Entrepreneurship: Relevance in Contemporary Business and Global Issues

This essay critically evaluates the relevance of theoretical models of entrepreneurship in the contemporary business context, characterized by uncertainty and global dislocations such as climate change. It defines entrepreneurship as an individual's endeavor to start a new business with creativity and innovation, emphasizing its role in meeting market demands and fostering customer relationships. The essay contrasts causation and effectuation as key elements in business formation, highlighting how entrepreneurs adapt to changing times and leverage opportunities. It also discusses the importance of strategic alliances, participative working environments, and the need for businesses to embrace change and innovation to maintain a competitive advantage. The analysis concludes that entrepreneurship remains crucial for providing quality services and goods, and for accumulating valuable experiences from failures, ultimately fostering long-term positive relationships with customers.

Contemporary
Management Issues in
21sy Centuary

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The entrepreneurship is basically a concept which is used by the individual person for
starting a new business with bearing high risk and also with enjoying various rewards.
Entrepreneurship also defined as one type of profession where individual is focused on achieving
creativity and innovation in business entreprises. It played major role which assist in meet the
current culture of market in order to provide services and goods accordingly in large market
place. Here the main purpose of entreprenership is to develop is to fulfill the needs and desires of
customers in time and also developed strong positive relationship with them (Beeson, 2018).
This essay will cover the critically evaluate the view that the theoretical model of
entrepreneurship has little relevance in the contemporary business context characterised by
uncertainty and major global dislocations such as climate change.
MAIN BODY
Entrepreneurship is basically defined as a individual who start their new business with
applying creativity and unique ideas. It also refer to those individual who have their own terms
which is essential for doing the work in right way. In this way it leads to open new venture by
achieving creativity and innovation by offerings. This also clears that their are various aspects
which provides visibility in the business internally and they are connected with specific
arguments, conflicts and debates and these are some viewpoints regarding understanding the
viewpoint of individual and different aspects connected with entrepreneurship. In respect of
Sarasvathy causatiuon and effectuation are the main elements which provides structure to
business in the form of formation. Causatiuon is defined as one type of schnerio where people
get impacts and they required to select the set and effective drivers and they are consider as
motive of facilitating of specific business service which is essential for meet the aims of various
business activities. But in other side effectuation is refers to procedure where person providing
the unique goods in comparison to current time.
The causation is referring to particular condition where enterpreneur emphasised on the
knowledge of individual person so that they worked effectively. But effectuation is refer to
condition where owner captured various opportunities which are presently available in market. It
is basically depend on the capability and ability of venture which is concentrating on managing
the sudden conditions or particular program which is totally based on the working of business.

Effectuation assist inaspect of having impacts from business activities and also has main focus
for identifying the major aspects which is managed in various uncertain situations. This is one
type of assertive approach where various types of ideas and degree of change are easily applied
so that all the activities of business are carried in a systematic and professional way.
Thre are different types of entrepreneur businesses which have their own process, values
and policies which is being accepted by the causation, these are some aspects which are depend
on the mindset and skills of individual and the specific in which they carried their functions in
business effectively. In the past all the activities of business are performed accoriding to the
effectuation and some on the basis of causation. It is also connected to aspects which is depend
on the skills and mindset of individual which attempts the exploring of various segments of
people. As individually normally operates their business in effective way and did not have focus
of making good choices in market which is also leading to have right approach in business
(Chang and Andreoni, 2020). Due to occuring change in time, they moved forward for achieving
growth and success in market at maximum level. Entrepreneurs gets passionate, confident and
resilient for their received work. In this way they easily make sure that effectiveness is retained
and single person becomes risk taker which assist them to receive new business ideas and for
meet their desired objectives in market effectively.
Entrepreneurship plays the major role to have the various aspects which leads to create
revolution and being converted into appropriative way. These are accessible in various situations
by which they easily received the scope of various business environment. Their are various types
of modern entrepreneurial concepts which comes under the category of drive and path breaking.
But in present time entrepreneurs did not have various mundane approaches where they are not
accessed the aim of exploiting various new type of opportunities to the specific business which
leads to increase the growth and success of company at higher rate with low time. It leads to take
various possibilities which makes sure that higher growth for the present time and various
opportunity for the same. The business which is done in traditional manner did not adapt change
easily which leads to decrease the flexibility in activities of business effectively. They also did
not follows the approach of contigency in effective way and also take the risk for achieve the
competitive advantage in big market for long duration. Due to keeping competitive advantage
firm or entrepreneur is able to sustain goodwill and profit margin in market for long time.

