Contemporary Management Issues in the 21st Century: Evaluating Entrepreneurship during Covid-19 Pandemic

This article critically evaluates the uncertainty and major global dislocations experienced by entrepreneurs during the Covid 19 pandemic in analyzing the business in market, firm and the development of new entrepreneurs within the market. The theoretical models of entrepreneurship models will be used for evaluating some models mentioned below are being used significantly.

Contemporary Management
Issues in the 21st Century
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Table of contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Covid 19 pandemic has directly impacted the business organizations. Entrepreneurs are
facing various uncertainties and issues during this time period (Fabeil and et.al., 2020).
This assignment will critically evaluate the Uncertainty and major global dislocations which
are experienced by entrepreneurs during the Covid 19 pandemic in analyzing the business in
market, firm and the development of new entrepreneurs within the market. Theoretical models of
entrepreneurship models will be used for evaluating some models mentioned below are being
used significantly.
MAIN BODY
Entrepreneurs are the individuals who have been initiating their business while seeking the
losses and enjoying the benefits and rewards which they receive in their business. But due to
current times which are Covid 19 pandemic, entrepreneurs have been facing many problems in
their businesses and they find it difficult to reach out to the customers’ at large scale
(Syriopoulos, 2020). This article can be critically evaluated that how major point which is to be
considered here is the uncertainty and global dislocations which are experienced by
entrepreneurs during the Covid 19 pandemic is analyzed. There are various challenges which the
entrepreneurs face and this makes their business unpredictable and loss is observed in their
business.
The theoretical models of entrepreneurship which are being used in this analysis are U –
Haul, Curry in a Hurry and Rudimentary Theory of effectuation helps in framing the it has been
critically evaluated from the article that Causation and effectuation are the integral parts of the
human reasoning that occur overlapping, intertwining and helps in taking the decisions and
actions. The theoretical modes helped in evaluating the base through which all the perspectives
of entrepreneurship were known (Kurkinen, 2018). The causation process involves the
considerable amounts of time and analytical effort and this will help in research and
implementing the marketing strategies. For using the process of effectuation several other uses in
which several different types of firms will completely imply to the industries. The process of
effectuation in the article allows the entrepreneur to create the goals which were being started by
the entrepreneur who made the experiment and her business curry in a hurry a large success in
India. It allows the decision maker to change the various forms in how the entrepreneur can
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develop the business. There has been major global dislocations which are experienced by
entrepreneurs are based on how they have been effected due to the Covid 19 pandemic. It has
been critically evaluated from the article that the entrepreneurs have been facing the problem due
to which their businesses have been affected at large scale (Zahra, 2021). Entrepreneurs are
creating their own ways of running the business and initiating the progressive forms through
which the purpose of creating the terms of business to be significant is affected by the Covid 19
pandemic. Covid 19 has affects the businesses of entrepreneurs as they found difficulty in
finding the new customers and this created major problem for the entrepreneurs. The
entrepreneurial business has been affected as the funding scales have seen the downfall in the
business.
In this, the theoretical model of entrepreneurship which are being used are described as -
Along with the curry in a hurry experiment, there is one more experiment which is also
mentioned and taken into concern for the U – Haul. This is the experiment which traces process
the creation of U – Haul. Shoen used the processes of effectuation which are being used in the
whole of this experiment. Further, a rudimentary theory of effectuation processes in business is
also known and signified in detail (Causation and Effectuation: Toward A Theoretical Shift
From Economic Inevitability To Entrepreneurial Contingency, 2021). It has been critically
evaluated from the article that this involves the scale of how causation and effectuation processes
are involved and known at large scale. With the help of future empirical studies certain types of
advantages and disadvantages were being framed for the causation and effectuation procedures
within significant scales (Keskin, 2018). The article critically evaluates that the structure
involves how the causation process is effective and efficient. Entrepreneurs are the people who
are following these three theoretical models which are mentioned and are known at large scale of
how effectuation and causation processes are undertaken in significant terms. Effectuation
processes are more in general form and more ubiquitous than causation processes in the human
decisions which are framed through the two experiments.
