Contemporary Management Issues & Venture Creation in the 21st Century

This report explores contemporary management issues in the 21st century, focusing on the role of artifacts in venture creation and the importance of understanding business management challenges. It delves into the concepts of effectuation and causation in entrepreneurship, highlighting how businesses must adapt to dynamic environments and make strategic decisions based on factors like technology, trends, and market conditions. The report also addresses the impact of external factors, such as political, economic, and technological changes, on business decision-making, using examples like Apple and Amazon to illustrate the significance of technology. Furthermore, it discusses challenges faced by human resource managers, including hiring, training, and maintaining employee relations, emphasizing the need for effective business planning and adaptation to contemporary problems like the Covid-19 pandemic. The report concludes that a strong business plan, strategic management, and understanding of cause-and-effect relationships are crucial for business success.

Contemporary
Management Issues in
the 21st Century
1

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Explanation for artefacts requires a novel approach to the concept of venture creation drawing
on the understanding of business management issues.................................................................3
CONCLUSION ...............................................................................................................................7
REFERENCES.................................................................................................................................8
2

INTRODUCTION
Business is exposed to dynamic environment in which there are several factors which
directly impacts the way in which perform their day to day activities. The organisation must deal
with these issues in order to survive in this market for a longer period of time. This report covers
the discussion of different set of statements which states that artefacts are assumed in following a
novel approach for the management and economics. Entrepreneurship lies on set of aspects that
is causation and effectuation. Further these aspects show us that the business ventures run on a
set of goals and objectives which are predefined. Effectuation process on the other hand refers to
the approach that is carried out in order to make necessary and essential decisions (Kemper and
Ballantine, 2019). Therefore, this report will revolve around the arguments in relation to the
business management issues that are faced in contemporary world.
MAIN BODY
Explanation for artefacts requires a novel approach to the concept of venture creation drawing on
the understanding of business management issues
According to various scholars and novelist, business environment consists of many artefacts
in terms of business model, prototypes and pitches. Artefacts are essential as they play a major
role in support system for the venture in terms of development and growth prospects. Artefacts
are further distinguished on a broad set of categories which are material, narrative and abstract.
In case of traditional sense, the creation of entrepreneurial was dependent on the traits that are
exhibited by entrepreneurs. Understanding these artefacts is essential in order to manage the
economics of business. Business functioning is directly dependent on the practical situations
which is concerned with the models, plans and pitches. Several theorists have created different
set of novel methods which are used in the entrepreneurial journey for analysing data and acts
that are related to the activities that are carried out in business. In context to the environment
which is dynamic in nature, global business environment presents different set of models,
theories and business plans.
As the environment becomes complex in day to day business, the level of uncertainties in
the business environment impact the launch of venture (Pettersson and Hussain, 2019). However,
the global environment is majorly based on new technologies, innovations and trends. Due to
these uncertainties and updation, the business is required to make certain decision on this basis.
3

Various models such as stage processing can be used in terms of fulfilling the needs of different
types of business requirements. Solution oriented approach in terms of global business aspects
helps in grabbing on different set of opportunities which are available in market. Through this
approach and model, the organisation can also seek for development in different set of activities.
Different factors which are discussed above such as people, trends and markets directly impact
the decision making process of entrepreneur (Long and Qu, 2018). For instance, if an
entrepreneur is looking to make an innovation in food and consumable products then they are
required to brainstorm further on the advantages and disadvantages.
There are other factors as well such as hiring and training of staff and generation of resources as
they play a major role in the innovation that the entrepreneur is looking to bring. Effectuation
and causation has gained a significant place in the development of entrepreneurship venture.
Modern entrepreneurship requires several factors such as flexibility and working approach which
helps in sustaining in the dynamic business environment. Causation effects are however linked
with the driving of goals in a pre-determined way (Jones and Zeng, 2019). These days’
entrepreneurs are required to make decision according to the environment in which they are
operating and hence they must make and apply the experiments accordingly. A systematic path
of tasks must be performed in the business in order to blend with the complexities and effectively
attain the set objective and goals. Businesses are required to manage these activities in order to
increase the productivity and profitability. The process of effectuation is majorly based and
dependent on the decision which will lead to the set objectives and goals. These approaches are
essential when the business has to deal with several set of external factors such as political,
economic, environmental, social, legal and technological factors. These macro issues directly
impact the decision making and puts emphasis on decision making in the functioning of business.
While dealing in a global business environment, technological factor is one of the most essential
factor which directly links with the growth and development of organisation. The two big giants
in the industry is one of the major instance, Apple and Amazon has made a significant position in
the industry by using advanced set of technology. According to changing trends and market, the
company must move on from the effectuation process so that they can easily adapt to the
changing environment. Managers are required to adapt to different set of situations accordingly
in order to sustain in the environment for a longer period of time. Business is exposed to
different types of situations; one such example is recent pandemic situation which adversely
4

