LSC UoS BA Essay: A Novel Approach to Venture Creation Issues

This essay explores the contemporary management issues in the 21st century, focusing on the role of artifacts in venture creation and the importance of understanding business management issues. It discusses the concepts of causation and effectuation in entrepreneurial management, highlighting the need for flexibility and adaptability in the dynamic global business environment. The essay also examines the impact of external factors, such as technology and market trends, on business decisions and the importance of effective human resource management in achieving organizational goals. It concludes that a balanced approach, considering both causation and effectuation, is crucial for developing successful business strategies in the modern era. Desklib provides similar solved assignments and past papers for students.

Contemporary
Management Issues in
the 21st Century

Table of Contents
INTRODUCTION ..........................................................................................................................2
TASK...............................................................................................................................................3
Explanation for artefacts requires a novel approach to the concept of venture creation drawing
on the understanding of business management issues................................................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
The main purpose of this report is to discuss on the statement which says that artefacts
are assumed to require novel approach for the entrepreneurship management and economics.
This shows that the entrepreneurship rely upon two aspects which are causation and effectuation.
This aspects states that the various business organisation functions on the predefined goals and
objectives to carry out the operations and various activities in order to achieve the desired
objectives. Whereas, the effectuation process is defined as to the approach for taking decisions in
order to carry out essential actions. Therefore,(Barley, Bechky, and Milliken, 2017). this report
is going to present the argument in relation to artefacts in order to understand business
management issues is the contemporary world.
TASK
Explanation for artefacts requires a novel approach to the concept of venture creation drawing on
the understanding of business management issues
According to the various authors and the novelist, it is identified that the business
environment is abutting with the many artefacts in terms of business models, pitches and
prototypes. These artefacts are needed as for for the support system for the various business
organisation and ventures in order to lead into the growth and development. These artefacts are
differentiated among the broad categories which are abstract, material and narrative. In the
traditional ways, the entrepreneurial creation was mainly depended on the entrepreneurial traits
and their efforts in which tend to show the result of the success. Therefore, it states that,
understanding these artefacts are useful for the economic and management of the business. These
business plans, pitches and models likely to impact on the business functioning at practical
situations. It is an important aspect to understand the entrepreneurship in a better way(Areeda, ,
Kaplow, , Edlin, and Hemphill, 2021).
the various philosopher have introduced novels method for the entrepreneurial journey which can
be considered as an eff3ctive for analysing the various facts and figures including the typical
data for the activities of the business organisation. In relation to the dynamic global business
environment, the various theories, procedures and the business plan becomes an important aspect
for the organisation to achieve its desired goals and objectives and also to get rid of the failures.

The external and the environment factors have a great impact on the operations and different
functions of the business enterprise. As day by day the environment becoming more complex for
the organisation and ventures. The global environment is now based on new trends, technology
and innovation. Therefore, the decision are need to be taken on behalf of it.(Tong, and Baslom, ,
2019).
There are various model such as stage process are yet discovered for fulfil the needs of the
various ventures and enterprises. This assist in advising suggestions which is related to the global
business and this also helps in attaining the various business opportunities and seeks
development. It is observed that the entrepreneurship is full of risk and uncertainties and helps
in demonstrating the people, market and the current trend which is been observed, these various
factors impact in the decision making for a entrepreneur. For example, if an entrepreneur is
looking the opportunity by identifying and bringing the innovation in a food products, it is
important for the entrepreneur that he/ she consider the both positive and negative impact which
can be there in the innovation which is been designed by the entrepreneur. Hence, causation and
effectuation are the two essential terms which have gained much importance in developing
entrepreneurship. In the modern working time of business, there is requirement of flexibility and
limited working approach which does not effect on the employee retention and manpower of the
business organisation. The effect of causation derived that the goal must be pre-determined.
(Marr,. and Al-Marashi, 2018.)
It is very important that the goal are determined as there is a lot of complexities which can be the
hurdles for the organisation in achieving the objectives. As now a days, the entrepreneur cannot
take the frequent decision for the business because of the dynamic nature of the environment and
various other factors. The modern way of the working is not constant and simpler as compared to
the4 other various previous ways in which the businesses used to make the necessary decision
within the business organisation. It leads to derive every decisions and gaols needs to be pre set
and determined so that, rest all the activities will move in the prescribed manner. It creates
minimum changes of failure and business are running profitably. Whereas, the approach of the
effectuation put focus on decision which which will create insight of doing the set goals. In
context of the global business these approaches are considered as an important as are getting
affected with political, environment, technological and legal issues. These macro environment
factors put emphasis on the various decision making process and the various business functions.

