindset
and also on the set of skill of entrepreneur for operating and developing the new business.
According to changing period of time and with the availability of resources, entrepreneurs
become more confident and also passionate to drive towards the risk and also attain the well
positions as well(Lee., 2021). For instance, there is start up such as Curry in a hurry which is a
restaurant that has been established with the process of causation. Within the organisation, the
theory at economic level can be utilised which argues the arti facts. For instance, organisations
are basically the result of inevitable level, normal assumptions of rationality in the behaviour of
choice and given preferences ordering of actors at economic level. Within the present paradigm,
entrepreneur initiates practices for starting with universe of potential customers ,use of causation
approach for implementing new business idea. The model of traditional entrepreneurial supports
the businessman to run it for particular period of time with capabilities into innovative style.
Under this head, there are certain challenges which has relationship with innovation that has
been faced through the new venture of business are people desirability addition to business
viability, technical feasibility,.

Concepts and modern entrepreneurial idea has been viewed as the concept driven where
the business man has dedication towards the opportunities within the hand. While scaling for the
purpose of profits generation where it act as the development of new business. According to this
modern period of time, businessman who develops the business does not follow the ideology of
mundane and also takes the risk for new possibilities exploitation for success elevation within
this market of international level. With support of phenomena of effectuation, it has been
observed that the new businesses generally face expected loss rather than the higher returns and
also exploits the contingencies(Malik., 2018). It rather than exploits the knowledge of pre-
existing level and the unpredictable future controls. It also focuses on the detailed analysis at
competitive level, alliance of strategic level into together form with commitments on pre level
from stakeholders act as the mediator for removing it. Within this business at initial stage, it has
new chance in order to make the alliance of strategic level for grabbing the assistance of suitable
support and guidance that can help in terms of supporting the position into market. It also
formulate the better rapport and also gives hard rivalry to their competitors.
In this world of modern era, deal between the Noble and Starbucks and Barnes is the best
instance of alliance of strategic level where the initial entrepreneurship Noble & Barnes which
have the Starbucks alliance with in order to do what they can do while sharing the information
of benefit of space on both the levels. It also enhances the efficiency level, market share and
profitability of the business on the higher standards. According to current period of time, the
development of new business is basically based on the decision-making in order to adopt the
innovative ways for performing or carrying out the operations. The modern entrepreneurs do not
work according to traditional mechanisms of entrepreneurship as they do not fit it into the
dynamic situations at competitive level(Popkova and Gulzat., 2019). Within this new business
ventures they are required to perform their tough actions in order to achieve the competitive edge
by implementing, devising and controlling tactics of promotions.
There are different kinds of models which include STP analysis, Porter's generic model
etc are optimise the adaptability, flexibility in the together form with reliability and target
market. For example, strategies of marketing used by Airdi Limited is highly unique, attractive

and innovative in terms of nature as well. It has major focus towards the featuring of hand dryers
and different products through social media platforms , advertisement and for influencing the
target audience in order to make the purchase decision. When the innovation is into successful
terms, the enterprise gains the profits through increasing the demand of its offerings.
It has been observed that within the new business of such kind of environment gives the
support system for their workers into context of concern of voice level and issues with the
company so that working becomes resolved at the internal level. There are many modern
entrepreneurs who have the innovative solutions for improving the standards of living in the
together form for creating the wealth(Ragulina and et.al., 2019). The change also drives through
the innovation where new and improved commodities and services enables the market into new
terms for developing into positive terms. There are many modern entrepreneurs who provide the
products and services who produces the cascading effect due to which they stimulate the sectors
or related ventures that requires to support the new business which lead towards the economic
development.
CONCLUSION
It has been concluded that management at contemporary level is very significant at the
level of organisation. There are different kinds of contemporary management issues which needs
to be taken into consideration into serious form. It has been concluded that there are majorly two
elements which includes causation and effectuation as well. It has been determined that these are
the two concepts which takes into account while implementing the procedure at the
organisational level. There are certain theories of entrepreneurship which has lower level of
involvement into the business context due to its significance and characteristics as well. So its
very important to understand the concept of contemporary management so that further actions
can be taken accordingly for it. So in the overall manner, it has been observed that issues related
to contemporary management requires to consider into serious manner so that conclusive
approach can be used at the level of organisation.

REFERENCES
Books and Journals
Bailey and et.al., 2019. The five paradoxes of meaningful work: Introduction to the special issue
‘meaningful work: Prospects for the 21st century’. Journal of Management
Studies, 56(3), pp.481-499.
Bersani, B. E. and Doherty, E. E., 2018. Desistance from offending in the twenty-first
century. Annual Review of Criminology, 1, pp.311-334.
Gunasekaran and et.al., 2019. Quality management in the 21st century enterprises: Research
pathway towards Industry 4.0. International journal of production economics, 207,
pp.125-129.
Lee, M. R., 2021. Leading virtual project teams: Adapting leadership theories and
communications techniques to 21st century organizations. Auerbach Publications.
Malik, R. S., 2018. Educational challenges in 21st century and sustainable development. Journal
of Sustainable Development Education and Research, 2(1), pp.9-20.
Popkova, E. G. and Gulzat, K., 2019, May. Technological revolution in the 21 st century: digital
society vs. artificial intelligence. In Institute of Scientific Communications
Conference (pp. 339-345). Springer, Cham.
Ragulina, Y.V., Alekseev, A.N., Strizhkina, I.V. and Tumanov, A.I., 2019. Methodology of
criterial evaluation of consequences of the industrial revolution of the 21st century.
In Industry 4.0: Industrial Revolution of the 21st Century (pp. 235-244). Springer,
Cham.