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Entrepreneurial Growth - Doc

   

Added on  2020-05-11

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Running head: ENTREPRENEURIAL GROWTHEntrepreneurial GrowthName of StudentName of the UniversityAuthor Note

1ENTREPRENEURIAL GROWTHStructures for Growth- ReflectionThe establishment of a new business venture is critical for the entrepreneurs and theyshould have the ability to develop suitable products or services that would satisfy the needs ofthe customers (Fisher et al., 2017). I have seen the fact that the entrepreneurs need to be skillfulso as to understand the current market demands and how the business can provide value. In thisself-reflection, I would like to explore the most important growth challenges of the entrepreneursand how they are considered critical for the business entities. I would also like to discuss aboutthe different organization systems as well as structures that a firm adopts to tackle the differentgrowth challenges faced by the firm. I would also like to identify the different benefits as well asdisadvantages of the exit strategies of the firm. If we closely observe the growth challenges of the firm, then the most importantchallenge concerns with the ability to correctly recognize the needs of the customers and theability to develop customized service or product based on their requirements. In the event thatthese two challenges are being overcome, I have seen that the firms witness high growth rate.The rapid growth of the firm would also require an increase in the quantity of the firm’soperational systems. This often causes lack of planning as such decisions need to beimplemented quickly. I believe that the second challenge for the entrepreneurs is concerned withthe fundamental transformation. As opined by Flamholtz and Randle (2012), once the firm startsgrowing, it needs to undergo metamorphosis from unplanned structure to more disciplined,planned and organized entity. I feel that in this stage, the firms have a challenge of developingclearly the jobs and responsibilities of the employees so that they are able to achieve theorganizational objectives. I also feel that the biggest accountability for the firms is that there isproper control system in which the measurement of the goals, measures and related rewards

2ENTREPRENEURIAL GROWTHwould be done. But in the actual scenarios, there are accountable issues observed in the firms. Inthe transition phase, there are problems with the on-job training of the employees, whichbecomes an issue since there are no formal management development programs. There is alsolack of budgets for the smooth functioning of the firm (Flamholtz & Randle, 2012). This is theorganizational phase in which the traits or the personality of the organizational leaders arecritically evaluated.As commented by Flamholtz and Randle (2012), the entrepreneurs often face greatdifficulty in having effective control of their business enterprise. There are some entrepreneurswho often customize their skills or behaviors in order to accommodate the changing demands ofthe business. There are others who rely on recruiting professional managers who can take care ofthe enterprise. I have seen that the recruitment process is a daunting task in which the businessleaders often find it difficult to hire the most competent and suitable candidate for the job role. The above hindrances or pains are critical especially in the initial period of the business,when it is striving to gain more prominence in the market (Roberts, 1999). In the initial stages ofthe business, it is striving to have more organizational development, which is concerned with theefficient planning as well as implementation of the changes that are responsible for gainingchanges in the overall capabilities of an enterprise (Flamholtz & Randle, 2012). Theorganizational development is important since it is directly related with the profitability of thefirm.I feel that the organizational structures should be adequate in addressing the differentgrowth challenges being faced by the organization. The professionalism of the business systemwould go a long way in addressing the challenges during the growth of the organization

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