In aspect of business venture they identified the ample of failure or opportunities for
beginning the specific business for initialise the effectuation in various operations and also leads
to failure in the step of investment. This also facilitates the step where the entrepreneur have
threat in high rate and minimum portfolio which is caused to begin the business from causation.
Here main focus behind this kind of threat is to evaluate the effectuation which is a highly
effective tool that provides the ample of opportunties for starting the new type of business
ventures and moved forward for higher growth.
It also shows that number of organizations which is being selected on the basis of
effectuation phenomena and comparison to causation in present time which leads to launch
venture in market. It also assist different types of aspects which leads to enhance the success rate
and also they focused on achieving the development and also received the assistance and support
in previous step of venture. This will have various leverage in market and also allowed them for
receiving effective camaraderie as they worked with various entrepreneurs (Cullen and
Gendreau, 2019). Example, there are various companies which is utilized the method of strategic
alliance with more than two ventures. Therefore, Uber and Spotify are those ventures who leads
to enhance the overall profit margin and sale of organization with help of keeping effective
alliance in market that provides advantage of facilitating greater benchmark in market.
It is related with the process of financial decision making where company owner is
focused on long term and short term advantages for the firm. In aspect of traditional market, they
have the major considerations regarding the overall performance or productivity of firm. Here
entrepreneur also carried the task with sole objective of generating revenue at higher rate. In this
way businesses are experimented as various aspects which is being having uniquness and best
output within company and leads to generate high profit margin in it. Due to this it is essential
for organization to keeping effective execution of plan in business by which they oversees
various aspects of business for making collaboration with the cultural aspects in whole
community. In aspect of participative working atmosphere, they will have the concentration on
achieving objectives of business. It assist them to increase their motivation level and leads to
have the willingness to do task in defined and effective way and fulfill the aims of attaining their
predefined goal. The best example is the google which is one of the biggest company and this
firm is mostly emphasised on the overall techniques of working and also adapted participative
atmosphere in the activities of business. They are assessed the various platforms to employees

which leads to enhance their productivity and also able to do their job in systematic manner. In
this way employees easily share their opinions and viewpoints in aspect of organization and their
activities without any type of hesitation.

CONCLUSION
After the analysis of above information it concludes that enterpreneur and
entrepreneurship plays the crucial role for providing best quaity services and goods to customers
in long term. It also ensures that the effectuation which is one type of business leading to
entrepreneur will assist them to accumulate various types of failures which is important for
comnpany growth. Due to providing best quality services and goods to customers the
entrepreneur or entreprenership is able to maintain strong positive relationship with users for
long time. This essay will cover critically evaluate the view that the theoretical model of
entrepreneurship has little relevance in the contemporary business context characterised by
uncertainty and major global dislocations such as climate change.

REFERENCES
Books and Journals
Beeson, M., 2018. Geoeconomics with Chinese characteristics: the BRI and China’s evolving
grand strategy. Economic and Political Studies, 6(3), pp.240-256.
Chang, H.J. and Andreoni, A., 2020. Industrial policy in the 21st century. Development and
Change, 51(2), pp.324-351.
Cullen, F.T. and Gendreau, P., 2019. From nothing works to what works: Changing professional
ideology in the 21st century. In Clinical Forensic Psychology and Law (pp. 231-256).
Routledge.
Mikušková, E.B. and Verešová, M., 2020. Distance education during COVID-19: the perspective
of Slovak teachers. Problems of Education in the 21st Century, 78(6), pp.884-906.
Nerubasska, A., Palshkov, K. and Maksymchuk, B., 2020. A systemic philosophical analysis of
the contemporary society and the human: new potential. Postmodern Openings, 11(4),
pp.275-292.
Pfotenhauer, S.M., Juhl, J. and Aarden, E., 2019. Challenging the “deficit model” of innovation:
Framing policy issues under the innovation imperative. Research Policy, 48(4), pp.895-
904.
Powells, G. and Fell, M.J., 2019. Flexibility capital and flexibility justice in smart energy
systems. Energy Research & Social Science, 54, pp.56-59.
Tohara, A.J.T., 2021. Exploring Digital Literacy Strategies for Students with Special Educational
Needs in the Digital Age. Turkish Journal of Computer and Mathematics Education
(TURCOMAT), 12(9), pp.3345-3358.
Wartman, S.A. and Combs, C.D., 2018. Medical education must move from the information age
to the age of artificial intelligence. Academic Medicine, 93(8), pp.1107-1109.