Entrepreneurship is the process of establishing business opportunities to make profits through exploiting the available resources. According to Sexton (2002), entrepreneurship has become one of the major sources of self-employment in the contemporary society; as the globe is undergoing a very serious economic crisis. Following the current advancement in technology and modernization, entrepreneurship has become one of the main economic boosters among various economies across the world. Perhaps, the currently witnessed high level of technology has enhanced various opportunities in entrepreneurship; in which entrepreneurs earn their living as well as reducing poverty among the nations of the world. On this basis therefore, entrepreneurial opportunities can be described as one of the main catalysts of economic growth and development by ensuring a self sustained economy within a nation. More specifically, entrepreneurship can be described as ensuring high level of economic performance among various countries across the globe.
As revealed by David (1992) entrepreneurship has for long been a major contributor to economic boosting; in which the business opportunities enhance the improvement employment levels among the nations of the world. In this case, the business opportunities help in increasing income levels for various individuals which thereafter contribute to an increased national income of a country. Generally, the significance of entrepreneurship in the society remains eminent; in which it catalyses the economic growth and development of a country.
However, there have been various challenges that have been revealed to hinder the development of entrepreneurship among various individuals as well as in the general society. Certainly, the current economic crisis across the world has been found to impact a lot on the prosperity of entrepreneurship. Concerning Aaron and Shenhar, many business opportunities in the world are so much affected by the current economic crisis; leading to their failure in one aspect or another. Many business opportunities have been revealed to be greatly affected by the current changes in the contemporary society which have generally resulted into economic crisis globally.
Perhaps, one of the main economically significant crisis affecting entrepreneurship is the increasing population as the resources remain constant; and to an extend declining. In this case, it is important to note that; the rapidly increasing world population results into the lack of enough resources for economic sustainability. On this basis, the available resources get exploited so rapidly that; there exists a sharp crisis in the previously available resources. Because, some entrepreneurs get involved in business activities whose supply gets disturbed by the current rapidly growing population of the world, such an entrepreneurs ends up closing the business; as the previously exploited resources get depleted as brought out by ().
Analyzing the current business trend economically, many businesses have found the current economic crisis very disturbing in determining the future of their businesses. As revealed by Gordon (1990), business economics has become one of the main considerations before one establishes a business, to ensure that; he/she prospers in that business. There are various economic conditions that an entrepreneur has to consider before establishing any business. It is of great importance to note that, despite of many entrepreneurial opportunities in the current society, several factors ought to be put into consideration before the operations are initiated. By so doing, the business would have reduced the risks involved in business associated ventures; especially in the currently threatening economic conditions of the world.
First, an entrepreneur needs to evaluate the sustainability of the business about the available resources as well as the intended market conditions. More specifically, an entrepreneur ought to have the basic overview of the resources to be exploited and the level of demand for the products to be produced; to avoid frustrations soon after the business is established. In this case, an entrepreneur need to gauge the available resources and see if they can be enough to cater for the needs of the business by offering him or her enough services on the course of running the business enterprise. By so doing the entrepreneur would be in a position to build a well coordinated business to its pillars; enhancing its prosperity in all aspects.
As depicted by Dogson et al (2005), the failure of the available resources in the current society as a result of the current crisis economically has affected many business men and women. In such a case, many businesses in the current society find it difficult to be sustained till their accomplishment; as the society is becoming very unstable in terms of its resources level. As a matte of fact, many businesses have been faced with the challenge of predicting their sustainability to enhance their success. Generally, the entrepreneur ought to be very careful in evaluating the availability of the resources required as well as their sustainability for the prosperity of their businesses.
Secondly, an entrepreneur ought to consider the issue of technological changes in the contemporary society to ensure that; the businesses established are at par with the technological advances in the society. More specifically, the business men or women ought to put into considerations various changes in terms of technology to establish a business opportunity that would conform to the current changes in the society in terms of technology. Perhaps, the technological changes have been revealed to bring with them various negative implications to some of the previously viable businesses.
On this regard, Blouin & Neuhauser (1999) reveals how, the current economic crisis in the contemporary society has greatly affected the prosperity of various business enterprises. Many entrepreneurial opportunities in the current society are severely affected by the current changes in the society which have generally contributed to their failure in one way or another. The current changes in the economic conditions as a result of technological changes have greatly contributed to the failure of businesses in one way or another. According to Charles (2007) the current technologically oriented society requires a variety of business opportunities which are in hand with these societal changes in terms of technology and modernization.
