Analyzing Contemporary Management Issues in Modern Entrepreneurship

This essay explores contemporary management issues in 21st-century entrepreneurship, focusing on the concepts of causation and effectuation as defined by Sarasvathy. It highlights how entrepreneurial ventures are evolving from traditional, rigid approaches to more innovative and risk-taking strategies. The essay contrasts effectuation, which emphasizes capitalizing on opportunities with lower initial investment, and causation, which relies on preset goals and knowledge. Successful examples like Spotify and Uber are used to illustrate the importance of strategic alliances and modern marketing techniques. The discussion also covers the significance of financial decision-making and collaborative work environments in achieving organizational objectives, citing Google as an example of a company fostering a participative culture. The essay concludes that modern entrepreneurship is more advanced, responsive, and customer-led, emphasizing the importance of networking and value-based products and services for global business growth. Desklib offers this essay and many other resources to aid students in their studies.

Contemporary
Management Issues In
The 21st Century

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
Conclusion.......................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is an important concept for the business in which different type of creative and
innovative ideas are present which helps business venture to run for long term basis. In current
time, entrepreneurship is improving and innovating in this manner which help new start up to
start their business with their effective and useful products and services in order to fulfil demand
of their customer and become competitive for the market. According to the entrepreneurship
research which has been conducted by the Sarasvathy its important key aspects. This essay is
consist different approaches of entrepreneurship along with successful business examples.
TASK
Entrepreneurship is an important aspect which can be defined as ability as well as readiness for
purpose of development, organisation and running of a business enterprise in a uncertain
environment which allow them to earn profit for business (Lestari, Octavianti and Hendri, 2019).
It is emphasising on differentiation in business along with creativity and innovation which allow
an organisation to provide quality products and service to their customers. There are different
types of people work in an organisation who has diverse skills, viewpoints which can results in
conflicts and individual has distinct opinion and perspective of entrepreneurship. In perspective
of Sarasvathy, Effectuation and causation are considered as main components which are termed
as foundation for business venture, institution and unit. Causation is a component in which preset
effective are offered to individual and it is important for them to choose suitable drive that can be
taken into consideration by them for purpose of ensure smooth flow of operation. Effectuation on
the other hand can be described a process in which preset driver are facilitated to a person and it
is essential for them to select most adaptable effect which create favourable situation for them
for running specific operation in a field of work.
Causation is one of component which can be more preferred by entrepreneur as it is more
emphasis on knowledge. Effectuation is other component which is more preferred by
entrepreneur that is based on capitalisation on opportunities (Malik, AlDarrab and Edward,
2020). Causation is an aspect which helps managers to analyse and practice about different
uncertain event occur in business in future period of time. It helps business to control of an
unpredictability and uncertain situation that can be depended on ability of organisation to predict
that event. Effectuation is one of component which assist in identification of different aspect

which helps to control over uncertain event occur in an organisation. It includes use of assertive
approaches which is based on ideas that ability of an enterprise to control over its business
environment helps them to overcome of challenges and uncertain event occur in business.
Different types of entrepreneur venture are existed in business environment which has their own
procedure, policy, values which can be adopted by them for purpose of survive in competitive
marketplace. There are some of entrepreneurial venture which adopt effectuation whereas some
organisation adopt causation (Murray and Lee, 2018). Adoption of causation as well as
effectuation is depended on skills and mindset of entrepreneur and their ways of operating
business. In past, entrepreneurship is one of complex and difficult process as individual was not
ready explore new things which they are eager to do in current situation. There are different
types of organisation which are adopting causation as it is based on setting and operating
business organisation. There are various changes occur in business organisation over period of
time as entrepreneur has developed new skills and also more willing to take risk in market,. They
are focusing of exploring new things and adopting innovation in business which provide them
success at marketplace.
Entrepreneurship in current days has transformed completely and also revolutionised which
create various positive impact for busies. Modern concept of entrepreneurship is different from
traditional concept as modern concept is path breaking concept which provide different
opportunities to entrepreneur (O’Cass and Wetzels, 2018). Entrepreneurship is not following
mundane approaches as it is focusing on setting new success and aiming to reach at global level.
Traditional approach is one complex and rigid approach of entrepreneurship which does not
allow business to get success in present time and is not focusing on long term benefit instead of
short term success
In context of entrepreneurial ventures it would be seen that the start ups which is begin with the
process of effectuation is mainly fails early because their investment stage are low. These
entrepreneurial ventures will be less risky and profitable in compare of those firms which starts
its business with risk. According to this, this is reason in which analysing the effectuation help
start ups to get success by taking various opportunities which exits in the market.
While starting any business most of the start up ventures prefer effectuation method instead of
causation because it will be less risky (Palme, Buchanan and Gullane, 2018). Most of the
successful entrepreneurial company start their ventures by focus on creating effective connection

