Emerging contemporary issues in entrepreneurship
Discuss about the Entrepreneur Business Planning And Practices.
In the current business scenario, entrepreneurship has become one of the popular business practices. Here the study has is has been identified that in the growing business industry, it has become difficult for the people to bring new idea or innovation in the business industry. Therefore this can be said that various contemporary issues have been arising in the current business industry, which has created problems for the entrepreneurs for dealing with the situation. In this study the challenges have been identified depending on the specific issue. The emerging business issues and its impact on the business industry has been mentioned. At the end of the study, it has provided required recommendations which have helped the entrepreneurs in the case of dealing with the challenges.
Due to the uncertain business industry, various contemporary issues have been arising in the case of entrepreneurship practices. Various contemporary issues, which play an important role in discouraging the entrepreneur have been discussed. Through this study the important contemporary issue has been highlighted.
The term entrepreneurship indicates the process of designing a new business by bringing innovation in the industry. As stated by Baron, Franklin and Hmieleski (2016), after the globalization, increasing rate of organizational development, it has become very important for the entrepreneurs to develop their business in the competitive business industry. On the other hand Cardon and Patel (2015) opined that due to increasing rate of economic growth, in the taxation policies have also become the important threats for the entrepreneurs in the market. The study has highlighted that economic condition is one of the major issues faced by the entrepreneur in the business industry. In the words of Klotz and Neubaum (2016), this is very difficult for the entrepreneurs to convince others for investing in the new ideas. Therefore, due to this reason all the operational activities are being hampered. With the developing economy, cash flow management has become one of the important element in organizational development. This can be said that due to the improper management of cash flow the entrepreneurs face various challenges in the market. Especially for the small business organizations, cash flow is one of the important business components. According to Schonfeld and Mazzola (2015), due to the lack of cash flow management, most of the entrepreneur face the challenges in the case of paying the bills. Social rejection is another important issue, which impacts on the business. As the entrepreneurs come in the market with innovation and new ideas, therefore, most of the time due to rejection from the society they face the disappointment.
Challenges faced by entrepreneurs
This has also been identified in this study that hiring the employees for the first time is another important challenge faced by the entrepreneurs. This has also been mentioned in this study that young entrepreneur faces the age stereotypes. The older people do not accept the young entrepreneurs as the competitor of them. According to Lee, Hallak and Sardeshmukh (2016), due to the excessive rate of criticism from the society, the entrepreneurs face the disappointment. By supporting this Volery and Mazzarol (2015) stated that most of the times the innovative ideas are being compared with the traditional practices. In this situation the dream of the entrepreneurs is being discouraged. If by any chance the ideas of the entrepreneurs are being failed, in this situation, the person also faces the sarcasm. In the case of hiring the employees, the challenges regarding the training, recruitment, selection and talent management increase the frustration of the entrepreneur. On the other hand, Burns (2016) opined that entrepreneurship is considered as the combination of perfection and passion. Therefore, Kirzner (2015) argued if the employees will not be able to work as per the expectation of the entrepreneur, this brings the discouragement for the entrepreneurs. Sometimes due to excessive rejection the entrepreneur deals with the self-doubt and stress. Although all the issues have the higher level of impact on the entrepreneurship practices, among all the issues I have identified the self-doubt as the important contemporary issue in entrepreneurship.
Among all the issues I have chosen Self-doubt as the critical contemporary issue, because an entrepreneur should have the quality of motivating himself. As the study has already discussed the motive of the entrepreneur is to bring the new idea to the market, therefore the person needs to be dedicated towards the dream. The social rejection, improper socio-economic condition and external disturbance cannot discourage a person until the person leaves his dream (Lundqvist, 2014). I believe that if the entrepreneur stops dreaming, the person cannot be motivated by anyone. Therefore, this can be said that the self-motivation is the main strength of an entrepreneur. If the self-doubt arises, the person will not be able to fight with the external criticism. As stated by Smallbone, Welter and Ateljevic (2014), self-motivation and passion are the biggest strength of the entrepreneur. In the case of self-doubt and stress, the person gets discouraged by himself. Self-doubt destroys the body, mind and soul (Demil et al., 2015). This can be considered as the biggest obstacles of human life. It destroys both the emotional and mental growth. I have experienced in my life that if a person deals with this kind of situation for the long time, this can make the person self-judgemental. In the case of an entrepreneur, if the self-doubt increases, this will influence the inner spirit of the person, which destroys the creativity. Due to this reason the morality and ethics get hampered. The person can lose self-control due to excessive stress.
Importance of self-motivation and passion in entrepreneurship
In this study, it has been identified that entrepreneurship has become the emerging transformational practice in the 21st century, which has impacted on the national and international economy (Henry et al., 2015). Economic growth of a country is one of the important key drivers ion the practices of entrepreneurship. With the expanding economy and innovations in the market, the business industry has introduced various downstream and upstream value chain practices. As stated by Hägg and Kurczewska (2016), in the recent years, the terms and trends of entrepreneurship have faced various changes. It has been identified in this study that the small and medium business organizations have the higher level of contribution to the economic advancement. It has been identified that the small business organization has contributed near about 50% in the global economy (Dalati, 2015). Due to the development of small business organizations the rate of employment in the global industry has also increased. This has been identified in this study that due to the challenges in the employment development, the 60% local workforce have been appointed in different sectors (Van Gelderen, Kautonen & Fink, 2015). This has also increased the job opportunities in the market. However, the rapid growth in the market has brought various opportunities for the entrepreneur, but due to the uncertain business environment, the entrepreneur has faced various challenges. It has been mentioned in this study that the political and technological advancement in the country has an influence on the entrepreneurship practices.
