LSC UoS BA Business Studies: Contemporary Management Issues Essay

This essay delves into the multifaceted realm of contemporary management issues, with a specific focus on entrepreneurship in the 21st century. It explores the core concepts of causation and effectuation, crucial frameworks for understanding how businesses are formed and operate. The essay provides a detailed analysis of how these concepts influence new venture development, particularly within traditional institutions. It examines the interplay of individual skills, market dynamics, and risk-taking behaviors that shape entrepreneurial success. The discussion covers strategic alliances, financial decision-making, and the adaptation of business models to maintain competitiveness. Furthermore, the essay highlights the importance of innovation, contingency planning, and the adoption of participative business environments for sustained growth and achievement in the modern marketplace, providing insights into the evolution of business strategies in response to the challenges and opportunities of the 21st century.

Contemporary
Management Issues in
the 21st Century

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is defined as the type of profession that people focuses on the creativity and
innovation in the company's business. This plays a crucial role that helps to meet the recent trend
of the market which offers the services and finished goods accordingly within the wide target
market. This will comply in solving preference of targetted marketplace so that it can offer better
services and finished goods(Gunasekaran, Ngai and et,al., 2019). The essay will be covering the
operative analysis of specific aspects in the research done by Sarasvathy that will concern about
the causation and effects. However, this will analyse the new venture developing in the
traditional institutions which will be supported with the insights of the company.
MAIN BODY
Entrepreneurship can be defined as the individual who should has a specific terms to
work within the right direction so this will lead to open a new business through get creativity and
innovation their offerings. The specific aspects are clear that visibility inside the company and
there are particular conflicts, arguments and debates aspects which is related to the term
entrepreneurship. Within the relation to Saravarthy, causation and effectuation is the main
elements which will be given structure for the venture into the formation. Causation can be
defined to the scenario by which a individual will be affected and owner need to choose the
suitable and set drivers that will be measured for the reason of simplification for the specific
service of corporate to meet and grasp towards the determination of the specific business
operations. On the other side, effectuation is the procedure which is related to the individual who
is offering the special services so they could have the favourable and suitable effect for
successively the specified business project of funds.
Causation is the certain state in which the owner importance on the knowledge of the person as
they will work. However, implementation is the kind of situation in that a entrepreneur seek the
opportunities and avail it within the recent marketplace(Dumas and Beinecke, 2018). This is
based on the ability of the business which has it focus on controlling the recent event or the
certain situation that will completely be dependent on the working of company. Effectuation will
help in having the towards the business and also have a main consideration which identify the
specific aspects that will be controlled in very specific situation. This will be a assertive

approach that will degree the change and ideas that is applicable towards all the operation of the
business that can be operated in a appropriate way.
These are different types of business for owners in which they have their own strategy, process
and values that is adopted from the interconnection, some aspects are based on the outlook and
skills of the individual and also the particular in what their operation of their company as well. In
past, all the operations of the business will be performed on the basis of causation and some has
a base on effectuation. This is related to the features that is based on the skills and mindset of
individual that is attempted by exploring of the various segment of the person(Nerubasska,
Maksymchuk and et,al., 2020). As individual more likely operated their activities of business in
very simpler way and also do not have the consideration of making good choice and not the risk
taker within the target marketplace. Different company will make better choices within the
market that has the right approach to lead its way within the market. With time there is a change
in the setting and forward moving to get the high growth and success into the target market.
Owner are getting confident, passionate and resilient for giving task and they can assure the
efficiency that is retained and the people will become risk taker for the new ideas which is most
desired goal within the market.
Entrepreneurship can be the most important specified aspects that will lead the revolution
and also will transform in a appropriate way. This will be accesses in very précised situation
from that they can get specific scope of business environment. These are various concept of
modern entrepreneurial that are path and drive breaking but now the owner will not be having
certain mundane approaches that will not access the purpose of exploring the new opportunities
to the certain business to have huge growth and achievement in the recent time. This will lead to
avail some specific possibilities that ensures the high success for the recent time and some
specific chances for the same. Traditional business will not accept the rotational alteration as
they are no stretchy in nature. They do not follow the approaches like contingency in any way. In
recent times, the organisation will be focusing more on the contingency and they also take risk to
start a specific business in order to
In current times, the company is more emphases on contingency and similarly take risk to meet
the competitive advantage in the big market place so that they can endure in the market for long
run eventually this effects ions in very specific operations and also leads to fail in stage of
investment. This will also effect the stage by which owner is having huge profits and minimum

threats that will cause to start the business towards causation(Bilska-Wodecka and Jackowski,
2019). The major consideration behind these threats that will analyse the effectuation and also
the main tool that gives ample of opportunities that will start the new occupational company in
the economy and will also fast forward for high success.
This will show number of companies which is chosen by effectuation elements and in
comparative towards the causation in recent times that leads to introduce the fresh business
within the market. This will also help in different features that will lead towards the success and
also focuses on development and will get the assistance and support in early steps of the
business. This will have specific leverage within the market and this will allow them to have
camaraderie effectively and also will work with the various owner(Woldeab and Brothen, 2019).
Such as, there are various company in which there are strategic alliances with two and more
business and Uber and Spotify are the businesses that will lead and increase overall sales and
profit of the enterprise which have effective alliances within the marketplace which gives aids of
giving best benchmark within the marketplace.
This is measured as making the decision financially that entrepreneur focuses on long
term and short term profits for the organisation. In traditional market they have main
consideration of organisation on overall productivity. The company is also working with one aim
which is to generate high profits. Businesses are experimenting as various business aspects
which has best and unique results in the enterprise and this leads to generate High profits. This is
compulsory for the organisation to have efficient implementation of plan of business which the
firm can oversees in the working environment, there consideration is to get the business's
objectives. This leads them and motivates them to work willingly in well defined way and will
also meet the purpose to attain their predetermined goals(Kelliher, Boiarintseva and et,al.,2019).
For example, goggle is the biggest company which has emphasis on the working and also on the
adapting participative business environment within the operation. They can access the specified
platforms to the employees so they focus on sharing and working their opinions, views with the
consideration of the organisation and the business operations(Tsai, Singh and et,al., 2021). This
is compulsory for the company to confirm and also to get fresh business ideas in to get
advancement and innovation in the operations of business.

CONCLUSION
From the above essay, this can be determined that entrepreneurship is important within
the international business and which also grows and helps in giving unique and quality of
services within the wide market. They are also ensures the effectuation is the business which
leads towards the entrepreneur which accumulates the failure and focuses on having the
elimination and also overwhelming to respond the failures, they stress on developing fresh
venturer's ideas to attain the long-term new ideas within authenticity and safety to fulfil the
wants and their needs of their targeted consumers.

REFERENCES
Books and Journals
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century enterprises: Research pathway towards Industry 4.0. International journal of production
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Kelliher, C., Richardson, J. and Boiarintseva, G., 2019. All of work? All of life?
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Nerubasska, A., Palshkov, K. and Maksymchuk, B., 2020. A systemic philosophical analysis of
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