Global Entrepreneurship and Innovation: 2020 Vision
Executive Summary
In the recent decades, many organizations have invested heavily in the minimization of negative environmental factors that impact normal business operations as one way of transformation and responsiveness. In the same breath, sustainability has been touted as one approach that organizations should embrace as they advance in their operational growth. Locally and internationally, entrepreneurship is seen as an avenue for operational practice and as such, popular culture and cultural entrepreneurship have been embraced and heralded for their immense contribution to cultural industry dynamic and innovation. Such is a force to recon with because developed countries had followed this particular model to be where they are. This said, there are challenges faced and experienced by cultural entrepreneurship and popular culture. The underlying concept here is the production of products or service that meet the needs of all people in society. For popular culture to thrive in the spirit of entrepreneurship, key issues must be addressed with regard to innovativeness in the entire process. Education, heritage and available traditions offer cultural acquaintance from which innovations born for markets to realize their full potential once the potential in them is identified.
Part 1: Global Entrepreneurship and Innovation: 2020 Vision
Popular culture and cultural entrepreneurship are the subject matter that this paper will widely dwell on. For a long time in the 21st century, the common themes in the global business arena have been innovation, entrepreneurship and sustainability. The study’s main focus is on the analysis of fundamental challenges and emerging issues concerned with entrepreneurship; more so, as concerns the issue of growth sustainability and environmental growth. The second objective is based on the analysis and evaluation of the theories on fundamental global entrepreneurship, academic premises alongside those outcomes from peer-reviewed articles. Thirdly, the study will make an assessment and conclusion of the findings as illustrated by the actual real-world examples with a greater focus on global entrepreneurship.
To make the study a success, the words theory and culture, entrepreneurship, cultural traditions, and popular culture were widely used and at the same time, algorithms were used in the examination of different search engines including Taylor and FRANCIS, Google, WorldCat Discovery Service and EBSCOhost in the process of identifying different literatures from peer-reviewed journals, reports, books and articles aimed at making this study a success. The study focused on materials that ranged from the year 2013 to May 2019.
Fundamental Ideas Discussion
Unjustifiable business practices are not supposed to be an excuse for not realizing sustainability and as such it is necessary to have transformation and responsiveness towards negative environmental and societal impacts. Entrepreneurship has been confirmed as one of the most effective ways of ensuring that there is sustainability in an enterprise’s growth potential.
According to Stephan, Uhlaner, and Stride (2015), there is still no clearly defined approach towards realization of sustainability and innovation through addressing societal and environmental concerns since the literature on the same has been erratic in the case of global entrepreneurship. Furthermore, challenges do exist that inhibit a proper transition on the issue of innovation and sustainability in developing countries. There is still the case of un addressed dangers and limitations of poverty whereby people are denied a dignified life thus the high increase in the levels of inequality, wealth, enormous power and disparities eminent in the available opportunities. Much of the available literature on this issue rarely touches on popular culture and cultural entrepreneurship as a way of averting negative social and environmental impacts that occur as a result of business practices that are unjustifiable (United Nations Assembly, 2015).
Cultural entrepreneurship and popular culture have been cited as the strong force behind cultural and creative industries dynamics, which bring about innovation and creativity to the developed world. However, it is essential to understand that the challenges faced in cultural entrepreneurship are real and blur the vision in general entrepreneurship and cultural entrepreneurship. This in essence adds value to consumers especially when they lead to economic, social and cultural benefit. Included are the small, medium and large corporations in industries such as publishing houses, multimedia, performing artists and architecture.
Kolb (2015) asserts that popular culture and cultural entrepreneurship could be instrumental if at all they are embraced and taught to the target entrepreneurs. The skills inherent in these areas have never been seen in the normal practice that could warrant their application in handling any form of looming challenges in the realization of sustainability in the marketingof products.
Practical Real World Examples of Discussions
Culture, innovation, market opportunities and cultural values operate in a continuum with each element affecting the other. Cultural entrepreneurship has a high likelihood of impacting economics as a crucial tool towards the realization of cultural values.
Culture in the Making
Having a global operational culture is essential in the creation of an organizational foundation. Marketers should have a better grasp of what comprises culture as envisioned in activities in museums, symphony halls, theatre, and opera houses. The popular culture dwells on the premise that people will appreciate to be part of the winning game. According to Loroche and Teng (2019), there was anincrease in the semiprivate and private non-cultural institutions together with the standard commercial culture industry. Secondly, there is the issue of the process in which public institutions were forged by the privileged in society. Consequently, Sardana (2018) observed that a high emphasis on popular culture shapes high culture where in most cases it could be defined by non-material goods that are aimed at target consumers.