As a result of these changes in the current society in terms of technology and modernization, entrepreneurs ought to consider their marketing targets to plan strategically on matters concerning their business success. Following the current advancement in technology and modernization, many businesses have been facing many problems; many of such problems originate from their internal environment of the systems. For a very long time, entrepreneurial opportunities is the key income earning sources in the society; and thus it ought to be properly managed so as create a properly sustained society economically. In this respect therefore, the entrepreneurs ought to incorporate management policies which would enhance the achievement of the goals and objectives of the media integrated as a social organization. As Raghupathi and Tan (2002) reveals, the management system of the many business enterprises ought to be well done by instilling various strategies; by first identifying the problems facing the system, and then a subsequent framework of action.
As depicted by Weber (2003), small scale businesses have been performing poorly as a result of the many problems facing their internal make up and the failure to asses the situation properly before their establishment. As it has been revealed the many performance problems facing the entrepreneurial opportunities have been attributed by the general economic crisis of the world in general as a result of depletion of the previously available resources in abundance. The business sector has for long been one of the core contributors of economic development; in which its competence and success impacts a lot in the progress of the society.
According to Gomolski (2004), the success of any business enterprise does not depend on high level of information technology alone, but other factors on management do matter. In this case, various factors interplay in determining whether a business enterprise would be effective or not in performing its roles. There are four determinants of efficiency in entrepreneurial systems which include the employees’ attitude towards their duties, the level of motivation of employees, the level of information technology and the competence of the management personnel.
Considering the current international business environment, business enterprises ought to put into consideration the inevitable changes in the global needs as a result of technological advancement. On this basis, any entrepreneur should be attentive in incorporating the currently viable business strategies in ensuring their success and prosperity in one aspect or another. According to Bostrom (2007), entrepreneurs need to be considerate on the social aspect of their businesses to create a positively motivated client network.
In his theory of scientific management, Taylor asserted that, workers in any social organization should be rewarded according to their specific roles and achievements. By so doing, the employees would be motivated to perform better to get the rewards promised. As Boland & Hirschheim (1987) put it, the lack motivation in employees of any entrepreneurial system generally attributes to its overall poor performance. In this case, entrepreneurs should indulge in business activities which culminate the various shortages of various commodities in the market. By so doing, the entrepreneurs would have encouraged their clients to buy goods and services with them; which would further enhance their prosperity.
More so, the organizational matters concerning entrepreneurs’ welfare in the society ought to be well addressed as Kenneth & Loudon (2007) asserts. More specifically, the main concern here is to ensure that; the modes of governance in the society enhance the continuity of entrepreneurial activities without interferences. Generally, business enterprises ought to be well managed through a governance system which would allow for the procession of entrepreneurial activities efficiently as postulated by Salmela (1993). On this regard therefore, entrepreneurs should consider the current economic crisis which would give them a base to establish a framework to protect themselves from different malicious governance practices; which would further enhance their success.
More so, Boland and Hirschheim (1987) asserted that; the clients of any business enterprise ought to be treated well and their social needs put into consideration as well. In this case, entrepreneurs are left with a duty of ensuring a good rapport with their clients in which the core elements of business dealings ought to be put into place. Businesses should be considerate on the fair deals they have with their clients, to ensure the coordination of entrepreneurial activities coherently. More precisely, businesses should put into practice ethical considerations in their dealings to ensure that; they create a positive relationship with their clients.
It is of crucial significance to note that; entrepreneurs should be creative and efficient in developing development strategies in their businesses to avoid any inconveniences brought by lack of proper planning in various business ventures. As such strategic plans depict, the business enterprises would be ensured of their success and prosperity, once the entrepreneur puts into consideration the current changes in terms of technology and social integration. As it is revealed by Benbasat (1989), business opportunities should be predictive enough to determine the possibility of any changes in the future, leading to the success of their businesses in terms of planning for the future.
To enhance business sustainability on this technologically oriented contemporary society, a business enterprise should ensure that; it inculcates various considerations in terms of resource allocation, to enhance its sustainability. In this case, entrepreneurs should in no doubt consider all the available resources available, evaluate their business requirements in terms of resources and then make a critical decision based on their findings. Being a technological society, entrepreneurs should ensure that; whatever decisions they make concerning the running of their businesses conform to the needs of the society at large to ensure coherence in the businesses with its clients. As Applegate (1992) asserts, businesses should be at par with what their clients need by inculcating the societal needs in their decision making.
