Exploring Contemporary Management Challenges in the 21st Century

This report examines contemporary management issues in the 21st century, focusing on causation and effectuation as approaches to new venture creation. It discusses the importance of novel approaches, innovation, and customer satisfaction. Key issues covered include uncertainty, employee well-...Read More

CONTEMPORARY
MANAGEMENT ISSUES IN
THE 21ST CENTURY

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Contemporary management issues in the 21st century ..............................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
Contemporary management refers to the process the organisation utilized to lead the
market in which the authority plan, organize, control monitor and give direction in order to
accomplish the goal of the company (Chang and Andreoni,2020) . The present report is bases on
the contemporary management issues in the 21st century. Along with that the report will highlight
the significances of contemporary changes and impact of decision-making, behaviours, human
capital and the organization configuration.
MAIN BODY
Contemporary management issues in the 21st century
Causation and effectuation is two of plans of action which the organization utilized for the
development process of new venture creation. In the causation the entrepreneur develop the goal
for the organization and determine the way to accomplish that goal in effective as well as
efficient manner. The causation is bases on the maximization of the profit or the goal as
expected return. These criteria give assistance in making decision in order to select the most
suitable tools and technique for the welfare of the organization. The target of the companies
based on the skills and knowledge of the entrepreneur. Effectuation is another approach that the
entrepreneur used in order to develop the new business venture in the marketplace. Under this
strategy the organization is having limited tools and technique as per the requirement of the
effect (Henryk,2020). It provide extensive support to the organization in choosing the actual
creation as per the bases of affordable losses or acceptable risk of the company. In the
effectuation process the organization deliver the competitive advantages with the help of
developing wide range of the network all over the world. Along with that the entrepreneur
predict and prepare the firm for the forthcoming challenges and monitor to decrease the uncertain
changes with in the organization. Moreover, the entrepreneur decrease the chances of the
uncertain situation.
For the development of the new venture or institution, organization, firm and market. The
organization need to consider the novel approaches to the concept of venture creation. With the
novel approach the organisation able to develop various plans of action in effective as well as
efficient manner which deliver the extensive support to the firm or the organization in
developing different image in the marketplace. It is a essential element to consider the venture
creation by the entrepreneur because it bring creative ideas and innovative technology within the

organisation that attract or invite large numbers of the customers or the investor who willing to
invest huge amount in the market or the organisation (Whysall, Owtram and Brittain, 2019). The
entrepreneur focuses on each and every aspect of the venture creation and implement each and
every possible plans of action within the organization. Novel creation of venture creation stated
that the entrepreneur of the organization needed to analysed or considered the micro and macro
environmental factors of the company or the industry that give an idea of the overall outcomes
effectively. Along with that the utilization of the technological development increase the
attention of the consumer and help in providing the competitive advantages in the marketplace.
Along with that the entrepreneur formed the customer satisfaction plans of action. There are
wide range of innovation which affect the development of economy. In context to that the
organization use the plans of action which are transcendent- based approach in this approach the
organization lunches new product and services in the marketplace. For the novel venture the
organization introduce wide range of commodity and services in the marketplace. The best
quality of product and the services is that concern which satisfy the customer all over the world.
Along with that the entrepreneur of the company determine the innovative services or the
equipment required in the organization.
Another one is product based approach which is renowned as the best approach which satisfy the
large numbers of the customers in the marketplace (Hussain, HAQUE and Baloch,2019). This is
the novel approach that the entrepreneur or the owner of the organization determine before
starting the company. The business enterprise will be updated as per the requirement of the
marketplace. Moreover, the user based approach is he approach which is focused by the
entrepreneur to targets its potential customers as well as right marketplace. In the novel creation
of the new venture creation it does not require much capital to invest. In order to elaborate the
idea of the customers and determine the interest of the buyer the entrepreneur used this approach
in more suitable and sustainable manner. Along with that involving numbers of employees in the
process of decision-making the organization is able to encourage the workers working within the
organization or fort the organization. In order to develop the new venture the organization
required to make concern on the environment factor as the top priority. Beside this the individual
person focuses on the capability of the members.
Uncertainty about the future: the organization is facing many issues during the managing all
the function and operation of the organization. For assistance covid19 is the pandemic which

