Global Strategic Management: Critical Evaluation of Theoretical Models of Entrepreneurship in Contemporary Business

This report evaluates theoretical models of entrepreneurship in contemporary business that are characterized by uncertainty and global dislocations experienced by entrepreneurs during Covid-19 pandemic. It critically explains frameworks and models which are implemented by companies in order to survive in business market.

Global Strategic
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Critical evaluation of theoretical models of entrepreneurship that carries relevance in
contemporary business that are characterised by uncertainty as well as major global
dislocations that are experienced by entrepreneurs in Covid-19 pandemic................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Global strategic management is an operations which are taken by entrepreneurial
businesses when they wants to compete as well as expand in global markets. It is said to be
strategic businesses that are pursued when they wishes to expand their business practices at
global level. It is generally said to process of planning that shows about how entrepreneurial
businesses could be successful around global world (Rogin, 2021). Global strategic management
practices are essential as it enables businesses to capitalize on competitive opportunities globally.
As effective managers could develop tools as well as techniques to evaluate their business
surroundings (Ylöstalo and Adkins, 2021). This essay report is based on global strategic
management on article of Causation as well as effectuation towards a theoretical shift from
economic inevitability to contingency. This essay report consists of critical evaluation of
theoretical model of entrepreneurship towards contemporary business with their global
dislocation that experienced by businesses and entrepreneurs during Covid-19 followed by its
conclusion.
MAIN BODY
Critical evaluation of theoretical models of entrepreneurship that carries relevance in
contemporary business that are characterised by uncertainty as well as major global
dislocations that are experienced by entrepreneurs in Covid-19 pandemic.
This article states about causation as well as effectuation which is carried by business
entrepreneurs which determines about theoretical shift which is caused from economic
inevitability towards entrepreneurial contingencies. This article explains about causation
processes which identifies about relations which holds among two temporally simultaneous as
well as successive events that could bring about other effects (Agha and Dixon, 2021). It has
identifies that approach of causation generally implies that entrepreneurs should keep their
focus on a predefined goal as well as their aim to search means to accomplish their desired
objectives. An effectuation approach implies that entrepreneurs should keep their focus on means
at hand, which they aim to materialize into one or more than one objectives which were not
necessarily predefined. It could be stated that many business incubators generally motives to
provide network resources as well as to stimulate sharing of thoughts, but carrying prior
research which has shown that there is limited knowledge exchange which takes place among
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incubated companies. In this discussion, there is identification of entrepreneurial approach of
causation vs. effectuation which is related with proclivity for sharing ideas among companies as
well as perceived value of such inter-tenant network resources could be able to deal with various
uncertainties like Covid-19 pandemic (Itsuki, 2021). A causation approach basically implies that
entrepreneurs should keep their focus on their predefined objectives as well as then aims to find
the means to accomplish their goal. An effectuation approach implies that entrepreneurs should
focus on means at hand, which they aim to materialize into one or more goals that were not
necessarily predefined. As these practices could help them in dealing with coronavirus pandemic
situation effectively as well as maintaining their brand positions in market in an effective
manner. With analysis of different models that there are various framework which could help in
assessing long terms opportunities which are present in markets (Flammer and Ioannou, 2021).
While situation of Covid-19 it becomes drastically essential for entrepreneurs to target a correct
market segment which could help in carrying their business practices well in corporate markets.
In this article this process segmenting, targetting as well as positioning model is implemented by
restaurant entrepreneurs so that they could able to target correct customers in pandemic situation
by positioning their products in markets in a safe and secured way in order to deal with
coronavirus pandemic situation effectively. In that situation there are using STP model and
entrepreneurs faced various demographies in terms of taste and preferences of customers. And
making onto a conclusion they are using effectuation methods in order to create their business by
creating various types of companies that carries original thoughts as well as ideas.
In order to examine another article it involves experiment for tracing processes which are
used in building U-Haul. There are certain process in this entrepreneurial business which was
based financial budgets. It has highlighted unique as well as creative role of decision making as
well as resolving presence of problem through their effectuation. Along with that another theory
which is being propounded in this articles of shows about relevancy as well as contribution
towards business which could be implemented by entrepreneurs in order to run their business
practices effectively in various uncertain situations (Jaculjaková and Štofková, 2021). Along
with that rudimentary theory of effectuation is being implemented by business entrepreneurs for
running their business practices effectively. This theory is typically being implemented in
business practices at global strategic level as well as it has helped companies and entrepreneurs
to operate their business practices at global level so that they could able to make profits in higher
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numbers. This theory was conducted in order to develop a theory which could encompasses
effectual innovation in large corporations as well as to include factors of tacit knowledge along
with time. This theory of effectuation basically presents a theoretical socio dynamic model that
could keep their focus on relationship among use of effectual strategies as well as evolution of
value of opportunities over a particular time (Барановский, 2021). It suggests that effectuation
methods are valuable for innovation in large companies, especially in early stages of opportunity
development as well as that tacit knowledge along with time which could be a essential factors of
effectuation strategies that could provide help in dealing with pandemic situation effectively.
