Contemporary Management Issues in the 21st Century

This essay discusses the need for a novel approach to venture creation drawing on the analysis of business management issues in the contemporary world. It explores the impact of causation and effectuation on entrepreneurship, the significance of business models and pitches, and the challenges faced by human resource managers. The essay concludes that effective business planning and the use of causation and effectuation are crucial for the success of a business.

Contemporary
Management Issues in
the 21st Century

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK ..............................................................................................................................................3
Explanation for tool requires a novel approach to the concept of venture creation drawing on
the analysis of business management issues...............................................................................3
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The aim of this essay is to discuss the statement which says that artefacts are analysed to
needed novel approach for the entrepreneurship management and economics. This also says that
entrepreneurship is based on two factors that are causation and effectuation(Anagün, 2018).
These are the factors which says that business ventures operates their business on predefined
goals and also analyse the various functions and the task in order to achieve the goals. On other
hand, effectuation process defied as the approach of decision-making and to carry out the needful
actions. This, this respective essay going to analyse the argument in content to understand the
business management issues in the emerging contemporary world.
MAIN BODY
TASK
Explanation for tool requires a novel approach to the concept of venture creation drawing on the
analysis of business management issues.
According to the different novelist and the scholars, the business environment is being
surrounded by the various methods and the tool in context to the business model, prototypes and
pitches. These are the tool which is needed for the support system for different ventures hat is
leading to have growth and development. These tools can be distinguished among broad types
that is being abstractive, narrative and materialist. In the traditional ways, the entrepreneurial
formation majorly depended on the entrepreneurial efforts and the traits of the individual which
leads them to get success. Therefore, this shows that understanding these tool also helps n the
economic and the effective management of the venture. In such business plan, models and
pitches is majorly impact the overall functioning of the business at the wider context. It is vital to
analyse the entrepreneurship in an appropriate manner. There are many theorist which have
created the novel methods for the entrepreneurial journey that also reflects the many facts and
the data for the various business task within the business organisation. In relation to dynamic
business environment, the given theory, the business and model plans are becoming complexing
day to day and uncertainties are threatening the overall environment that basically impact the
companies in daily basis and uncertainties also threatening the environment. The global business
environment is now based on the technology and trends which is leading to the better approach
in the market so that they can have the better approach in the market by which they can rightly

attains the overall profitability. Therefore, the decision are need to be taken with the
consideration of it. There are different model such as stage process which is yet to discovered in
order to fulfil the needs of the different business. This also helps in giving solutions such as
global business factors that helps in grabbing the integrated set of opportunities and can get
development. Entrepreneurship are the uncertainties that helps in making the people and trends.
These are the factors which impact the ideas and the decision-making of the entrepreneur. For
say, an entrepreneur is always looking for the innovation in their given food products. They need
to think about the advantages and advantages, resource generation, staff hiring and the training
of the employees. Thus, causation and effectuation are the two important term that have achieved
the significance in enhancing the entrepreneurship. In the modern world, the business is needed
to get the requirement of flexibility and limited working approach that does not directly effects
the retention of the employees and the manpower of the company. The effects of causation
derived that the goal must have the pre-determined.
In this business, there are various complexities that are required to achieve the goals that
will made the systematic path to go forward. Now a days, entrepreneurs can not take the
decisions with easy approach and nor make experiment to evaluate the business effectively.
Modern ways of working is not constant or simpler in comparison to the traditional ways. This
also leads to drive every single decision and goals which needs to be as per the format, rest of the
activities will move in well-defined manner. This also creates the minimum changes of failure
and business are running in an profitable manner(Wrahatnolo, 2018). On the other hand, the
approach of effectuation majorly focuses on creating the insights of conducting the work as per
the set goals. Such approaches are important for the global business context in which they are
getting effected with the political, environmental, technological and the certain legal issues. It is
defined as the macro factors which is impacting the overall functionality of business in an
appropriate manner. With the huge impact of taxes, trade policy and environmental concerns,
this becomes the threat for the company to have the positive impact on the society.
Technological factors are the significant one fr the global business environment. Everything is
becoming digitally integrated that are vital foe the functioning of the economy and also leads to
enhance the overall growth in the society. There are many company such as Amazon, Apple
which are the best example of high-tech technology and the innovation takes places to grow their
operations in the large market. In the current market trends, the effectuation approach does not