bring changes in the organization and increase the issues in the organization as the company
need to maintain or follow all the rules and regulation or guideline provided by the government I
order to control the spread of covid19. During the pandemic many of the company operated all
the function and management of the company from home which Shuffle the process of the
organization. On the other hand many organizations operated the function with 50% capability.
Along with that it affect the customers as the employees of the organizations are not able to
determining the ideas and preferences of the customer efficiently.
Well-being of the employees: the employees of the organization is the essential elements which
increase the production of the company. Along with that the workers main work is to increase
the value of the brand in the marketplace and satisfy the customer in an appropriate manner.
Therefore, it is important to satisfy the workers that encourage them to increase the sales of the
company and toward the goal company (Manzoor, et.al 2021). May members have concern about
the job security which increases the stress of the employees. In context to that it is important to
bring the positivity in the marketplace by delivering the financial as well as emotional support to
the assets of the companies at global level. The organization provide rewards and bonus to the
work as the result of good efforts. Health and the safety measure for the employees are become
the essential for working and operating each and every function of the arborisation.
Company culture: in the 21st century it is important to maintain the culture of the organisation
because in the modern era people are getting distracted from the mission of the company. The
culture of the organization influence the employees in better way . The positive culture increase
the productivity of the company. The company should be concerned about the healthy and happy
atmosphere within the organization which give feeling of being assets to workers rather than
being feelings of liability. The working condition should be appropriate and full of the resources
for the welfare of the employees of the organization. Along with that for developing the culture
of the organization the responsible person of the company develop the various policy for instance
the curriculum activity programme.
Tracking and increasing the productivity: it is the main issue f the organization that how to
improve the productivity of the company along with that the tracking of the employees'
performance. If the productivity is not increasing in the marketplace then the company is not able
to grow or the entrepreneur is not able to lead the company effectively. In order to track the
working condition of the employees the various organization utilized various tool and technique

or the software. It is important to resolve the issue because it help in analysis that the employees
is working properly toward the goal or not. Moreover, it allow the organization to scale up the
economy of the company and deliver the comparative advantages in the marketplace.
Recruiting and selecting the right candidate: it is crucial issue that play vital role within the
organization (Nsereko, et.al 2018) . Through the recruiting and selection process the organization
is able to hire the real talented employees of the organization. It help in providing more divers
and inclusive environment in the marketplace. If the recruiting and selecting process is proper in
the organization then it attract large numbers of the candidate from different marketplace or the
nation and contribute in the success of the company effectively and efficiently. Along with that
the company is able to increase the brand value in the marketplace.
CONCLUSION
For maintaining the economy of the country and organization it is important to work on certain
process that includes planning, organizing and controlling the function of the company. It give
assistance in managing the task effectively and efficiently. The present report highlighted the
contemporary management issues along with the Causation and effectuation approach which the
entrepreneurs used for growing the value of the company.

REFERENCES
Books and journals
Chang, H.J. and Andreoni, A., 2020. Industrial policy in the 21st century. Development and
Change, 51(2), pp.324-351.
Henryk, D., 2020. Interim management as a new approachto the company management. Review
of Business and Economics Studies, (1), pp.20-26.
Hussain, N., HAQUE, A.U. and Baloch, A., 2019. Management theories: The contribution of
contemporary management theorists in tackling contemporary management
challenges. Journal of Yaşar University, 14, pp.156-169.
Manzoor, et.al 2021. Contemporary management of jugular paragangliomas with neural
preservation. Otolaryngology–Head and Neck Surgery, 164(2), pp.391-398.
Nsereko, et.al 2018. Personal initiative: Its power in social entrepreneurial venture
creation. Cogent business & management, 5(1), p.1443686.
Whysall, Z., Owtram, M. and Brittain, S., 2019. The new talent management challenges of
Industry 4.0. Journal of Management Development.
1