Role of entrepreneurs in economies opportunities and extreme unpredictability
An entrepreneur is seen as a business leader looks for ideas and implements them thereby encouraging economic growth and development. Entrepreneurship is one of the most significant contributions in the economic development of a country. The entrepreneur acts as a generate head to give spark to economic activities by his entrepreneurial resolution. He/she plays an essential role not only in the development of industrial sector of a country but also in the growth of farm and service segment. The major roles played by an entrepreneur in the economic development of an economy are such as Improving in the Standard of Living (Max. et al 2009 p. 19)
Increase in the standard of living of the individuals is a attribute feature of economic development of the country. Entrepreneurs play a key role in raising the standard of living of the people by implementing latest innovations in the creation of wide range of goods and services in large scale that too at a lower cost. This allows people to purpose better quality goods at lower prices which lads in the enhancement of their standard of living. Entrepreneurs also encourage Balanced Regional Development. They help to eliminate regional differences by setting up of industries in less developed and backward areas. The development of industries and business in various areas result in a large number of public profit like road transport, health, education, entertainment (Adriaan,2005 p 97) Establishing more industries results to increased development of backward regions and thereby encourages balanced regional development
Week 3. Building intercultural capability internalization
Working in a global team and associating with business partners and consumers around cultures leads to challenges and demands new attitudes and skills. The world is diversity interconnected and therefore, lack of information of each others culture might result, to embarrassing or amusing mistakes when communicating to customers (Kniel, 2009 p.28). At the worst, such mistakes may confuse or even offend the people we wish to communicate with, making the conclusion of business deals or international agreements difficult or impossible. Since vital decisions in business, politics, education, health and culture, nowadays occasionally influence individuals and more that one states, the issue on whether intercultural internalization between people of distinct nations is significant in daily entrepreneurial activity.
One of the most important ways in which intercultural capability internalization can be built is through enhancing intercultural communication skills. International media and internet have been one of the most important approaches that have been used to build intercultural internalization (Ortega & Barbara, 2012. p227). In regards to the process of economic globalization, entrepreneurs cannot operate in isolation but need to interact with the other people round the world in order to achieve their goals. The global nature of the numerous modern issues is such as: business environment, management of the internet, poverty and international disaster such as terrorism call for collaboration among states. This means that building intercultural capability internalization is not an option any more but a necessity.
4. Building trust global sales strategies for ambitious entrepreneurs
Building trust involves using judgment and analyzing interactions. Entrepreneurs need to understand that its very hard to succeed when there is lack of trust. The effect of a persons performance multiplied within an organization directly influences the output of a business ( Kuratko, 2008 p.240). Ambitious entrepreneur build trust by establishing efficient marketing strategies. For instance this involves establishing marketing messages that reflect sincere brand promises that puts in place accurate expectations for goods and services, reliability and value. They need to also ensure that they follow these commitments to the respective consumers and business partners. Building truthful global marketing strategies enhances trust which intern translates into recurrent sales and increased profitability.
A key enhance trust within an organization is by enhancing team building. Through this entrepreneurs will make sure that every employee within the organization is aligned towards creating a customer centered culture. When employees work together in order to ensure satisfaction of their customers, the business organization will be able to gain trust due to the improved customer relationship. Improved trust and customer relationship intensively boosts a long term competitive advantage to the organization which implies that focusing on improving trust is one of the most significant strategies that drives the success of a business. Therefore entrepreneurs need to understand that success of a business is not only driven by the ability to establish innovative goods and services, and that trust is one of the most significant components that determine the success of an ambitious entrepreneur (Russo, 2010 p. 111).
5. How the government shapes the entrepreneurial environment global corruption
Government possession and regulations can manipulate the rate with which firms adopt information technologies, microelectronics, and e-business. Governments decide the nature of industries, approving new products, and monitoring product prices. Gradually, environmental concerns are driving governments to encourage the execution of entrepreneurial activities. Governments continually try to modify the functioning of specific markets and control corruption in the business world. Every entrepreneurial activity is subject to government intercession in response to externalities or third-party effects and monopolistic pricing (Ritzer, 2004 p 264). Yet many governments have currently been involved in liberalization programs with privatization and deregulation in the hope of stimulating economic growth and particularly the productivity improvements that underlie it. Meanwhile, a government’s fiscal, monetary, and exchange rate policies determine the economic environment within which the firm operates. (Arnold et al 2009 p. 341).
