Contemporary Management Issues in the 21st Century

This report explores the novel approach to the concept of venture creation drawing on the understanding of business management issues in the contemporary world. It discusses the importance of artefacts, causation and effectuation, and the impact of technology and market trends on businesses. The report also covers the essential areas of management, including human resources, marketing, sales, customer service, and production.

Contemporary
Management Issues in
the 21st Century

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Explanation for artefacts requires a novel approach to the concept of venture creation drawing
on the understanding of business management issues :..............................................................3
CONCLUSION ...............................................................................................................................7
REFERENCES:...............................................................................................................................8
Books and Journals:....................................................................................................................8

INTRODUCTION
The main focus of this report is that for entrepreneurship management and economics artefacts
are assume to require novel approach. This means that entrepreneurship depend upon two aspects
which are causation and effectuation. These aspects shows that to achieve these goals business
ventures runs on predetermined goals and carry out different functions and activities (Darwish
and Verma, 2022). In order to carry out necessary actions certain decisions shall be taken and
this is called effectuation. Therefore this report is going to show the argument in relation to
artefacts to understand business management issues in the contemporary world.
MAIN BODY
Explanation for artefacts requires a novel approach to the concept of venture creation drawing on
the understanding of business management issues :
According to the novelist and scholars, the business environment is associated with many
artefacts in respect of business models, pitches and prototypes. For growth and development of
the ventures these artefacts are required as the support system. These artefacts are distinguished
into broad categories which are abstract, material and narrative. In the traditional way to show
the result of success entrepreneurial creation was mainly depend on entrepreneurial traits and
their efforts. Therefore, this means that for the economic and management of business
understanding these artefacts are helpful. In practical situations business functioning are likely to
impact the business plans, pitches and models. It is important to understand the entrepreneurship
in a better way. For the entrepreneurial journey many theorist have created novel methods for the
business activities which will be effective for analysing various facts and data. For every
business in order to get rid of failures dynamic global business environment, presented theories,
models and business plans are vital (Gloet and Samson, 2022). Environment is becoming
complex day by day and uncertainties are terrifying the environment which might have effect on
the starting activities, venture launch. The global environment is now depends on innovation,
trends and technology. On behalf of it decision are need to be taken. For fulfil the needs of
businesses various models like stage process are yet discovered. For garbing opportunities and
seeks development this helps in giving solutions regarding global business. Entrepreneurship
demonstrate markets, trends and people because of uncertainties. Entrepreneur ideas and
decision are affected by all these factors. For example, if an entrepreneur is looking to make

innovation in food products, they also need to think about its advantages and disadvantages, staff
hiring, training and resources needed for the innovation. All these factors should be think in
advance for the better innovation otherwise there is huge wastage of all these factors. A full
study should be done in advance for the success of innovation (Graesser, Sabatini and Li, 2022) .
In developing entrepreneurship, causation and effectuation are two vital aspects which have
gained significance. The modern era should be flexible and working approach should be limited
which does not have effect on manpower and employee retention of the company. A causation
approach implies that entrepreneurs focus on a predetermined goal and then aim to find the
means to reach this goal. The business activity is consisted of a lot of complexities that need
purpose and objectives to make a organized way that is expected to be followed. In the evolving
world, business persons do not take decisions without making or practising experiments in the
real to check the potential of the business plan. As the modern ways are greatly different from
the old methods of doing work. This basically promotes the innovatory factor and to provide the
customers with new product or service that fulfil their demands. This is done with the motive of
capturing the market. It assures minimum or no chances of failure. For this the research and
developmental factors are focused on big scale. The related approaches are essential in the
global environment of business where companies get affected with the governmental, ecological,
technical and legal issues. These are some macro environment issues that helps a company in the
process of strategic management. The impact of taxes, trade policies and environment related
issues become threat for a firm when not considered. Nowadays, the technology related elements
are the most important establishing a presence and capturing market in worldwide business
environment (Kumar and et. al., 2022). Things and techniques are becoming digitally integrated.
These work in providing the users with more value and make certain process efficient and easy.
Some large companies like Amazon and Apple have became true examples of companies that
use high and innovatory technology in their operations. These are the market leading companies
that hold most share of the market in their industry. The changing trends of market tells that the
use of technology is essential and provide growth to the firm as the given example. The leaders
need to be flexible and open to accept modification and uncertainties. Taking example of the
recent pandemic Covid 19, the businesses needs to change their strategies to hold the market
share (Sisk, 2022). A company also has to face some complexities to enhance and hold their
profits. It is critical for a organisation to read the needs of the society to serve them. There are

