Business Challenges and Management Strategies
Added on 2020-11-12
10 Pages3218 Words398 Views
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ESSAY
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Ease of developing businesses and innovative ideas..............................................................3Challenges confronted by the businesses in national level....................................................4Challenges confronted by the organisations at multinational level........................................6CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONInnovative idea is essential for launching a new business or products. Through theinnovative idea, businesses provide the products and services to the consumers to meet theirrequirements as well as to earn money at the marketplace. The entrepreneurs or managementmay faces various issues in operating at both national and multinational level which must beconsidered by them for reducing the impact of these challenges on the functionality of thebusinesses (Meyer, Mudambi & Narula, 2011). These challenges includes, social, legal,environmental, lack of funds etc. which should be essentially determined by the managers ofcompanies in order to handle the challenges effectively and efficiently. This essay will cover thechallenges faced by the businesses in implementing the ideas into reality as well as the problemsfaced by the businesses at both national and global context along with the examples.MAIN BODYEase of developing businesses and innovative ideasDevelopment of enterprises needs an innovative idea which is gathered by the ownersthrough various methods such as friends and family. This idea behind the formation ofbusinesses or products is to satisfy the needs of customers in order to enhance the profit of thebusiness owners. For implementing an idea, business organisations face various challengeswhich can impact the business and its functions. These issues can be tackled by the managementor owners in order to get the desired results and output. These challenges are also essential toovercome for enhancing the performance and productivity of the organisation. Some of thesechallenges are building a business team, Raising capital, finding skilled employees etc. whichshould be considered by the management in the development of the strategies through which thecompany can sustain in the market (Challenges of starting a business, 2018). For supporting thearguments in this section, Elizabeth Gooch of the EG solutions is taken as examples. According to the Jelmer, (2018) entrepreneurs faces various challenges in developingtheir ideas into reality. These challenges can impact the growth of the businesses if not handledby the entrepreneurs in an effective manner. The main challenge of executing the idea intopractical in business is of a clear idea or vision. A clear idea is must for organisations to achievethe growth and establish the business. Without having clear idea, business persons could notdetermine about why their business is formed. Lacking of innovative idea can results in failure of
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