The government shapes entrepreneurial global environment corruption by establishing public policies that influence trade and investment decisions. Consequently some of the governments have gone as far as implementing economic zones or high tech corridors in order to control investors and various business activities. In this manner the government has been able to effectively monitor business activities and political environment surround entrepreneurs. Domestic government laws and policies have played a significant role in managing global corruption by setting trade barriers However, trade and investment conformity include provisions that place limitations on each government public policies for the reason of establishing a level universal business field and shape corruption
6. Issues foe entrepreneurship developing markets. IP protection
Intellectual property is an abstract creation of the human mind, usually expressed or translated into a tangible form, which is assigned certain rights of property. It is a valuable because it represents ownership and exclusive rights to use, manufacture, reproduce, or promote a unique creation or idea ( Kiggundu, 2002 p.117) Intellectual property policies and enforcement may inhibit the diffusion of innovative ideas to entrepreneurs. Absence of sufficient support for intellectual property rights is one of the issues that make entrepreneurs turn away from investing in creating inventions that might lead to wide application to social issue and have other forms of utility. Some of the issues for entrepreneurship developing markets are such as: Lack of awareness and understanding of the value of e-commerce. Many Entrepreneurs in developing countries have not adopted technology in their business because they fail to see the value of e-commerce and internet to their businesses since they think that this is only for big companies and may be costly and lead to law returns on investment. Financial constraint is a very significant issue. The primary investment for the embracing of a new technology is very challenging.
Other issues are such as Infrastructure. The general network/physical infrastructure of majority of third world countries is associated with relatively poor infrastructure. This is primarily the greatest barrier to e-commerce. Consequently, security is also a big issue. Entrepreneurs are faced with challenge of making sure security of payments and privacy of online. (Szirmai, A et al 2011 p.27). Although appropriate policies are in place to enhance marketing, lack of trust is still a barrier to using the Internet to make online transactions
7. Organizational development and human resource management law and finance
Organizational development is planned strategy within the whole organization that is aimed at increasing efficiency and effectiveness. It is a kind on an approach that is focused on developing process, system and structures within the organization (Sims, 2002 p.19). The process is usually systematic and ongoing and implements effective changes within the organization. Management of human resource entails organizing the work force of an organization and directing it towards the achievement of a given objective. Some of the activities undertaken by the human resource management department are such as monitoring the culture and leadership of the organization, training, rewarding and assessing employees. On the other hand the finance management means the efficient and effective organization of fund in a way that is focused in achieving the goals of the organization.
Existence of law is business is very important in eliminating unfair competition and protecting young entrepreneurs. Laws in business implements rights and terms of conduct to business persons. Law plays a big role in the successful functioning of business and society. Law regulates social behavior and enables business to function efficiently. Laws also supply ethical standards and expectations, while providing rules of conduct, measures to enforce those rules, and a means for settling disputes It is important to note that without laws to govern the actions of people and businesses, society would not be able to function effectively, and commerce would likely collapse(Kandula, 2006 pg 59).
Bibiliography
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Ortega, A. P. & Barbara, S. (2012). Transnational Spaces and Regional Localization: Social Networks, Border Regions and Local-Global Relations. Waxmann Verlag. Munich
Kuratko, D. F.(2008). Entrepreneurship: Theory, Process, Practice. Cengage learning: New York
Russo, M. (2010) Companies on a Mission: Entrepreneurial Strategies for Growing Sustainably, Responsibly, and Profitably. Stanford University Press. Starmford
Arnold, J. et al (2009). Political Corruption: A Handbook. Transaction Publisher
Rtzer, J. (2004). The Habdbook of Social Problems: A Comparative international perspective. Cengage Learning: New York
Kiggundu, M. N. (2002) Managing Globalization in Developing Countries and Transition Economies: Building Capacities for a Changing World. Greenwood Publishing Group. Califonia
Szirmai, A et al (2011). Enterpreneurship, Innovation, and Economic Development.Springer: Califonia
Adriaan, J(2005) Entrepreneurship and Economic Growth: Some Empirical Studies. Rozenberg Publishers
Max C. et al (2009) Sustaining entrepreneurship and economic growth [electronic resource]: lessons in policy and industry innovations from Germany and India. Sprnger: Califonia
Sims, R. R.(2002) Organizational Success Through Effective Human Resources Management. Greenwood Publishing Group
Kandula, S. R. (2006) Human Resource Management And Organization Development – Practitioner Readings. ICFAI Books