As the impact on the various taxes, trade policy and environment concerns become threat for the
business to get positive impact on the society. The technological factors is considered as an
important factor for the global business. It is essential for the organisation to have a high digital
technologies within the organisation for the growth of the business enterprises. Many
organisation like Amazon, Apple have become a true example of high technology and innovation
which comes under largest companies to grow into market(Fried, and Kastel, 2020).
In the change which is observed in the people and in the market the effectuation
approach does not always works in the business management, there are some decisions which
might do not suit with the current market opportunities. It is very essential for the managers that
they are ready to adopt the changes in the market. Here the pandemic can be the best example for
the organisations and also a real life example that any situation can arise at any point of time
which can impact the lives and the business organisations. It has ascertained that the approaches
of causation and effectuation are critically applies on the current business situation. There are
various business bodies which get support through the government and agency as they have clear
aims which gets regulate into the market. There is requirement of the effectuation model in
which the entrepreneurs gets into insight about what decision can give the advantage in future
and what needs to be eliminate quickly. It is very important for the entrepreneurs that their
decision can help in achieving the desired objectives and goals. The employees, productivity and
profitability are the key function that every managers needs to look at. An efficient organisation
is the success for the business enterprise. An organisation is run on some rules and regulations. It
is very important for the managers to define the roles and responsibilities of every employee so
that there is the clarity so that they can work effectively. As now a days the manager faces
various challenges regarding to the employee they nee4d to look for the employee safety and the
various issues smooth the employees.(Dodgson, , Lee, and Drager, 2017). It is important that
the organisation culture and the structure is in such a form that the employees are able to perform
various activities without any disruption. It is very important that the organisation is able to focus
on the compensation which is paid to the employees . The HR manager has the huge
responsibility of the balancing the relationship between employees and employers. It is essential
that the absence of the communication can be controll3ed by the managers which have a
negative impact on the workforce. It is very important for the HR manager to regulate the
training programs for its employees so that they can increase their productivity which will impact

in the productivity of the business organization. This will helps the organisation to achieve the
higher goals and objectives within the business enterprise. It is essential for the organisation to
have business plan in order to overcome with the challenges which is faced by the organisations.
The causation and effectuation need to contribute for both short term and long term business
strategies(D'Silva, and Webster, eds., 2017).
CONCLUSION
From the above report it is concluded that every business enterprise is based on the tw
aspects which are causation and effectuation. It is very important fro the owner that it focus on
the various internal and external factors before starting any venture or the organisation. A
causation approach is used by an business organisation to design the goals and determine the
right path to achieve them. The various approaches play the vital role in the development of the
organisation and as well as in the development in the economy. There are various challenges as
well in developing the organisation globally. It is necessary that the organisation focus on the
external factors such as legal, technological, social etc.

REFERENCES
Books and Journals
Areeda, P.E., Kaplow, L., Edlin, A.S. and Hemphill, C.S., 2021. Antitrust analysis: Problems,
text, and cases. Wolters Kluwer Law & Business.
Barley, S.R., Bechky, B.A. and Milliken, F.J., 2017. The changing nature of work: Careers,
identities, and work lives in the 21st century. Academy of Management Discoveries, 3(2),
pp.111-115.
D'Silva, J. and Webster, J. eds., 2017. The meat crisis: Developing more sustainable and
ethical production and consumption. Routledge.
Dodgson, R., Lee, K. and Drager, N., 2017. Global Health Governance, a conceptual review
(pp. 439-461). Routledge.
Fried, G. and Kastel, M., 2020. Managing sport facilities. Human Kinetics.
Marr, P. and Al-Marashi, I., 2018. The modern history of Iraq. Routle
Millar, L.A., 2017. Archives: principles and practices. Facet Publishing.
Tong, S. and Baslom, M.M.M., 2019. Knowledge management (KM) practices in education
and learning: Establishing a knowledge economy in Saudi Arabia. Humanities and
Social Sciences Letters, 7(1), pp.1-9.