always work in the effective business management. There are some decisions that might not help
with the current market opportunities in order to change the decision as per the current market
situation(Chalkiadaki, 2018).
There is a situation like COVID-19 in which the business needs to make change their
overall strategies and also leads to face the various issues and the manager needs to adjust and
being ready to do the things which is vital to cope with the situation. At this this, the companies
face many issues for increasing their overall profitability and also work in providing welfare to
the company. It is having the ascertained that the respective approach of effectuation and
causation can be used on the current organisation situation. This is also significant for the
venture to analyse the need of society with the effective contribution in the operations. There are
certain business model which is helps the government and the various agencies to clear the aim
in order to regulate in the large market. Effectuation model is needed in which the entrepreneurs
get the insights related to the decision-making that is helpful for the future operations and also
able to eliminate the task which are not needed. It is also significant that all the decisions must
influence the objective of the business and manger can rightly make the required change within
the organisation. The human resource manager is having the huge responsibility to balance the
effective relationship between the employees and the manager. In the absence of communication
between the employees, this leads to create the negative impact on the overall profitability of
business organisation. HR manager is facing huge challenges of giving training development &
compensation(Malik, 2018). These are the programmes which helps the employees to get the
targeted goals. Training sessions also leads to develop the integrated set of skills and knowledge
of the workers. Compensation is defined as the bonus, salary and the incentives. There are
challenges which is being faced by the human resource manager and involves the overseen
personnel information & security the privacy of the data. Offering training to the employees who
secure data is difficult task of the human resource manager. In order to overcome from all the
challenges, company needs to contribute in the business plan that consist of information related
to the various task within the organisation. The effectuation and causation need to contribute to
the short term and long term business strategies. Once the goal are fixed by the manager and they
communicate to their employees. Causation and effectuation defined the issues which is being
faced by the business companies in their initial stage which is significant to reach to the goal of
the business.

CONCLUSION
It is concluded from the above essay that business environment is the based on the two
aspects that are effectuation and causation. Before staring the particular business owners, they
need to enhance the effective business plan. The owner responsibility is to have the effective
strategies for the business functions. On the other hand, the causation is the approach which is
being used to analyse the overall functionality of the business which can leads to have high level
of growth and success in the market. It is being used to design the desired goals and the
appropriate path to achieve them. The entrepreneurs must focuses on the means at hand and they
always try to materialize them into one or many goals. These are the basic approach which helps
in the success of the company. Without using these approaches, a business can not work in an
proper manner.

REFERENCES
Books and Journals
Chalkiadaki, A., 2018. A systematic literature review of 21st century skills and competencies in
primary education. International Journal of Instruction, 11(3), pp.1-16.
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.
Wrahatnolo, T., 2018. 21st centuries skill implication on educational system. In IOP Conference
Series: Materials Science and Engineering (Vol. 296, No. 1, p. 012036). IOP
Publishing.
Anagün, S. S., 2018. Teachers' Perceptions about the Relationship between 21st Century Skills
and Managing Constructivist Learning Environments. International Journal of
Instruction, 11(4), pp.825-840.
Chang, H. J. and Andreoni, A., 2020. Industrial policy in the 21st century. Development and
Change, 51(2), pp.324-351.
Meyer, M.W. and Norman, D., 2020. Changing design education for the 21st century. She Ji:
The Journal of Design, Economics, and Innovation, 6(1), pp.13-49.
Russo, A. P. and Scarnato, A., 2018. “Barcelona in common”: A new urban regime for the 21st-
century tourist city?. Journal of Urban Affairs, 40(4), pp.455-474.