Contemporary Management Issues in the 21st Century - Entrepreneurship, Effectuation and Causation

This essay discusses entrepreneurship, effectuation and causation in contemporary management issues in the 21st century. It explores different entrepreneurial ventures and modern approaches to business, including the importance of innovation, differentiation and creativity. The essay also highlights the benefits of forming strategic alliances and adopting participative cultures in the workplace.

Contemporary
Management Issues In
The 21st Century

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship can be defined as business concept which focused on identify innovation and
creativity for a company. In current business situation, it is important part in emerging trend that
helps business enthusiast in order to find out necessary offering and services which provide
solution to existing demand and needs of market (Alobuia, Gillis and Kebebew, 2020). It helps
companies to provide a product in market which is creating demands in market place as it is
developed as per preference and requirement of customers. This essay consist precise analysation
of different aspect of entrepreneurship research which is considered by Saravethy in a
informative article which is name as Causation and Effectuation. It is also analyse highlight on
development of new business entities to traditional institution and units that is supported with
insightful organisational examples.
TASK
Entrepreneurship refers to ability as well as readiness of a person to develop, organisation and
run an enterprise with different uncertainties in order to make a profit. In this, main focus on
entrepreneur is on innovation, differentiation and creativity for purpose of providing product
with good quality which allow them to capture more market share (Althoff and Holguin, 2020).
There are different types of conflicting viewpoints, debate as well as arguments in business in
context of perspective and opinion of individual. In opinion of Sarasvathy, Effectuation and
Causation are the components that can be served as foundation for development of business
institution, unit and venture. Causation is a phenomena where there are different pre set effects
are provided to individual and among which they needs to select suitable driver which should be
taken into consideration by them for conducting operation. Effectuation on the other hand can be
characterised as a process where present drivers are facilitated to a person, they needs to select a
most apt effect which create favourable situation to them for purpose of specific function as well
as operation related to field of work.
Causation are most preferable in compare in effectuation in situation where entrepreneur needs
to emphasis on knowledge whereas effectuation are most suited in situation where entrepreneur
are preferring for capitalisation over opportunities. Causation is one of concept which helps
business managers for analysing predictabilities that is connected with uncertainties related to
future of business. It can be leads on basis of concept of competency of venture in order to

control an event which is uncertain and is dependent upon ability of managers to predict a
specific event. Effectuation provide various benefits to business for identifying different aspects
that control an uncertain as well as unpredictable event related to future period of time. It is
based on an assertive approach that reflects on idea that ability of an enterprise to control
environment as well as its surrounding is the extent that make them able to overcome of
uncertain future related to same situation.
There are different entrepreneurial venture and all of which has their own procedure, values, base
and policy which is liked by organisation for purpose of sustaining as well as surviving in market
(Bertazzoni, Schreiber and Nicolai, 2019). Some of which entrepreneurial venture are using
effectuation whereas some are based on causation. It can be depended upon mindset as well as
skill of an entrepreneur which is considered by managers for how they will operate business. In
previous time, entrepreneurship can be considered as an untapped concept which cannot be
explored by individual as much as they they are doing it. In that time, individual is not ready to
bear risk associated with business. At that time, business are using causation method for purpose
of operating and setting up business organisation. With change over times, entrepreneur are
changing as they have become confident, passionate and resilient for business. It leads them to
take risk and also attain established position in market place.
Entrepreneurship has become transformed as well as revolutionised completely in an effective
manner which create scope for different types of business in different business environment.
There is increasing trend of modern entrepreneurial concept which is a path breaking concept
(Chen, Gleason and Shrestha, 2020). It allow entrepreneur to no longer to follow traditional
approach of entrepreneurship or mundane approaches. Following modern approach of
entrepreneurship helps entrepreneur to exploit different opportunity which provide them path of
success and also provide opportunity to take their business at global level. Traditional business
venture not not much flexible and are rigid which is not provide opportunity to business. These
are not following a contingency approach in effective manner. Modern firms are more focused
with contingency which increase awareness about managing high risk, possession of firm of
finance, strategic power, strategic planning and other resources.
In entrepreneurial venture, it is find out that failure of start up business that start with
effectuation process has higher possibility to be failed in low investment level. It can be result
from less risk efforts, profit in compare to business which start with venture that adopted