From this theory there are generally four principles which could be carried from core of
effectuation that consists of affordable loss which is being occurred with expected returns, taking
use of strategic alliance rather than using competitive analysis, implementing exploitation of
contingencies rather than exploitation of pre-existing knowledge.
It has been identified that rudimentary theory not only determine deviations in their
present understanding of phenomena but it should be also able to integrate present theories.
Another theory in this article is propounded by Henry Mintzberg which identifies that there are
researches which is carried on by cognitive forces that has explored about relevance of
ignorance in area of recognition heuristic. This theory researches into ignorance based heuristics
which explains about certain business situations as well as carrying them with intervention so
that entrepreneurs could be able to deal with uncertainties well in number. This theory explains
about role of effectuation in areas of business which could lead in creation of effectuation in
business areas as well as having economic artefacts. It basically determines about role
effectuation towards economic shift in towards business performance.
It has determined about connections with non linear as well as philosophical
underpinnings that could guide about role of carrying business practices in a safe manner. Along
with in order to summarise this article it could state about propositions of effectuation which is
related to business practices and it shows about relevancy of using these theories to deal
coronavirus pandemic effectively (Sasaev, 2021). As it has identified that understanding effects
which are caused by company’s centrality concerning towards choices as well as behaviours of
organization itself is one of the objectives of network theorizing. The first observation
researchers should make in studying networks is finding centrality of the researched object in
network, whether individuals or businesses. It has propositioned that centrality could have
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various effects on company’s welfare. According to them, if their network of relationships is
conflicting, then impact on job satisfaction is negative. Otherwise, if the network is challenging
then company’s centrality which could has a positive impact on its satisfaction as well as
welfare. Along with it explains about contingent aspirations as well as entrepreneurial
imaginations towards businesses.
CONCLUSION
It has been concluded from above report that strategic global management are said to be
those practices that are implemented by entrepreneurs for carrying their business practices at
global level for making higher amount profits. These practices are required to be followed by
business entrepreneurs that could enables them to capitalize their competitive opportunities
globally. These factors helps business to develop their efficiency of working. This report
highlights about theoretical frameworks as well as models which are evaluated and are taken by
entrepreneurs to deal with entrepreneurial contingency that are faced by them during covid-19
pandemic. This essay critically explains frameworks and models which are implemented by
companies in order to survive in business market.
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REFERENCES
Books and Journals
Agha, N. and Dixon, J.C., 2021. The uniqueness of spectator sport from a strategic management
perspective: The case for spectatoritis. Journal of Global Sport Management .6 (1).
pp.7-29.
Flammer, C. and Ioannou, I., 2021. Strategic management during the financial crisis: How firms
adjust their strategic investments in response to credit market disruptions. Strategic
Management Journal .42 (7). pp.1275-1298.
Itsuki, H., 2021. Evaluation on Changes of Strategy and Strategic Direction in Toyota Motor
Company, Japan. Journal of Strategic Management .5 (1). pp.20-29.
Jaculjaková, S. and Štofková, J., 2021. The impact of strategic management on the development
of the Integrated Service Point to support competitiveness in the conditions of
globalization. In SHS Web of Conferences (Vol. 92). EDP Sciences.
Rogin, T.B., 2021, July. Simplification as a New Tool in Strategic Management and
Performance Management in the Public Sector the Case of EU Cohesion Policy.
In International Scientific Conference Strategic Management and Decision Support
Systems in Strategic Management (pp. 133-141).
Sasaev, N., 2021. Kuzbass Trade and Transport Hub: Strategic Relevance for Sectoral and
Regional Development. Journal: Strategizing: Theory and Practice . (1). pp.99-110.
Ylöstalo, H. and Adkins, L., 2021. Economizing the political: workfare reform in strategic
management mode. Current Sociology .69 (5). pp.723-741.
Барановский, В., 2021. USE OF PROCESS FLOW MODEL OF STRATEGIC
DEVELOPMENT IN THE CONTEXT OF STRATEGIC MANAGEMENT OF AN
INDUSTRIAL ENTERPRISE. EurasianUnionScientists, pp.20-22.
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