Part 2: Global Entrepreneurship and Innovation Micro – Enterprise Idea/ Project
Project enterprise Overview
Lately in the entrepreneurship world there have occurred a host of changes and challenges in the ways that businesses are run. Competition has for a long time been a thorn in the flesh for many organizations (Gonthier and Chirita, 2019). It was difficult for many start-up companies to venture into business beyond borders, which meant that business was restricted within the regional or local areas of operation. As a result of the government’s stance to relax its grip on tariffs, there has been a beehive of activities across borders as companies of all sizes venture into business relationships and opportunities. Globalization has therefore played a noticeable role of ensuring that companies are able to do business with other organization on the international market. Additionally, there has been a boost in the telecommunications industry and the transportation sector, which has had an impact on the way business is conducted (Parwez, 2017).
Cooney (2012) asserts that innovations have fueled economic growth in all types of enterprises, whether they are international or local. All organizations that have embraced innovation as a way of enhancing their sustainability have thrived in business. Innovativeness comes with improvement of operational policies aimed at implementing the strategies put in place that would ensure that organizations operate as a going concern. This paper discusses co-creation of value at individual enterprises by the help of global teams, which entrepreneurs should get to join with the aim of enhancing proper business relationships. Furthermore, they will be required to establish plans, manage and exploit the opportunities available for them in the international market.
Opportunities for Entrepreneurs
According to Gonthier and Chirita (2019), entrepreneurs are encouraged to take risks and above all be responsible as they go about making their business decisions. small, medium and large scale organizations do seek for newer trading ground because of the challenges they experience in their local markets back at home. For international business to have thrived at that amazing speed, several key factors played an instrumental role. They include a favorable shift in demographics, positive or negative political change in the local county of operation, the changing attitudes and norms of the target market.
With a change in the customer perception and attitude regarding a given commodity or service, opportunities have opened up for many organizations on the international scene to exploit. As a result of unemployment and poverty in the developing economies, many people have been force to shift from rural places to urban centers with a hope that they will get a way to survive and fend for their families. An increase in the population in a given area signifies a new segment of customers who need services and products to satisfy their needs (Parwez, 2017).
Resourcing the Enterprise
Organizations require both financial resource and human resource to function normally. To this effect, talent search is usually one of the key activities that is entrusted to the human resources department since it is from a healthy recruitment drive that organizations get to hire the right people for the job. These people are supposed to fit in their respective departments such as management, finance and accounting, legal considerations and regulatory assignment. According the Quality Assurance Agency (2012) as the organization expands its operations, so do the resources needed to match the growth demands. This cannot happen easily if the organization in question does not have a global team to liaise with.
Organizations are supposed to identify their area of potential for maximum exploitation. Embracing the spirit of innovation will aid the organization to be in the forefront in the operations on the international scale. Competition is high internationally but innovations will enable these organizations to differentiate their market offer in terms of excellent branding and product positioning to suit their respective market segments.
Near Home Foundation: Case Study
There have been several challenges in the 21st century. Some of these problems were caused by war, politics, poverty and diseases, which have cause untold suffering to people. One of the areas that I identified could have great potential for a small start-up business venture was the establishment of Near Home Foundation that would carter for the need s of the mentally challenged in society. The organization will observe the 501(c) (3) non–profit corporation certification. The resolve at the foundation will be ensuring that all people with developmental problems live their lives to the fullest.
The foundation will be located initially at Detroit, in the Southern area. The residential facility would offer the best residential care for all the forty five patients that the facility can accommodate. Patients will be treated to a rare experience in which they will be entitled to three full meals of a day and spacious living areas that offer a variety of atmospheres, which are designed to meet individual needs. The facility will offer a homely atmosphere for the patients and caregivers. The management of the institution will comprise the head of the facility who will occupy the position of Managing Director. He will be assisted by an able team of senior directors in finance, international relations, social services coordinator and sales manager.
The financing of the institution will come from charities from well-wishers. The premise behind the organization’s operations will be ensuring that the community of Detroit is devoid of any insane people. Most of the fundraisers will be done through the company website that was established for that purpose. Near Home Foundation will mainly deal with internet marketing to create publicity for the organization. This way, the company will raise enough finances for operations at the facility. In the near future once the operations are up and running, the foundation will open more branches to other areas in the US that have such cases.
As a growing organization, the main projection is that the foundation will be operational on an international scale to reach out to those people suffering of post stress traumatic disorder as a result of having participated in was for long or aggravated stress from the normal life such as having a terminally ill patient in hospital. The Detroit office will act as the headquarters whereas other branches will be opened to serve more people across the globe. Near Home Foundation will depend on its mission statement to direct the actions of employees towards its commitment for the improvement of mental disabilities. Through the contribution of willing donors, Near Home Foundation will endeavor to reach more places that have never received such services.
Conceptual Framework
The “Born Global Concept” will feature in the operations of the organization from the time it begins so that the global appeal is highlighted in its operations. This foundation has great vision of ensuring that all mental patients are handled well. Mental health issues affect people indiscriminately on a global scale and if at all the foundation will be the remedy to their tribulations, it will have realized the objective of its creation. The Born Global Concept is the magic that Near Home Foundation needs to fully satisfy the needs of the world. It should enable the foundation to offer its services to the least fortunate people e in society regardless of where they hail from. The long term success of Near Home Foundation will fully depend on innovativeness and acumen of the top brass in the managerial echelons. The foundation will operate using the Resource Process Values theory which will in essence ensure that corporate incubators steer innovation to the desired development levels. Some of these incubators include investing in knowledge, recruiting quality employees and a favorable customer culture.
