LSC UoS BA: Contemporary Management Issues in 21st Century Essay

This essay critically discusses the dynamics of business management issues in the contemporary international venture environment. It highlights challenges such as diversity management, uncertainty about the future, sustainability creation, customer relationship management, and addressing new information. The essay emphasizes that while venture creation offers benefits, it also introduces complexities that require strategic approaches for organizations to succeed in the global business landscape. The analysis draws upon various sources to support its arguments, concluding that strategic decision-making is crucial for overcoming these challenges and achieving organizational goals. Desklib provides access to similar essays and study resources for students.

ESSAY

Table of Contents.
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Critically discussing statement and its relation to understand the dynamic of business
management issues in contemporary international venture environment....................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Contemporary management refer to key procedure by which an individual plan, leads,
organizes and achieve strategic organizational aims & objectives. The current assignment will
explain critically discussion of give statement and its relevance to comprehending dynamic of
venture management problems in the modern global business environment.
TASK
Critically discussing statement and its relation to understand the dynamic of business
management issues in contemporary international venture environment
In corporate world, there are different size and types of companies existing and running
their businesses in appropriate manner. Each organization, whether it is public or private, small
or large, conduct varied attempts and may take initiative to reach desire outcomes, for which
they may work really hard. Most of the firms in the world of business may take pleasure of
generating revenue, increasing profitability and productivity, while rest of the enterprises may
face several challenges that put direct negative impact on their current practices, initiatives,
decisions and actions (Nair, Gaim and Dimov, 2022). In case of critical situation that a company
may face, just because of any issue related to business management, then it may require
considering novel approaches to the term of venture creation, which in turn provide a lot of
benefits.
Artefacts such as companies, markets, firms, etc. may need a strategic concept such as
venture creation, which they may take into their consideration, for purpose of gaining key
advantages. This term refers to process of turning a new technology and creative ideas into a
venture that may succeed and progress successfully (Lafuente-González and Leiva, 2022). It is
quite essential for potential entrepreneurs who are running some artefacts to attempt to determine
strategic venture ideas, that they may implement into practical manner, for purpose of obtaining
unpredicted benefits in bulk. It can be said that venture creation as new useful approach may
enable companies, whether it is large or small, to deal with dynamic management issues that they
may face while taking initiatives to run a venture into modern global business environment. It
may encompass different types of factors, such as internal and external that put impact on
existing practices and actions to firms, whether it is negative or positive in manner.
Business management challenges or issues-
Diversity management issues-

The biggest issue that a company may face, in the modern global business environment is
the current one. According to this term, they may deal with challenge, in term of managing
diverse workforce in the world place, especially in case of international expansion or business
establishment (12 Common Management Challenges and How to Overcome Them, 2021). In
contemporary business environment, it is quite challenging for a firm to manage wide workforce,
among which each candidates may belong to different region or nation, and follow specific
individual cultural norms that is important for them to do so in appropriate manner. While taking
decision to accept or adopt, venture creation approach, firms may face this challenge, which put
negative impact on HRM actions and put a lot of pressure on them to make possible action
regarding the same. It is one of the biggest business management issue that drive the attention of
a leader and manager toward taking drastic modification in the context of existing policies and
practices that aid to overcome, negative impact on current problem in effective manner.
It may affect the way a firm and their people management teams conduct actions and take
initiative to retain as well as acquire skilled candidates. Besides of diversity build-up process in
the work place, they may also take approach to deal with this challenge, because of varied
reasons. It may lead to decrease the organizational productivity and profitability as well as
performance level, for which management may work harder to increase in excellent manner, for
purpose of gaining competitive advantages in bulk.
Uncertainty about the future-
Venture creation as a novel approach create more issues for an organization, when it may
adopt the same process in appropriate manner. For example, while establishing ventures into
contemporary global business environment, a firm may deal this challenge in term of managing
uncertainty about further needs and expectations of consumers (THE TOP 15 CHALLENGES
FACING TODAY’S MANAGERS (AND WHAT TO DO ABOUT THEM), 2021). It is impossible
for a manager or leader to make appropriate prediction about in the future needs and
requirements of individuals, including suppliers, customers, investors and other stakeholders.
Sudden demand and requirement of target market regarding a product or service may create the
biggest challenge for management. It may put a lot of pressure on them to continue procedure of
venture creation, at national or international level. Lack of prediction about varied things may
contribute to create business management issue that bring more challenges for a company in term
of driving manager attention toward making possible and essential alters.