In order to analyse the current business situation in the global business industry, the study has focused on the financial issues. According to Piperopoulos and Dimov (2015), due to lack of skills, this has become very difficult for the entrepreneurs to sustain in the market with their innovation and ideas. On the other hand, Lee, Hallak and Sardeshmukh (2016) argued that the living standard of people have also influenced the business industry. After the introduction of globalization, the business industry has faced various development. Due to this reason availability of organizations in the market has increased. In the words of Daniel & Ellis-Chadwick (2016), with the increasing economic growth, demands and need of the customers have also increased. By supporting this Lundqvist (2014) said, increasing demand has created pressure on the entrepreneur. Therefore this can be said that running with the market has become very difficult for the entrepreneur. Hägg and Kurczewska (2016), the political situation has the higher level of impact on the business industry. In order to avoid the external issues regarding the employee movement, location, transport and many more, the large organizations donate huge to the political organizations. In this situation, the small business organizations face various challenges.
Contribution of small and medium-sized businesses to the global economy
According to Piperopoulos and Dimov (2015), as the major issues for the small business organizations is the cash flow management issue. In this case if the organizations cannot be able to donate sufficiently to the political organizations it becomes the big threat to the companies. Here the study has also highlighted that large organizations still have the control of the business industry. In this situation, this is very difficult for the entrepreneurs to establish new ideas in the market. Daniel and Ellis-Chadwick (2016) stated in the article that there are three principles in the entrepreneurship theories. It has been identified that behavioural, Austrian and neoclassical. It has been mentioned in the article that individuals’ behaviour and its impact on the entrepreneurship has been highlighted (Hägg & Kurczewska, 2016). It has also been mentioned in this study that the entrepreneur reaches the decision depending on the exploration and discovery of the profitability. In this study, it has been identified that due to an excessive rate of competition and social rejection in the market, the entrepreneurs get stressed.
In the words of Baron, Franklin and Hmieleski (2016), if the current business industry is being analysed, it will be identified that the operations in the current business industry are uncertain. By supporting this Klotz and Neubaum (2016) stated that due to the changes in share market the rate of investment also gets influenced. In this situation, the working capital needs to be carefully managed. The stock market and manufacturing cost of the business organization gets influenced. In the current business scenario, business credit has become one of the popular business tricks (Haltiwanger, Decker & Jarmin, 2015). This can be said that through this process the small and medium business organizations have got the chance to develop their business. As its result, the credit risk has been increased for the entrepreneur. In this situation the stress increase among the entrepreneur. If the current entrepreneurial practices in the business industry will be analysed, it will be identified that the business industry, most of the entrepreneurs have left their business due to excessive market competition.
As the study has discussed that due to excessive rejection increases the self-doubt of a person, therefore it results as anxiety and stress. As stated by Volery and Mazzarol (2015), due to anxiety and stress the productivity of the entrepreneur gets affected. By supporting this Smallbone, Welter and Ateljevic (2014), stated that dealing with the self-doubt is very challenging for the entrepreneur and impacts on the business performance of an organization. Self-doubt is considered as the important business issue, which has the higher level of impact on the business performance. Due to excessive self-doubt, the person gets avoided by the friends and families. This type of crisis increases the emotional illness. The self-doubt comes from the continuous striving to be the best. This can be considered as the part of fundamental founder identity. Here the study has highlighted the importance of personal improvement in the case of dealing with this kind of situations. Due to excessive pressure sometimes the entrepreneur suffers from lack of confidence, this impacts on the development of the business organization.
Impact of political and technological advancements on entrepreneurship practices
Self-criticism can be beneficial, if this will be done in a healthy manner. With the help of proper self-criticism the person gets the chance to improve the skills. This is also very effective in the case of adopting new skills in the organization. On the other hand, in the case of negative self- criticism, the person can be extremely demotivated so that the person can step back from his dreams. With the stressed entrepreneur, the performance of the entire organization gets affected. If the employees see that their employer is stress and demotivated, this will arise the question regarding their job security in the company. On the other hand, in this study, the stress entrepreneur cannot be able on to bring the innovation in the market. Smallbone, Welter and Ateljevic (2014) stated if the social criticism increases the mental depression, in this situation the entrepreneur will not be able to manage their employees properly. This can also increase the issue regarding the employee movement. After analysing the entire study, this can be said that the stress of the entrepreneur is considered as the biggest issues in the business industry.
As the study has identified that the entrepreneur has faced the challenges related to the self-doubt and stress, therefore, it is needed to be solved properly. In order to manage the situation if the organisation will focus on bringing the healthy cultural atmosphere in the organization, this will be helping to improve the skills, attitude and ability of the employees. With the healthy organizational environment, the employees will be motivated towards their work. With the motivated employees, the entrepreneur will also be able to motivate himself. In this study, I have also identified that criticism is another important issue. I believe, that if a person takes the criticism as the challenge this will be helping to get encouraged in fulfilling the passion of the entrepreneur. It has also been analysed by me that social rejection discourages the entrepreneur. In order to deal with the situation, the young entrepreneur needs to get connected with the supportive friends who will be able to encourage them in the case of developing new ideas. As self-doubt can affect the mental health of a person, therefore, in order to deal with the situation meditation can be the effective way.
Conclusion
In the study, it has been identified that due to the increasing competition in the market, the entrepreneurs are dealing with several issues. In the study, stress has been highlighted as the important contemporary issue faced by the entrepreneur. This can be said that due to lack of proper motivation the employees get discouraged. Here the study has also identified that due to self-doubt, the performance of the entrepreneur gets influenced. In order to deal with the situation, it has been recommended that for avoiding the self-criticism, the person needs to be surrounded by the family and friends who will be able to motivate the person in their work. I believe, with the motivation, the innovation can be brought in the business industry. Meditation and self-realization practices can be effective in the case of dealing with the situation.
Reference list
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