Summary
Successful organizations are expected to utilize their best strategies for success to be realized in the long run. Organizations are in a better place whenever their strategies do not clash with the set organizational objectives. Through their mission and purpose statements, Near Home Foundation, will tailor-make its approach towards this human issue in a manner that is likely to embrace what the customers desire to have. Being a small and upcoming organization, it will be better placed to expand because of the laid down strategies. International businesses to have thrived at that amazing speed, several key factors played an instrumental role. They include a favorable shift in demographics, positive or negative political change in the local county of operation, the changing attitudes and norms of the target market.
Part 3: My Global World: Critical Reflection of Entrepreneurial Theories, Concepts, and Techniques
This section will highlight a true reflection of the techniques, theories and concepts applicable in entrepreneurial studies. There is a need to ascertain the ways that entrepreneurial approaches offer the guidelines via clearly defined parameters. His way, the concept of creativity and innovation could be identified in the field and linked to the areas and constructs in the same given period. Based on the assumption that popular culture and and scultural entrepreneurship have varied perspectives,Gehman and Soulbliere (2016) assert that can be duly identified for sake of posterity.
Entrepreneurial Theories Reflections
To understand any established boundaries in the domain, some feasible theories are supposed to be applied. There is is no spirit of entrepreneurship is action fails to register. As concerns this situation, new organizations are created and included among other things is the identification of available opportunities, evaluating the feasibility of emerging markets, antecedents in the entire process and environmental scanning to determine the position of the organization that according to Roberts, Murray, and Kim (2019), lies with the performance of the venture. In entrepreneurship, growth is reminiscent of entrepreneurship ventures. Quantitative growth in essence is the development in terms of organizational size, which encompasses a whole lot of issues that are closely linked to the volume, turnover and value expected and so is the shareholder’s value that is attached to the investment.
Quantitative growth is closely tied to organizational objectives that targets growth at an exponential rate for profitability to be realized(Sardana, 2018). The company is expected to have a good record of customer service, product quality and the level of competition and how it is being tackled to expunge any impediment that could limit the organization from realizing its set goals. According to Lounsbury (2019), the systematic theory works in tandem with training of entrepreneurs. Whenever larger samples are used during a research assignment, sophisticated statistical techniques will come into play. The center of the theory is dependent on division of entrepreneurship and entrepreneurship.
Reflections on the Concepts
Currently according to many different researchers, there is no single acceptable definition of the word entrepreneurship. Entrepreneurship per ser encompasses those activities that involve adaptation, management, creation of a venture and the foundation of the business enterprise. These mentioned gesture serve to open an avenue for understanding what is expected of entrepreneurship. An entrepreneur’s attitudes and behaviour include those aspects of information sharing and accountability of the highest order for the different roles in the business enterprise(Roberts, Murray, and Kim 2019). The business should also be managed in the cultural context. However, it is worth noting that it a difficult assignment to try and understand personal traits of individuals. Understanding these theories has been the main activity in the recent decades of operational excellence especially matters related to innovation, entrepreneurship, sustainability nature, motives, traits, ventures and any other related subjects.
Stephan, Uhlaner, and Stride (2015) are for the idea that despite the fact that via entrepreneurship, sustainability and innovation, being recognized as the most probable solutions, some challenges are still imminent in the understanding of how best to meet these realizations in the developing economies of the world. It is best to amalgamate the sustainability aspect, innovation and entrepreneurship to get the much needed necessary fit that would steer the organization the most desirable heights in terms of excellence.
Reflections on the Techniques
The rise in the human population has necessitated the need for material privileges. This has caused a severe effect on the social and environmental aspects. Sustainability in production could be enhanced if at all there the right fit between innovation and sustainability, together with the right transition needed for enhance productivity of the organization (Sardana, 2018). The United Nations Assembly (2015, p.89) asserts that sustainable innovation is fundamental in the exploitation of the available avenues for the business to thrive. There is an ever-increasing cases of inequality, amassing of wealth and enormous power gaps. Entrepreneurship theories have a high propensity levelled towards individual orientation of cultural issues that generate the right kind of ideas for business sustainability. These theories can also compel the marginalized populations to start an innovative venture even from the filthiest state of affair(Alsaaty, Hany, & Makhhlouf, 2019).
Conclusion
Innovation has great significance to the success of any business venture. All entrepreneurs are dependent on culture for their breakthrough since culture offers the right direction for the entire organization to follow. Typically, cultural entrepreneurship relates well in creating popular culture products and services that are better suited to the customer needs. There is a need for nurturing sustainability through a clear understanding of the importance of innovative approaches in all organizations because popular culture and entrepreneurship depends on this.
