Entrepreneurial Growth: Managing Resources, Challenges, and Strategies

Running head: ENTREPRENEURIAL GROWTH 1
ENTREPRENEURIAL GROWTH
[Author]
[Institution]

ENTREPRENEURIAL GROWTH 2
Reflection
Components of growth
Role of resources
According to my understanding, the growth of an organization is having a significant
impact on the internal and external factors like intellectual properties and human resources.
These factors have significant contribution in the planning and implementation of new strategy
as well as encouragement of the potential to meet the business objectives and goals. For
example, human resources influence the production by focusing on the capabilities of own and
improving compliance with the tools and technologies of the company (Fisher, 2018). I think that
the resources of the company have a significant impact on the practices to develop and deliver
high-quality products and services to customers. In addition to this, the proper distribution and
monitoring of the financial and human resource can be beneficial for an organization to maintain
the growth in the business. By focusing on the article, I can say that to protect these resources
and gain a competitive advantage, the organization could use the intellectual property rights. As
per my views, this is a valuable asset that protects the organizations from unintentional violation
and keeps the resources for the development of delivery of the products and service.
Protection of resources
According to Barringer, & Ireland, (2015), intellectual property is a major component of
the growth of the organization that helps to gain the competitive advantage through licensing,
patent rights, trademark and copyrights of the products and services. I have discovered that, the
leading organizations like Apple and Amazon are using the intellectual property practices to
manage the business as other companies or agencies cannot use their name, logo and other

ENTREPRENEURIAL GROWTH 3
marketing initiatives for their benefits. This kind of approach is helping these organizations to
gain competitive advantage and growth in the business.
Management of human and intellectual resources in growth
In order to maintain the growth in the areas of business, the organizations are using
intellectual property rights and human resources for managing and performing the business
operations. As per my understanding, the human resource practices are having the significant
impact on the internal function of the organization to manage the quality of production and
implementation of changes to meet the organizational objectives (Autio, & Acs, 2010). I have
discovered through reading that, to keep the employees motivated and engaged in working, the
management of companies are paying extra through incentives and rewards of good
performance. This kind of approach is helping companies to maintain the growth in business. For
example, a good process is the key for good performance. Apple management is considering this
line for managing the operations and supporting the human resources that reflect in their results.
How to manage formal informal practices
It is essential for a manager or organization to maintain the balance between formal and
informal practices. For a manager, it is not easy to formalize the HR practices as the relationship
with each employee is having different goals and approaches. As per my knowledge, by face to
face meeting and interaction through telephone, the manager can manage formal relation. I have
also analyzed that, to manage the informal practices in HR, the meeting with members outside of
organization and sharing of information through personal mail can support to manage the
relationship with the team members (Kitching & Marlow, 2013). Moreover, I suggest that, the
mix of both approaches can be beneficial for an organization to encourage human resources
functions.