In this regard therefore, innovations in management of businesses would be necessitated; to ensure the development of a client oriented entrepreneurial system. More specifically, businesses should be creative enough in ensuring that; they come up with provision of services and production of commodities through innovated ways and strategies. According to Allen (1999), businesses ought to employ production and development techniques that are unique from other businesses to expand the market of their commodities and services on top of being cost effective.
Innovations in management of business enterprises usually involve several considerations to come up with the right decision to employ in the business. Entrepreneurs should be efficient enough in their decision making, to ensure that; whatever innovations they make within their business management, is at par with the needs of the clients. As depicted by Aaron & Shenhar (2000), business innovations require the availability of having different entrepreneurial skills; to come up with a sound decision in the business. Generally, entrepreneurs should consider the current economic crisis; which should give them a base of determining the best innovations to incorporate in their businesses.
Being social organizations, businesses should adhere to the norms and ethics of dealings in any social organization. In this case, entrepreneurs should be attentive to matters concerning their business dealings by applying strategies which would encourage their clients as well as their workers. More specifically, the entrepreneurs should consider the welfare of their clients and workers to ensure a better performance of their businesses.
According to Bostrom (2007), workers in any social organization need to be motivated by being given good payment packages. In his theory of scientific management, Taylor asserted that, workers in any social organization should be rewarded according to their specific roles and achievements. By so doing, the employees would be motivated to perform better to get the rewards promised. As Porter (1996) puts it, the lack motivation in employees of an information system generally attributes to its overall poor performance.
In the management of their general businesses, entrepreneurs should be attentive to the various determinants of success of any project. Being a project oriented organization, a business enterprise should incorporate all the considerations any other project would do; like the level of output required, the expected expenditure level, the sustainability of the business, the efficiency and effectiveness of the business and reliability among others. In evaluation and monitoring of the business, a business enterprise ought to consider all the above factors which would determine its relevance and usefulness to the entrepreneur. Entrepreneurs should be very attentive in choosing well the kind of business venture they plan so as not to be frustrated in the short while when the businesses fail due to lack of proper planning as depicted by Bostrom (2000).
The management of various business enterprises has become one of the most important tools in enhancing the prosperity of entrepreneurial systems, which has been as a result of the current technological changes. Concerning Kenneth & Loudon (2007), it is of great importance of entrepreneurial systems’ mangers to evaluate their systems to ensure efficiency. Perhaps, Luftman & Brier (1999) confirms that, the entrepreneurial systems need to be well appraised; in which their problems would be identified and then development of resolution framework would be initiated. As it has been revealed by Kenneth & Loudon (2007), any strategy that any management system takes has to be subject to the forces that shape it and then its subsequent implications.
More so, Boland and Hirschheim (1987) asserted that; in addition to good pay of workers in social organizations, their social needs ought to be met as well. More precisely, employees in any social organization ought to be left to socialize and share views in various issues which would help them to perfect in one area or another. In his theory of human relations, Mayo postulated the need of coherence in all dealings in organizations where employees are provided with good payment packages in addition to their social needs well catered.
Based on various studies, the problems facing many entrepreneurs in their management work for their businesses has been attributed by the failure to motivate their workers. Various researches have revealed that, the lack of good payments for employees in a business organization usually contributes to the general unwillingness of employees in carrying out their various activities. Perhaps, Bergeron, Buteau, & Raymond (1991) argue that, lack of motivation in entrepreneurial systems’ employees can adversely affect their general performance.
As Porter (2008) argues, being social organizations, the entrepreneurial systems ought to portray social values to their fraternity; to enhance co-existence which would in turn result into improvement of the businesses in terms of their performance. Kenneth & Loudon (2007) links an organization’s level of performance to the welfare of its employees; who are the ultimate determinants of the performance such an organization. As brought out by Benbasat & Zmud (1999), in any business, there should be a framework of expressing employees’ views in matters that concern their welfare to make them motivated. Generally, it is of great significance for a social organization like the entrepreneurial systems to note the importance of employee motivation which in turn results into better position of the organization for its prosperity.
Entrepreneurship across the world has been revealed to be one of the major economic boosters in various economies. However, following the current changes in the contemporary society, the entrepreneurial systems are greatly impacted by the economic crisis across the globe. Further, entrepreneurs should consider various business economic issues on their process of making different business strategies. To enhance sustainability, businesses should ensure a well coordinated strategic framework of action, to assure the prosperity of their businesses. Lastly, entrepreneurs should be considerate on various organizational management strategies to enhance the success of their businesses through motivating their clients and workers. By so doing, the entrepreneurs would be in a better position to succeed in his/her business despite the current economic crisis.
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