Human Capital and Entrepreneurship-Free-Samples -Myassignmenthelp

Questions: 1.Critically evaluate the Importance of creativity and innovations are needed for an Entrepreneur to thrive. 2.How challenging can change be for an Entrepreneur? Critically evaluate this in terms of changes in the Macro and Industry Environments. 3.Managing people (employees) is one of the must have leadership skills for an entrepreneur. Critically evaluate this statement and provide reasoned arguments for and against the statement. Answers: Introduction: In the present competitive business environment, development of effective strategies and policies is essential for any business entity to fulfill all their goals and objectives. For that reason, entrepreneurs have to formulate different unique decisions for accomplishing all their goals and objectives. Innovation is the heart of any growing economy, especially where traditional business models or practices have become obsolete. Without proper utilization of innovation or creativity, businesses can become financially stagnant within the market. Successful entrepreneurship needs a focus on integrating innovation, creativity and strategic business practices. Secondly, the report deals with the changing nature of the business environment and its impact on the strategies and policies of entrepreneurs. Several factors like political, economic, legal, technological and environmental plays significant role in creating overall business environment. For that reason, any changes in these factor s alter the present business environment completely. The entrepreneurs will always have to be ready to face such type of complex business environment in order to accomplish sustainable growth in the market. The report will provide an idea regarding the way managers can implement different changes in present strategies or policies for countering the changing business environment. Thirdly, the report deals with the importance of handling employees within the corporate environment for accomplishing all the business goals and opportunities. The report will highlight different concept associated with the handing people for providing an idea regarding the amount of impact it can have on the overall business environment. It will also include different critical argument regarding the best way to handle people within the organization for accomplishing all the business goals and objectives. 1.As per the article by Wolf (2012), creativity refers to the ability to bring, create into existence, to produce through imaginative skills, to invent into a new form. Creativity is not the ability to produce something out of nothing, but the ability to formulate new concepts or ideas by changing, combining or reapplying the existing ideas. Creativity also refers towards an attitude for accepting new changes in the business environment that can add dimension to the overall business structure. On the other hand, innovation refers to the development of process that is more creative or changing process, ideas and products. For businesses, innovation reflects to initiating new concepts, ideas and dynamic products for enhancing the efficiency of the present operational process. Innovation is fostered by capturing new form of connections with new disciples, places and collegial network. However, Boncz et al. (2015) have mentioned that innovation needs a fresh way of looking into regular a ctivities. It also requires proper understanding of the people along with organizations willingness to take additional risks in the business processes. Different elements are associated with the innovation process such as customer focus, challenge, creativity, communication, collaboration, competition and culture that can have significant impact on the overall business environment. Entrepreneur reflects to those persons who are responsible for setting up new businesses. Generally, entrepreneurs posses high level of skills and knowledge that allows them to oversee the entire operational procedure of a business. Entrepreneurs are prime catalyst for the development of different innovative and creative strategies that provides new dimension to the organization. In any business firm, entrepreneur is considered as the prime actor in developing marshalling resources and business ideas for accomplishing operational objectives. In the present competitive business environment, it is critical for any businesses to look for new opportunities for maximizing the profit level in a major way. The opportunities for innovation include in process where the entire focus is provided on the enhancing the overall process for achieving success in the market. Similarly, proper utilization of innovative products and services can also increase the overall revenue level of the organization. Moreover, entrepreneurs can also focus on utilizing different strategies for maximizing the utility of the present resources. As stated by Schnackenberg and Tomlinson (2016) innovation centers on culture, people, process and technology, which converts different market opportunities into profitable, workable and marketable ideas. However, utilization of innovation or creativity also can generate different challenges for businesses for accomplishing all the goals and objectives. For instance, management will have to focus on assessing the kind of impact any new initiated strategies can have on the present organizational culture. Moreover, management will have to assess present level of skills of the employees before initiating any new technologically advanced process. It will help the management to understand the kind of training and development needs for the employees. Otherwise, it can affect the overall motivational level of the employees in a significant manner. For that reason, organizations like Apple, Microsoft and Samsung have spent huge share of the total revenue in providing proper training facilities to the employees. It has allowed all the employees to enhance their present level of skills in a significant manner, which is likely to create positive impact on the eventual organizational performances. On the other hand, efficiency in product or service innovation also heavily depends on the present market needs and wants. Thus, it requires proper utilization of market research strategies for understanding exact type of innovation requires for achieving success through innovation and creativity. For instance, Nestle and Cadbury always focuses on investing huge amount of money in the market research activities for having clear idea about the market needs. It allows them to reduce the risk level associated with the launch of any new products. Similarly, management will also have to remain very careful about the way different new strategies were initiated to maximize the utility of the available resources. As illustrated by Dent and Whitehead (2013) it is critical for entrepreneurs to create a balance between work pressure and personal life for the employees. The term work life balance have gained significant amount of