for taking appropriate assistance and support from them and they also helps by providing various
advantages that is present in the market in order to become huge competition for their
competitors. For example, Spotify and Uber can be considered perfect for strategic alliance
because they two become most successful entrepreneurial ventures in order to increase their
profitability , popularity and market share. Important and effective alliances help both the
companies in order to make their strong reputation in the market.
According to today's new entrepreneurial venture they are using new and innovative techniques
in order to market and promote their products and service in the market. Traditional methods and
techniques are not to be used in current businesses because they are not suitable according to the
changing market environment and for competition (Schaeffer, 2017). Due to competitive
business environment it is necessary for the companies to improve strategies in order to become
more competitive for their competitors. According to this business ventures should formulate,
create, implem3ent and control their marketing strategies which help them to become more
strong in order to get benefit of competition. It is important for the business to become smart and
clever in order to make their business adaptable, flexible and relatable for their target market. For
an example, marketing strategy of Nike are most attractive and innovative which make customer
attracted. This company hired celebrity for their products advertisement, use social media, etc. in
order to attract more and more customer for influencing them to make purchases for their
products that are available in the market.
Financial Decision make entrepreneurs make comfortable to them which provide them various
benefits and short term advantages. Today's new firm is primary focus on new and innovative
method for their financial decision instead of old and tradition format. They are doing various
research in order to make effective their business activity in order to achieve effective result
(Stewart, Pasternak and Rosenwaks, 2019). It is necessary for the entrepreneurial venture to
develop collaborative and participative culture in their working area which help them to achieve
their organisational objectives. Respect has been develop in participative environment ,
interaction and effective communication between employees help them to explicit their opinions,
thoughts and viewpoints confidently. This will help company to motivate, engage and concerned
their staff and make comfortable for giving their ideas as well as their efforts. In respect of this it
will be useful for the company for achieving their organisational goals. Google is a well
established and recognised firm which makes its concern in order to make effective participative

environment in its working area. The company provide an environment to their employees which
allows to give their concern and views related to their business firm or for its operational
activities (Strohl and El-Sayed, 2019). In previous all these will not be considered for the
newcomers in order to utilized it basic and regular business activities. In future new coming
entrepreneurs is focusing on innovative and invent new strategies which help them to manage
and run their business in most effective and unique manner which become profitable for them.
Conclusion
From the above discussion, it will be concluded that entrepreneurship is a integral and important
parts of global business. For the growth of global business environment entrepreneurs play a
very essential role by providing their best efforts and services which also help in their growth.
Entrepreneurial ventures faces failure most of the time with the help of effectuation. It also help
them to develop various ability like overcome, respond and even eliminate all these failure which
may occur in future. With the help of this entrepreneurs are developing new experiences by
converting their perspectives and ideas in order to develop their products which become an
important reason to attract customers in effective and relevant manner. Today's entrepreneurship
is more different from their last period. In last it would be seems that the new start up business is
more advanced, responsive, active and customer-led comparison to the old ones because their
effective networking methods and value based products and services.

REFERENCES
Books and Journals
Lestari, W., Octavianti, F., and Hendri, R., 2019. Plant-based substitutes for
gelatin. Contemporary Management and Science Issues in the Halal Industry, pp.319-
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Malik, R., AlDarrab, A. and Edward, D.P., 2020. Contemporary management of refractory
pediatric glaucoma. Current opinion in ophthalmology, 31(2), pp.123-131.
Murray, T.E. and Lee, M.J., 2018. Are we overtreating renal angiomyolipoma: a review of the
literature and assessment of contemporary management and follow-up
strategies. Cardiovascular and interventional radiology, 41(4), pp.525-536.
O’Cass, A. and Wetzels, M., 2018. Contemporary issues and critical challenges on innovation in
services.
Palme, C.E., Buchanan,. and Gullane, P., 2018. Contemporary management of laryngotracheal
trauma. In Scott-Brown's otorhinolaryngology and head and neck surgery (pp. 1065-
1078). CRC Press.
Schaeffer, E.M., 2017. Re: Contemporary Management of Chronic Prostatitis/Chronic Pelvic
Pain Syndrome. The Journal of urology, 197(5), pp.1275-1276.
Stewart, J.D., Pasternak, M.C., and Rosenwaks, Z., 2019. Contemporary management of
unexplained infertility. Clinical obstetrics and gynecology, 62(2), pp.282-292.
Strohl, M.P. and El-Sayed, I.H., 2019. Contemporary management of parapharyngeal
tumors. Current oncology reports, 21(11), pp.1-5.
Zimmerman, L.D., Setton, R., Pereira, N. and Rosenwaks, Z., 2019. Contemporary Management
of Polycystic Ovarian Syndrome. Clinical obstetrics and gynecology, 62(2), pp.271-281.