Further, the entrepreneurs have been facing various challenges for their business being
affected by Covid 19 pandemic (Ahoba-Sam and et.al., 2019). Connections with existing theories
and empirical evidence is being conducted which helps in mentioning that rudimentary does not
only helps in identifying the gaps in the business but also helps in integrating existing theories
which helped in analysing and evaluating the basis through which the entrepreneurs have been
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seeking to grow and develop their business. The uncertainties which entrepreneurs have been
facing during the Covid 19 has made their business very uncertain and this has created many
challenging aspects due to which all the perspectives of having known the business and make it
grow in the market is being affected due to this pandemic. The major problem which the
entrepreneurs have been facing in the times of Covid 19 in their business is of funding (Ratten,
2020). They face uncertainties in starting the business as compared to those who are already in
the business since 5 years. Entrepreneurs begin their business by following the three categories
which are – they know who they are, what they know and whom they know. Self doubt and fear
have been the major challenges which an entrepreneur faces (Causation and Effectuation:
Toward A Theoretical Shift From Economic Inevitability To Entrepreneurial Contingency, 2021)
Nearly half of the entrepreneurs are facing the problem of running their business. This helps
them in evaluating the major work and the business in which they are indulged into and are
making it successful during the times of Covid 19.
The article critically evaluates the connections of effectuation are the major basis through
which various models are known at exactly in the same manner which helps in evaluating the
major basis of how the models and theories are known at large scale and these models and
theories are March’s garbage can model, Lindbom’s successive comparisons framework,
Weick’s enactment processes etc and this helped in making the scale of knowing the basis of
integrating March, Mintzberg and Weick are known at large scale and this helps in making the
scale through which all the effective and significant scales are known in effectual manner
(Matalamäki, 2017). The future theoretical work on effectuation also have connections with
other nonlinear approaches which helps in making and framing the scale through which all
theories and models are needed to be investigated at large scale. Connections with philosophical
underpinnings of causation are also known at large scale and this helps in making and framing
the aspect of effectual reasoning (Karami and et.al., 2020).
The article critically evaluates the most important concern is the macro – economic
policy which helps in fostering the entrepreneurial activity at large scale which initiates growth
and development in the economy along with productivity and innovation in significant manner
(Zhang and et.al., 2018). Certain types of enterprises or entrepreneurship business have been
growing by knowing the basis through which all the perspectives of how the new business is
taken into consideration at large scale and this helps in making and framing of the businesses
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within the market but the scale of how the business is to be made successful and reach the height
has been stopped by the Covid 19 pandemic. Those entrepreneurs who have just initiated and
known their businesses are facing the problem in their expansion as the difficulty arises when the
customers are unable to be reached for. Thus, the main thing which is being observed at the level
of economy helps in conveying that very early stage firms or performs which are created through
the process of effectuation at lower levels of investment fails early (Pan and et.al., 2020).
Number of few ideas at lower costs is known at large scale which helps in making and framing
the basis through which entrepreneurs are taking initiative towards building their business and
helping the economy to grow effectively and efficiently but due to Covid 19 pandemic the
business of entrepreneurs have come to the verge of experiencing the loss due to which the
government at all levels is helping them to enact policies and new frameworks which helps the
entrepreneurs in creating their funds through the customers and more expansion is observed in
their businesses at large scale (Causation and Effectuation: Toward A Theoretical Shift From
Economic Inevitability To Entrepreneurial Contingency, 2021). At the level of the firm,
researchers are trying to understand failure and success in new ventures of the entrepreneurial
business (Lee and et.al., 2017). With the help of the article, it is being critically evaluated that
there has been lot of success and failure which entrepreneurs have observed and this has made
understand that due to Covid 19 the pandemic there have also been facing global dislocations
due to which all the possible aspects of growth and development have been stopped.