intersect in recent times. Almost all the prime organizations like Samsung, Microsoft, Coca Cola and many others have provided enough flexibility for the employees so that they can give maximum effort for the benefit of the organization. Thus, the above discussion has highlighted the fact that proper implementation of any developed new idea is critical for any organization. Without the exact implementation of the initiated strategies, it will be extremely difficult for any organization to accomplish all the goals and objectives. In fact, the success of any innovative or creative strategy heavily depends on the way it is executed in the corporate environment (Molloy and Heath 2014). The execution process determined the amount of impact it can actually create on the desired goals and objectives. Hence, the statement An idea that is developed and put into action is more important than an idea that exists only as an idea is absolutely correct. In fact, management needs to be more careful on the execution process of an idea compared with the development process. Proper execution will provide employees a specific guideline regarding the way they can fulfill all the goals and objectives. Therefore, it will keep them motivat ed towards the provided roles and responsibilities, which will enhance the efficiency level of the operational process (Smith et al. 2012). On the other hand, proper utilization of market research strategy will provide clear understanding regarding the needs and wants. Therefore, it will increase the efficiency level of the implemented innovation and creative product or service development strategy in a major way. 2.As per the article by Cummings and Worley (2014) all the organizations are looking to initiate different unique strategies for gaining competitive advantage in the market. Over the years, market dynamics for different industry have changed in a significant manner. Therefore, it has induced organizations from different sector to implement new strategies and procedures for fulfilling all the business goals and objectives. Now, PESTEL is among the most popular tools to evaluate macro environmental condition of overall business environment. It will help to highlight all the critical elements that have induced market to change its dynamism. PESTEL theory: Political factor: Political factors include all the government rules and regulations imposed on different industries. As stated by Ho (2014) different economies have their own set of rules and regulations that businesses have to follow to remain competitive in the market. Now, government tax, fiscal or trade policies change over certain span of time that directly creates adverse impact on the overall profit level of the businesses. Hence, it provides businesses no alternative options than to initiate unique strategies for maintaining competitive advantage in the market. Economic factor: Economic factors include all the determinants like foreign exchange rate, inflation rate, interest rate, tariff and quota of an entire economy. Now, any changes in these rates directly increases overall operational cost (Clegg, Kornberger and Pitsis 2015). As a result, organizations have to consider different alternative strategies to reduce the cost as much as possible. For instance, high rate of inflation increases the overall cost of the raw materials for any production firm. Therefore, it reduces profit margin, which eventually increases massive pressure on the overall efficiency level of the operational process. Social factor: As stated by Morse, Babcock and Murthy (2014) social factors include factors like demographic, culture, age group, gender of the entire community. It has been assessed that overall market needs and wants heavily depends on the dynamism of the market. For that reason, with the changes of social structure, organizations will also have to initiate different changes in their initiated strategies for maximizing the revenue level. Now, initiation of unique strategies eventually changes the overall business environment. Technological factor: Technology is arguably the most important factor that changes the overall business environment completely. The entire globe has seen significant technological advancement across industries (Oster and Strong 2017). As a result, it has allowed organizations to produce more in a limited span of time. On the other hand, it has also changed the market dynamism or competitiveness in a significant manner. Environmental factor: Environmental factor focuses on assessing the locations, transport and other facilities that can eventually create major impact on the overall business perspectives. With increasing competition, organizations have to face more pressure to utilize environmental friendly strategies (De Anca and Vega 2016). It has allowed many prime organizations like Tesco, Wal-Mart or Woolworths to represent itself as a responsible corporate citizen. Thus, environmental factors have also created significant impact on the changes of overall business activities. Legal factor: Legal factor focuses on evaluating different legislative rules and regulations that restricts different business procedure (Day 2014). Over the years, different economies have changes their legislative guidelines in such a way so that it can able to add more dynamism on the entire business structure. Specifically, changes in legislative guidelines completely transform the dynamism of the international business. Therefore, it can be mentioned that changes is obvious in business environment of any industry. Now, in order to counter continues changing business environment, entrepreneurs will have to focus on utilizing different unique strategies and procedures. Now, Lewin has suggested one of the most popular organizational change theory that management can utilize for fulfilling business goals and objectives. Lewin change theory: In this theory, Lewin has suggested three steps for the entrepreneurs to utilize at the time of initiating change in the present business strategy. The stages are discussed as follows: Unfreeze: As illustrated by Reason (2016) first step of the change theory involves preparing the business to accept the necessary changes. Therefore, management will have to focus on breaking down the current status quo in many segments. Here, management will have to ensure that all the employees associated with the organization can understand the significance of change in an appropriate manner. Thus, management will have to challenge the values, attitudes, beliefs of the employees in order to initiate different changes in the operational procedure successfully. Change: In this step, management needs to focus on implementing different change strategies so that it can able to maintain its position in the market. For instance, if any management is looking to introduce any advance technology base instrument on the operational process. They will have to introduce it in this step along with proper training and development facilities for the employees (Hanks 2015). It will