different business related bodies which get supported through the governmental bodies and other
authorities as they have distinct purposes that get modulate in the market. There is a demand of
the effectuation model in which the businesspersons get insights about the decisions that will be
good for them in future. It is required that decisions that promote the goals of business should be
easily adhere to market changes (Mustofa and Cirella, 2022). These effectuation may have some
negative effect also. The current business related issues trouble the management operative of a
company. There are some essential areas that need to be managed properly. Employees,
production and profit are the key elements that generally every manager needs to consider.
Efficient activities lead to a successful business enterprise. A firm runs on some basic rules and
modulations. The shaping of work and responsibility for all the employees in a company is
essential. In the establishments of a business entity, the related owner must have a effective
business plan which is consisted of organisational missions and strategies according to the
objectives that the owner needs or wants to achieve. These objectives are made to attempt
tendency for profit and growth of the enterprise. Some objectives are predetermined that are
based on past experiences of the firm to cope up with the problems it has faced in the past.
Management is a essential processes of a business entity that is generally handled by an
individual known as manager. Manager's responsibility is to lead the organisation towards
success and handle all the operations that are being done in the surroundings or for the business.
HR is the human resource function of a business that has the responsibility of handling mostly
all the activities that are related to the employees. The Human resource manager performs the
various functions such as recruitment, training, performance management and selection. The HR
function should also maintain healthy relation among the people of the company. The
relationship between employees and employers are focused to be healthy and it is assured that
the employees are open up with the employers or higher authorities to tell all the problems that
they are facing in their operatives (Mustofa and Cirella, 2022). Training develop skills and
knowledge of the workers and help them in getting detailed knowledge about the processes and
methods they can use to make process efficient. Monetary rewards can be provided in the form
of salary, bonuses, allowance and incentive. Other departments have there other responsibilities
such as production department works in increasing and making qualified product and the
marketing department works in raising the brand awareness of the company and its product /
service in the market To overcome all of the challenges mentioned above and also some other

challenges that a firm faces, it needs a proper business plan that is consisted of all the essential
information that can help in making operations easy (Mallette, 2022). Once goals are set and
made, the manager or related authority's duty is to communicate them with the employees of the
company.

CONCLUSION
From the above report it has been concluded that the business is a very complex process
that needs high amount of study to achieve growth. The business are basically made with the
motive of earning high amount of profits. The business is consisted of many types of functions
that classify the work to deeply focus on them. Management is the overall of managing of all the
activities and functions of a business. Some type of business functions of a business entity are -
human resource, marketing, sales, customer service and production.

REFERENCES:
Books and Journals:
Darwish, S. and Verma, R., 2022. Exploring the Broad Underlying Principals That Govern
Project Management. In Contemporary Challenges for Agile Project Management (pp. 201-219).
IGI Global.
Gloet, M. and Samson, D., 2022. Knowledge and innovation management to support supply
chain innovation and sustainability practices. Information Systems Management. 39(1). pp.3-18.
Graesser, A.C., Sabatini, J.P. and Li, H., 2022. Educational psychology is evolving to
accommodate technology, multiple disciplines, and Twenty-First-Century skills. Annual review
of psychology. 73. pp.547-574.
Kumar, A. and et. al., 2022. Oleaginous microbes: potential and challenges from waste-to-energy
conversion. In Waste-to-Energy Approaches Towards Zero Waste (pp. 221-244). Elsevier.
Mallette, C., 2022. and Contemporary Dynamics. Arnold and Boggs's Interpersonal
Relationships-E-Book: Professional Communication Skills for Canadian Nurses, p.1.
Mustofa, I. and Cirella, G.T., 2022. Understanding the disaster risk of human settlements: case
research. In Human Settlements (pp. 43-57). Springer, Singapore.
Sisk, T.D., 2022. Power sharing after civil wars: Matching problems to solutions.
In Contemporary Peacemaking (pp. 407-425). Palgrave Macmillan, Cham.