Contingent aspirations and the entrepreneurial imagination are described on the basis of
the economics and management. This has created the ways through which the entrepreneurs are
thinking and making their own business reach to the customers but on the contrary is helpless to
how the conditions have turned out to be worse for them due to this Covid 19 pandemic
(Causation and Effectuation: Toward A Theoretical Shift From Economic Inevitability To
Entrepreneurial Contingency, 2021). There is need of some major changes which are to be
considered at large scale so that the business of the entrepreneurs is being known of how they are
concerned. Apart from this some of the business examples which helps in explaining this whole
discussion are as follows –
It is critically evaluated from the article Amazon and Netscape are the two major
examples of entrepreneurial business that have helped create new industries and new market
which is being placed at large scale. Both the organizations have also been affected due to the
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Covid 19 pandemic which largely has affected the revenue and the scale through which these e –
commerce businesses have been taken into consideration at large scale (Pisal, 2021). Amazon
and Netscape have been affected due to Covid 19 in which their net sales and revue have been
affected at large. The profits also resulted low in the business which implied that both the
companies have been taking the concern of how to initiate the changes so that growth and
development is evaluated critically at large scale. Both the companies have been exploited on
social and technological grounds that could not have been anticipated for.
CONCLUSION
Thus, it is concluded from the above essay that Causation and Effectuation: Toward a
Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency helped in
analyzing the business in market, firm and the development of new entrepreneurs within the
market.
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REFERENCES
Books and journals
Fabeil, N.F. and et.al., 2020. The impact of Covid-19 pandemic crisis on micro-enterprises:
Entrepreneurs’ perspective on business continuity and recovery strategy. Journal of
Economics and Business.3(2).
Syriopoulos, K., 2020. The impact of COVID-19 on entrepreneurship and SMEs. Journal of the
International Academy for Case Studies.26(2).pp.1-2.
Zahra, S.A., 2021. International entrepreneurship in the post Covid world. Journal of World
Business.56(1).p.101143.
Ratten, V., 2020. Coronavirus (Covid-19) and entrepreneurship: cultural, lifestyle and societal
changes. Journal of Entrepreneurship in Emerging Economies.
Pan, L. and et.al., 2020. Sounds novel or familiar? Entrepreneurs' framing strategy in the venture
capital market. Journal of Business Venturing.35(2).p.105930.
Gyódi, K., 2021. Airbnb and hotels during COVID-19: different strategies to
survive. International Journal of Culture, Tourism and Hospitality Research.
Kuckertz, A. and et.al., 2020. Startups in times of crisis–A rapid response to the COVID-19
pandemic. Journal of Business Venturing Insights.13.p.e00169.
Kurkinen, E., 2018. Reasoning of using causation and effectuation logic: implications on start-up
performance and internationalization. JYU dissertations.(47).
Keskin, D., 2018. Gaming as an approach to convey the effectuation message. In Innovation
Management, Entrepreneurship and Sustainability (IMES 2018) (pp. 481-493). Vysoká
škola ekonomická v Praze.
Ahoba-Sam, R. and et.al., 2019. Building of Academics’ Networks—An analysis based on
Causation and Effectuation theory. Review of Regional Research.39(2).pp.143-161.
Matalamäki, M.J., 2017. Effectuation, an emerging theory of entrepreneurship–towards a mature
stage of the development. Journal of Small Business and Enterprise Development.
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Karami, M. and et.al., 2020. Effectuation and internationalisation: A review and agenda for
future research. Small Business Economics.55(3).pp.777-811.
Zhang, S.X. and et.al., 2018. Effectuation is a heuristic, then how about its biases.
Pisal, S., 2021. RISE OF FACEBOOK, AMAZON, APPLE, NETFLIX, GOOGLE DURING
COVID-19 PANDEMIC.
Lee, J. and et.al., 2017. How entrepreneurs can benefit from failure management. Organizational
Dynamics.46(3).pp.157-164.
Online Source –
Causation and Effectuation: Toward A Theoretical Shift From Economic Inevitability To
Entrepreneurial Contingency, 2021. Online; available through
<https://www.researchgate.net/publication/228264546_Causation_and_Effectuation_To
ward_A_Theoretical_Shift_from_Economic_Inevitability_to_Entrepreneurial_Continge
ncy >
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