The best example of uncertainty about the future is pandemic, which put negative impact
on overall business world. It created the worst challenges for each and every company to be
successfully and succeed in the market. This factor brings multiple issues and affect
organizations initiatives, in regard to achieve objectives, whether they are small, large, or
medium term.
Sustainability creation-
Venture creation concept is related to dynamic business management issues in the current
global business environment, because organizations may adopt this to overcome the current
situation or issue. It can be said that in today's era, firm may face challenges to create their brand
image in the market as sustainable venture from long time, which is important and beneficial for
them in several manners (Zapata-Cantu and et.al., 2022). Venture creation process may provide
organizations chance to establish or build positive brand image in the market within 21st century.
It may also provide firm opportunity to manage issue such as sustainability creation. In the recent
time, consumers and governmental bodies may tend to work or retain with those companies that
may create excellent sustainable brand reputation at international level. As they demand to
conduct those practices that put positive impact on environment sustainability and make it away
from harmful things like, air, water, land and other forms of pollution. Along with providing
benefits, it may also support to create challenge in term of bringing new requirements, which
companies may need to consider and then take decision to conduct sustainable actions. It may
create issue in term of emerging needs relating to sustainability.
Customers relationship management-
It is quite challenging and complicated for a company, whether it is private or public, to
manage consumer relation in appropriate manner, because it may require varied resources,
especially in case of venture creation. It may include, human resource, time, efforts, strategic
plans, strategies, etc. CRM is one of those key concepts that affect management practices, in
term of driving their concentration toward developing and implementing certain strategies that ad
to manage their relation or connection, with existing and new target audience, even when they
accept venture creation a novel approach (Kumar and Mokha, 2022). Due to this issue, in a firm
manager and leader face drastic situation as they may have to comprehend consumers needs, that
is totally new in practice manner. It is hard to know exactly what a buyer want within short term
period, and how they may take decision. The current dynamic business management challenge

create stress environment in a firm that operate in contemporary international business
environment, may lead to decrease operational effectiveness or efficiency, which is not
acceptable by high authority and other stakeholders. It requires a strategic solution, which
management may implement in successfully and systematic way.
Addressing new information challenge-
This term also consider s business management issue when organizations enter into new
market or conduct practice to implement new idea into practical term, which in return provide
benefits along with creation of challenges (Acharya and et.al., 2022). For example, it may put the
worst impact on companies, in form of emerging need to address new information that is
challenging and time-consuming as well, but also essential. It is fact that for more than 50 years,
the key data revolution may concentrate on collecting, storing and presenting information, that a
firm may use, while facing challenging sustaining in the contemporary international business
environment. While taking initiative to address new information, they may need a good
productive workforce, which is not possible to provide at short notice period.
Venture creation approach along with key advantages, bring challenges that lead to create
more issues, which is not suitable for continuous growth and success of any enterprise that run
their ventures in specific market and under a sector. The best way to deal business management
problems is strategic approaches that a company consider and utilize to reach desire outcome &
achieve set goals, objectives, etc.
CONCLUSION
On the basis of above discussion, it has been concluded that while running venture into
contemporary global business environment, organizations has faced varied challenges and deals
with certain issues that put negative impact on their ventures. They had taken strategic decisions
and actions that contributed to grow ventures successfully.

REFERENCES
Book and Journals
Acharya, C and et.al., 2022. Managing information for innovation using knowledge integration
capability: The role of boundary spanning objects. International Journal of Information
Management. 62. p.102438.
Kumar, P. and Mokha, A.K., 2022. Electronic Customer Relationship Management (E-CRM)
and Customer Loyalty: The Mediating Role of Customer Satisfaction in the Banking
Industry. International Journal of E-Business Research (IJEBR). 18(1). pp.1-22.
Lafuente-González, P. and Leiva, J. C., 2022. Perceived new venture creation speed: The
relevance of the university’s context and entrepreneurial experience. Tec Empresarial.
16(1). pp.20-43.
Nair, S., Gaim, M. and Dimov, D., 2022. Toward the emergence of entrepreneurial opportunities:
organizing early-phase new venture creation support systems. Academy of Management
Review. 47(1). pp.162-183.
Zapata-Cantu, L and et.al., 2022. Family Business Adapting a New Digital-Based Economy:
Opportunities and Challenges for Future Research. Journal of the Knowledge Economy.
pp.1-18.
Online
12 Common Management Challenges and How to Overcome Them. 2021. [Online]. Available
Through: <https://www.indeed.com/career-advice/career-development/management-
challenges>
THE TOP 15 CHALLENGES FACING TODAY’S MANAGERS (AND WHAT TO DO ABOUT
THEM). 2021. [Online]. Available Through:
<https://www.growthengineering.co.uk/challenges-facing-managers-today/>