Recent Questions and Assignment Topics

Code_MGMT20144 Management and Business Context_No.2

Code_MGMT20144 Management and Business Context_No.2

ENTREPRENEURSHIP

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ENTREPRENEURSHIP

Entrepreneurship is the act of designing, starting and conducting
new business

The people who start the venture are called entrepreneurs (Kirzner,
2015)

From the point of view of economics, a successful entrepreneur is
one who has the ability to face the risk associated with the business

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EXTERNAL FACTORS OF AUSTRALIA WHICH CAN IMPACT ON
ENTREPRENEURSHIP

Political stability in Australia can
impact entrepreneurship in a positive
way

The country has its presence in a
number of international organisations
and forums such as G20, World Trade
Organisations and OECD and so on

The economic growth
of a country has a
significant impact on
entrepreneurship
(Burns, 2016)

entrepreneurship in
Australia might face
some drawbacks due
to the higher tax rate.

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CONTD….

Nowadays, the advent of a number of cutting-edge
technologies has brought a dramatic change in
Australia

Skills, cultures, jobs and activities have been
affected considerably by this state-of-the-art
technology

Australia adopts cutting-edge technology more
frequently compared to its neighbouring countries
(Rubin et al., 2015)

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Internal factors which can impact
on entrepreneurship

Australians are considered
straightforward and they prefer
new ideas in terms of business

In Australia, a number of
business organisations have
been confronting a series of
changes that are quite
unprecedented

Those workplaces have
recorded the lowest average
performance

CONTD…

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In Australia, a number of
business organisations have
been confronting a series of
changes s that are quite
unprecedented

According to research, in 21% of
the workplaces in Australia,
targets associated with
performance are known to
senior managers only (Boer et
al., 2017)

Learning is considered one of the
most important internal factors that
can impact entrepreneurship in
Australia

As the country has been
embracing modern technology
at a faster pace, it is necessary
to encourage the employees to
acquire new skills

ENTREPRENEURSHIP CAN AFFECT THE ORGANISATIONS

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Entrepreneurs in organisations get
a number of opportunities to
develop new plans and ideas

An entrepreneur can create jobs by
driving innovation in the market

Entrepreneurship can also create
cut-throat competition among
organisations (Hjorth, 2016)

Entrepreneurship can also support
an organisation in a number of
ways such as risk-taking,
managing organisational structure
and so on

THE HARSH TRUTH
ABOUT
ENTREPRENEURSHIP

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Retrieved from:
https://www.youtube.com/
watch?v=Fy1LtT7cAQA

THE HARSH TRUTH ABOUT ENTREPRENEURSHIP

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In Entrepreneurship Is Being
Oversold, Patrick Bet David,
the creator of a famous
YouTube channel
Valuetainment, has shared his
view about various facets of
entrepreneurship

According to David, the game of
entrepreneur is extremely tiresome and
ugly

He further advocates the fact that the
journey of an entrepreneur is quite
frustrating

It can often lead to a futile path

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CONTD...

The interviewee has also suggested that even the
self-help books cannot address the ugly part of an
entrepreneur.

According to David what matters most is the
choice.

If an entrepreneur is driven by choices and
controls, he or she can get the desired success.

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CONTD...

According to the interviewee, choice is not exactly a
material thing.

An entrepreneur needs to work hard on a regular
basis in order to get the desired success.

If an entrepreneur possesses the ability to recreate,
the chance of getting success increases considerably.

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CONTD…

If an entrepreneur has a better choice, he or she can overcome pain.

Reading a number of books on self-help cannot assist an entrepreneur to achieve
the pinnacle of success

It is a choice and self-control that can assist an entrepreneur to stay motivated
throughout the journey.

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CRITICAL LINK BETWEEN THE EXTERNAL AND INTERNAL
ENVIRONMENTS OF ORGANISATIONS

There are a number of viable links between the external and internal factors of an
organisation

The internal environment of an organisation typically refers to factors, employees,
organisational structures, system and internal conditions of an organisation and so
on.

The external environment of an organisation typically refers to a number of factors
such as political, technology, social condition and so on

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CONTD...

In some countries, there is specific regulation from the government
regarding the working hours of the employees

Due to this external factor, the internal work culture of an
organisation may get impacted considerably (Leonidou et al., 2017)

The advent of modern technology leads the employees of an
organisation to acquire new skills

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CONTD...

The workplace of an organisation may be impacted
considerably due to a number of legal factors

A number of nations have certain laws in order to
promote workplace diversity

Due to this kind of legislation, the managers of an
organisation have to take a number of measures
to promote diversity in the workplace

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PROBLEMS THAT THIS CONTEXTUAL FACTOR
(ENTREPRENEURSHIP) MAY CAUSE FOR ORGANISATIONS

This contextual factor may cause some noticeable problems within
an organisation

Inculcating a culture of entrepreneurship within an organisation
bears a lot of benefits for the organisation

Despite this, a number of organisations confront series challenges
due to this contextual factor

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Contd...

In an organisation, a number of
managers believe the fact that
entrepreneurship may encourage new
innovations and new innovations
may distract the workers from their
present job roles.

In order to become a successful
entrepreneur, it is necessary to
increase collaboration among various
levels

QUESTIONS

What are the major challenges faced by an entrepreneur while
starting a new business venture?

What are the harsh truths about entrepreneurship?

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DISCUSSION

In an ultra-competitive business environment, an entrepreneur has
to face a number of difficulties

In order to address the problems caused by the contextual factor, a
number of fruitful strategies can be adopted by an organisation

Employee engagement can be a very fruitful solution to sort out the
issue of distraction among the employees (Cohen, 2017).

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CONTD…

For a small business, it is very crucial to maintain the cash flow effectively. In an ultra-competitive
business environment, a number of entrepreneurs face difficulty to pay the creditors.

Another major challenge faced by an entrepreneur is associated with the process of hiring (Waddell et
al., 2016).

Nowadays, Time management is considered one of the major challenges faced by entrepreneurs. At
the time of starting a new venture, an entrepreneur has to accomplish a lot of tasks.

In order to delegate tasks successfully, it is necessary for the entrepreneurs to develop the right
method apart from giving authority and required resources. However, the process of identifying the
right resources is really challenging and complicated.

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SOLUTIONS

In order to increase coordination, an organisation needs to create
effective planning

Without proper planning and concrete goal, the issues associated
with coordination cannot be addressed

Communication is also regarded as an effective method to address
the issue as it is considered the heart of a project

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