impacted the structure of businesses. Covid-19 increase complexities in business due to which
many businesses were required to shift their current set of strategies and approach.
The effectuation cause various negative effects also. The contemporary business problem
disturbs the managerial working of the firm. It will be observed that, there are various
fundamental regions that requires to be directed in the working. The workers, production and
profit are the essential part that all directors require to see at. An effective firm is the success for
the task of an administration (Epstein and O’Flarity, 2019). A firm is running on several rules in
which description of responsibility and repairing duties of all workers in the firm is very
important. Before initiating an enterprise, a businessman have a better business planning which
contains a structural objective that a business person want to accomplish. An administration
objectives are the results that an administration are searching to accomplish which are the ways
to attend a good profit. Some of the objectives are already defined which is totally related to the
foregone experience and the next stage is management in which managers of the firm assist to
direct the firm in an effective manner. Human resource managers are facing different kinds of
situation, which can be separated with the aid of already described objectives. They do the
functioning of hiring and selecting, searching a perfect person for the firm is basic issue faced by
the HR manager. To get rid off this condition of an issue, firm requires to create a perfect hiring
plan and after hiring people, proper training and development should be given. Also, giving
salary is not enough, HR manager should maintain a good relationship between the workers.
When there is no interconnection among workers that provides a negative effect on the profit of
the firm, HR managers will face the challenge of giving training and compensating in the form
of salary or bonus. This will assist the workers to accomplish the objectives which are having
targets as training will grow the capabilities and understanding of workers. Problems faced by
human resource managers involve personalised data and security for the privateness of
confidential information (Wall and Leith, 2020). Giving training to the workers for securing the
information is a typical work of HR manager and to solve all these challenges, firms require a
good business planning which contains all the data related to the activities that are performed in
the firm. The cause and effects require the contribution for both shot or long duration strategies
of firms as once the objectives are set, it is the responsibility of a management to interconnect
with the workers (Aula and Mantere, 2020). A manager is an important part of a firm entity and
they are playing most of the sharing in the profit of an administration (Obschonka and Hahn,
5

2018). Cause and effects describes the problems that are faced by a business in the initial stage
which needs to set up objectives for the business.
6

CONCLUSION
It is concluded from the above report is that the business is related to two features which
are causes and effects. Before initiating, an owner require in developing a better business plan.
The duty of a manager is to create a good strategy for the operations of a firm and a concept of
cause is utilised by a firm to create an objectives and determining correct path to accomplish it.
Also, effecting is all about businessperson who concentrate and put efforts on the materializing
them into one or more objectives. These two concepts are important in the success of a firm as by
not using these, a firm can not work in a proper way. By using these, a manager describes the
situations that came out and present all the problems that arises in the firm.
7

REFERENCES
Books and Journals
Kemper, J.A. and Ballantine, P.W., 2019. What do we mean by sustainability
marketing?. Journal of Marketing Management, 35(3-4), pp.277-309.
Pettersson, G.B. and Hussain, S.T., 2019. Current AATS guidelines on surgical treatment of
infective endocarditis. Annals of cardiothoracic surgery, 8(6), p.630.
Long, H. and Qu, Y., 2018. Land use transitions and land management: A mutual feedback
perspective. Land Use Policy, 74, pp.111-120.
Jones, L. and Zeng, J., 2019. Understanding China’s ‘Belt and Road Initiative’: beyond ‘grand
strategy’to a state transformation analysis. Third World Quarterly, 40(8), pp.1415-1439.
Epstein, A.H. and O’Flarity, S.M., 2019. Considerations for reducing aviation’s co 2 with aircraft
electric propulsion. Journal of Propulsion and Power, 35(3), pp.572-582.
Aula, P. and Mantere, S., 2020. Strategic reputation management: Towards a company of good.
Routledge.
Obschonka, M. and Hahn, E., 2018. Personal agency in newly arrived refugees: The role of
personality, entrepreneurial cognitions and intentions, and career adaptability. Journal
of Vocational Behavior, 105, pp.173-184.
Wall, A. and Leith, R., 2020. Contemporary management options for molar incisor
hypomineralisation. Journal of the Irish Dental Association, 66(1).
8