Strategic Management and Entrepreneurship

STRATEGIC
MANAGEMENT AND
ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
Frameworks and models of change.............................................................................................3
Creative problem-solving techniques for addressing change challenges....................................6
Identification and justification of change solutions.....................................................................7
TASK 2............................................................................................................................................7
Analytical tools to monitor the progress and effect of change....................................................7
Monitoring and measurement technique of change management...............................................9
Strategies to minimize negative effects of change....................................................................10
TASK 3..........................................................................................................................................10
Processes to review the influence of the change.......................................................................10
Analysis of results of the influence review................................................................................11
Findings of the influence review...............................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Strategic management and entrepreneurship are two different terms in the market place.
Strategic management is basically a key activity of a business which it conducts to make its
different business strategies productive. On the other side, entrepreneurship is an attribute of
feature of humans who generally exists inside the entrepreneurs. An entrepreneur has always
required to manage its strategies of enterprise, because this is very necessary to achieve positive
results in market place (Bedoya, Alzate and Giraldo, 2018). Currently many businesses in market
place invests huge fund for managing their various strategies of business. This report discusses
strategies management and entrepreneurship topics in the context of Multifocal limited. This
multifocal limited is a small enterprise situated in Abuja, Nigeria. This small business generally
provides business and HR management solutions to different organisations. This report discusses
various change models and their impact on a business. Some prime measurement and monitor
techniques to change also has been discussed in this report. At the end, few effective processes to
review the influence of the change also has been discussed in this report.
MAIN BODY
TASK 1
Frameworks and models of change
Currently there are lots of change models simply available in market place which upper
management of Multifocal limited can use for successfully implementing its change in the
workplace. In this modern and dynamic world, top management of this business has decided to
change its existing ordinary outputs with extra-ordinary outputs by adopting latest and modern
technology in workplace. Nowadays, Lewin’s model of change management, McKinsey 7S
model and Kotter’s change management framework etc. are major change models which
currently uses by lots of businesses or venture in market place to properly implement change in
their respective business environment. These all three models or frameworks of change has been
discussed below;

LEWIN’S CHANGE MANAGEMENT FRAMEWORK
This is one of the most popular and productive models of change in across the world.
This model first introduced by Kurt Lewin in year 1950 (Muthuveloo and Ping, 2017). In this
model, Mr. Lewin was informed about three stages of change called; unfreeze, change, refreeze.
In this situation, top-level management of Multifocal ltd has to adopt this model and should
follow all three stages of change within its workplace to successfully implement change. These
all three stages of Lewin’s change management framework have been discussed below;
Unfreeze
This is the first stage within this model where company’s top management have to
unfreeze its different business operations for the purpose of change. This stage is basically
known as the preparation of change, so that the management should be prepared for changing its
existing technologies with modern and latest technologies to improve organisational
productivity. In this stage, top-level management of business have analysis different impacts of
change as well. This is very necessary for knowing that the change will affect company
positively or not, with the support of change the enterprise will gain huge profit margins or not
etc. During this stage, officials of venture have to collect appropriate resources also which will
be used in the change stage of model.
Change
Change is the second stage within this model, in which this is the actual stage where top
management have to organise its employees for finally implementing change. In this stage,
different leaders and managers of business will be required to use their excellent skills of
communication and people management, because many times some employees of a company not
get satisfied with the change process (Ploum and et.al., 2018). In this situation, by using well-
developed communication skills and people management competence, managers and leaders will
simply motivate to their different employees or workers to be involved in the process of change.
Top-level management of business also will be highly required to interact with its various
employees to make them aware about the impact of change. After considering these all factors,
multifocal ltd. will successfully implement change within the workplace.