ensure employees do not have to face too many challenges in performing their roles and responsibilities in an appropriate manner. In this step, employees start to learn how to cope up with the changes in the operational procedure. Here, employee might have to work with new teams in completely new environment. Therefore, management will have to provide required level of support at each step to ensure they remain motivated towards the organizational goals and objectives. Refreeze: After the initiation of changes, management will have to concentrate on refreezing the entire operational process in an appropriate manner. In this step, employees are likely to understand the new initiated tools and technologies in an effective manner (Gupta, Pistorius and Vijge 2016). Moreover, they have developed strong team bonding with each team member. Refreezing step reflects the successful implementation of change strategy for gaining competitive advantage in the market. Now, innovation requires proper changes in the present business procedure. Therefore, entrepreneurs will have to remain very careful at the time of initiating Lewins change theory in the corporate framework. Otherwise, it can create massive affect on the overall accomplishment of business objectives. Therefore, entrepreneurs will have to follow all the steps of change theory module for successful accomplishment of all the goals and objectives. 3.As opined by Birkinshaw and Gupta (2013) employees are the most valuable resources for any business entities to accomplish all the business goals and objectives. Proper maintenance of employees is one of the prime responsibilities for any management in order to fulfill all the organizational goals and objectives. In the present complex business environment, leaders or managers have to deal with different aspect of the business on regular basis. The responsibilities of the leaders include keeping track of the stock levels of raw materials, efficiency the operation process, target achievement, team bonding and many other things. However, all the responsibilities associated with the leaders are linked with employees. According to Bridges and Bridges (2017) without proper help from the employees, no organization can able to grow in the competitive market. Hence, keeping all the experience and talented employees happy and satisfied with the organization is among the prime goal of any or ganization. Experienced employees are likely to possess more in-depth knowledge and skills, which is likely to help organization to handle any types of complex business situations in an appropriate manner (Trevino and Nelson 2016). On the other hand, organizations are likely to found very difficult with the full support from the workforce. Hence, the statement Managing people (employees) is one of the must have leadership skills for an entrepreneur is very much correct. Since, without handling employees appropriately, no organization can achieve success in the market. There are several ways to manage people within the workplace so that they can able to achieve competitive growth in the market. Out of this, prime three strategies for handling employees are discussed as follows: Performance assessment: Proper utilization of performance management is critical for any organization for keeping the entire workforce motivated towards the provided roles and responsibilities. Performance management includes proper assessment of the efforts provided by each employee for accomplishing all the business goals and objectives (Rummler and Brache 2012). Proper assessment of employee performance allows management to identify best performing employees within the organization. Therefore, it will allow organizations to provide proper rewards and recognitions to the employees. Now, proper utilization of both tangible and non-tangible benefit structure is likely to encourage other employees to give their best at the workplace (Rice 2013). As a result, it will increase the overall efficiency level of the operational process. Thus, proper utilization of performance strategies keeps the overall motivation of the employees at the desired level. Therefore, it eventually reduces the employee attrition rate within the organizational structure. Leadership style: Hatch and Cunliffe (2013) have highlighted the significance of developing proper leadership structure within the workplace for managing all the employees in an effective manner. As illustrated earlier, business environment is changing at a rapid rate over the past few years. Therefore, employees have to focus on developing new skills and knowledge on regular basis. For that reason, managers or leaders need to initiate proper support facilities for each of the employees so that they can able to take on different professional challenges in an appropriate manner. Leaders need to show the right direction to each of the employees for accomplishing all the business goals and objectives in an appropriate way (Coombs 2014). It has been assessed that proper support from the leaders can encourage employees to provide additional efforts for the success of the organization. Therefore, it will eventually increase the efficiency level of the overall performance level of the organization. Hence, of fering proper support and guidance to the employees is critical to keep them associated with the organization for longer period of time. Career progression plan: Career progression plan is another critical element that entrepreneurs need to provide to each of the employee so that they give their best at the workplace. Every employee aims to achieve greater professional goals for fulfilling all the needs. Now, proper performance assessment process allows organizations to identify best performing employees within the organization (Kohonen 2012). Therefore, it is likely to help organization to provide greater responsibilities to the suitable employees. The career progression plan is a sketch that describes the way an employee can move up to the ladder. As a result, it increases the overall satisfaction or motivation level of the employees in a major way. It is also likely to create strong bonding with the different level of employees, which will create positive work atmosphere within the workplace. Conclusion: The above illustration has highlighted the fact that proper utilization of management strategies is critical for fulfilling all the business goals and objectives. Now, innovation and creativity is the prime aspect for enhancing the overall efficiency level of the operational process. Moreover, the report has highlighted different factors that change the overall business environment in a significant manner. It has highlighted the significance of becoming flexible management in order to accomplish all the business goals and objectives. The report has also highlighted the way managers can handle entire workforce and motivate them for go beyond the provided professional target. References: Birkinshaw, J. and Gupta, K., 2013. 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