causation. Reason behind this is an analysation that effective is a concept which provide number
of opportunity to a start up business in economic market for purpose of obtaining success.
It can be identified that there are different business venture which are selecting effectuation in
compare to causation at start of business (Dedhia, Morisada and Strong, 2019). Successful
organisation is one which is focusing on forming and developing different alliances in business
which provide support and also provide them with added leverage in marketplace. It helps to
formulate good rapport as well as camaraderie with different competitors. For instance, Spotify
and Uber is best example of strategic alliances which is formed of two or more organisation that
contribute to enhancement of market share, profitability and popularity. This alliance helps them
for purpose of helping companies for attainment of different benchmarks.
In process of decision making, business venture in today's time are more concentrated for
adopting innovation for promotion and marketing of offering of companies. There are different
entrepreneurial firm in today's time which are focusing on modern approaches instead of
traditional methods. Traditional methods are not suitable for current marketing environment
which is dynamic and competitive at same time. Business environment is becoming more
aggressive as well as competitive which in turn improve requirement of business to improve
retaliatory strategy for competitors (Homer, Huggins and Durairaj, 2019). For this, business
venture require to work harder for purpose of creation, controlling, formulating and
implementing different tactics of marketing that provide the different benefits to overcome of
competition. Companies now a day becoming more advance and trying to be more relatable,
flexible and adaptable by producing products and services as per preference of customers as it
increase popularity of their products among target market. For instance, marketing campaign of
Nike is highly attractive and innovative as it is focusing on featuring different celebration in
advertisement, marketing and social media project of company. It helps them to persuade
customers in organisation which allow them to earn more profit.
In order to make financial decision, entrepreneur are depended on short term benefits and
advantage to companies. Traditional method of doing business is mainly focus on long term
benefit instead of short tern benefit which is not suitable for present business environment.
Morden business approaches are focusing on different business practices which helps them to
achieve effective and short term results. For purpose of attainment of business objectives, it is
essential for business venture to implement collaborative and participative culture at workplace.

Participative environment of one which is contributing in communication, initiation as well as
respect for members of organisation which allow them to express opinions, thoughts as well as
viewpoints in effective manner (Lee, Rosenberg and Partridge, 2019). It create impact over
engagement, willingness and motivation of different employees working in an organisation in
order to invest their idea,s tie and efforts in context to attainment of goals of companies. Google
is an organisation which is most recognised organisation which is focusing on major concern for
following participative environment in different work areas. An organisation offer different
platform to employees in order to get view of employees on options and other activities of
company. It is one of organisation which is utilised basic business mindset which is no
considered by new employees. There are various upcoming employees which are looking
forward for innovate and invent different ways for running and managing business which is
unique as well as commendable.
CONCLUSION
From above mentioned project report, it can be concluded that entrepreneurship is an important
part in global business environment. Entrepreneur are contributing their efforts for growth of
business in order to reach to global domain which is dedicated with efforts and services for
upliftment of business. There are different approaches like effectuation and causation in which
effectuation is a approach which leads entrepreneur venture to face failure for many times.
Entrepreneurs has inbuilt ability for overcoming, respond and eliminate failure from business.
Entrepreneur are contributing with development of new realities with vision that convert ideas
into products that has ability to fulfil requirement of needs of customers in an effective manner.

REFERENCES
Books and Journals
Alobuia, W., Gillis, A. and Kebebew, E., 2020. Contemporary management of anaplastic thyroid
cancer. Current Treatment Options in Oncology, 21(10), pp.1-15.
Althoff, M. and Holguin, F., 2020. Contemporary management techniques of asthma in obese
patients. Expert review of respiratory medicine, 14(3), pp.249-257.
Bertazzoni, G., Schreiber, A., and Nicolai, P., 2019. Contemporary management of juvenile
angiofibroma. Current opinion in otolaryngology & head and neck surgery, 27(1),
pp.47-53.
Chen, E., Gleason, T., and Shrestha, M., 2020, June. Discussions in Cardiothoracic Treatment
and Care: The Contemporary Management of Acute Type A Aortic Dissection.
In Seminars in thoracic and cardiovascular surgery (Vol. 32, No. 2, pp. 202-210).
Elsevier.
Dedhia, R.D., Morisada, M.V.,and Strong, E.B., 2019. Contemporary management of frontal
sinus fractures. Current opinion in otolaryngology & head and neck surgery, 27(4),
pp.253-260.
Homer, N., Huggins, A. and Durairaj, V.D., 2019. Contemporary management of orbital blowout
fractures. Current opinion in otolaryngology & head and neck surgery, 27(4), pp.310-
316.
Lee, G.E., Rosenberg, S.M.,. and Partridge, A.H., 2019. Contemporary management of breast
cancer during pregnancy and subsequent lactation in a multicenter cohort of young
women with breast cancer. The breast journal, 25(6), pp.1104-1110.