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Entrepreneurship & New Venture Management Assignment

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Added on  2019-12-04

Entrepreneurship & New Venture Management Assignment

   Added on 2019-12-04

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Entrepreneurship“The main challenges that new venturesface when seeking to manage the growthprocess”
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INTRODUCTIONIn the organisational life cycle, growth is the crucial time faced by an organisation. Withan aim to increase market share and escalate profitability, it caters towards bringingimprovements in form of making certain changes. Growth is the signal of company's betterutilization of its core competencies and resources. It goes through different stages of evolutionthat drives different forms of advancements towards it. It is found that while undergoing thisprocess, organisations face number of challenges in a varied manner.Adaptability with MarketGrowth of the organisation has been largely threatened by the changing and fluctuatingmarket conditions (Drucker, 2014). It is found that in the present era, the major hindrance in thedevelopment of the organisation in terms of sales and profits is the volatility in marketconditions. Consumer's tastes and choices are changing with a very fast pace and hence, itrequires making alterations in the products and services offered by organisation to maintain thegrowth in a consistent manner. At the time of establishment, organisation seeks to manage thechange with proper market research to get overview of the current practices and changes(Kirzner, 2015). For instance, the major organisation like McDonald's has faced this issue whenit introduced its franchisee in different countries as it was opposed by the groups havinginclination towards healthy practices. Further, along with this, it had to offer range of productswith different specifications to satisfy the large number of people around the globe.There are many other organisations who have faced the similar challenge such as leadingclothing and accessories retailer, Zara has faced restrictions and protest while opening its storesin some countries due to its few product line (Karlan and Valdivia, 2011). This has hindered theopening of its stores in some regions of the world due to their religious norms and ethics. Forinstance, the leather or wool used in accessories and clothing was not accepted by the consumersof some countries.Further, Morrisons, the chain of supermarket has faced lot of issues while offering itsproducts and services in the market (Bridge and O'Neill, 2012). In food products like frozenitems, consumers were restricting them for using these products due to preservatives andartificial colours in them. Hence, it has made the organisation to make research and developmentas well as offer food items free from these harmful components.Planning1
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