Organization of Entrepreneurial Ecosystems †MyAssignmenthelp.com

Question: Discuss about the Organization of Entrepreneurial Ecosystems. Answer: Introduction: The starting of a new business can provide many financial and personal rewards to the entrepreneurs in the future, however they can fac3 many challenges at the beginning. The challenges can be based on the time that is required or the amount of money that is invested. The first major challenge that can be faced by the new business is related to the difficulty related to the search of financial institutions which can be able to provide them with enough support. This means that the organization has to explore various options before it can receive the appropriate resource which can be used successfully. The operations of a business are filled with many ups and downs and this can act as a major challenge for the organization (Albrecht et al. 2015). The pressure to manage time and complete the requires tasks also becomes important for the successful operations of the business. The tasks that can be completed personally can be considered and separated from the tasks that need to outsourced. This will provide the required time that is required by the business owners to perform the important tasks. The business owners need to learn a lot from the various business related activities that they perform and the expertise that is important to run a particular business. The owners need to possess strong knowledge regarding the various functions, like managing employees and marketing. The new business owners need to have the knowledge regarding the management of stress and focussing on their personal lives (Bolden 2016). This will further help in the long-term and sustainable operations of the business organization. The new business organization needs to deal with the high levels of competition from the organizations which are already operating in the industry. This will help them in offering products and services which are unique and better than their competitors. The organization needs to learn the ways of dealing with more people as they require to hire more employees for the proper functioning. The owners will be required to create an efficient and effective team which can help in increasing the revenues and create a different position for the organization in the market (Bourbeau, Lavoie and Sedeno 2015). The owners need to know their vision and identity before they are able to start the operations of the new business. The business organizations can expand their operations in the market by taking various risks. The owners cannot play safe in conducting their business operations. The major risks t hat are taken in the expansion related operations can help in the further establishment of the business in the industry. The new business owners need to design their operations in such a manner so that they can be sustainable in the market. The sustainability related challenges faced by the new business can slow down its growth in the market (Brenkert 2017). The ways of facing these challenges The new business organization needs to first plan its processes and operations and try to gather the appropriate financing that is required for them to sustain. The financing level is important to grow the business the start the required operations. The finances can be further received from the various sources which include, banks and other financial institutions, the personal sources like relatives and friends. The owners need to build a model in such a manner so that the financers can be convinced successfully. The business owners always need to keep back-up resources which can help them in sustaining when they experience losses in the market. This help them to remain in the market and face all the challenges that come in their way. The management of time is important for proper functioning of the business organization in the market (Cardy and Leonard 2014). The owners need to carefully plan for the outsourcing of labour for the activities that they are not able to perform. The costs related to outsourcing also needs to considered beforehand so that the organization can conduct successful planning. The owners need to appoint trainers who can provide the employees with the required skill sets and expertise so that they can operate easily. The gain of knowledge and expertise will help the employees in performing the various tasks in a successful way. The owners of the business need to manage their work life and personal life in an effective manner which can help in reducing stress. The owners need to align the model of their business with the types of employees they hire. This will help them in building an efficient team which will further increase the revenues of the company (Chang and Wyszomirski 2015). The owners need to hire diverse and versatile people who are willing to take risks and work in an independent manner. The financial team of the new business organization needs to keep track of the various operations and manage the receivables and payables in such a manner so that they can plan for any type of financial emergency well in advance. This will also help them in monitoring the turnover of the business. The various professionals appointed by the organizations need to keep a track of the position and activities of the competitors and try to improve their offerings accordingly. They need to create unique value proposition for the customers so that it can help them in gaining competitive advantage in the market. The services and the products of the company need to be unique so they can have an edge over the other in the market (Colombo et al. 2014). The employees of the organization need to be managed in an effective manner and this is possible by motivating them for work by providing extra benefits and rewards. The company also needs to provide a working environment where the employees can work in an effective manner and provide their new ideas and opinions. The dynamic nature of the entrepreneurs can help in creating the dynamic working environment in the organization. The owners need to be clear about vision related to the operations of the organization in the industry. This will help them in creating their own space and raise funds as well. The business owners need to have contingency plans for managing the various risks that are related to the expansion related operations (Crane and Matten 2016). This will help them in sustaining their operations during the crisis periods. Sustainability of operations is of great importance for the organizations in the modern business world. The sustainable policies can help the organizations in operating in the industry for a much longer time in a sustainable manner. The business model needs to be designed effectively so that it is able to create value for the organization. The culture of the organization needs to be developed in a positive manner by the leaders and the managers. This will be helpful for the organization and the ways by which they operate in the industry. The employees need to inculcate themselves in the culture of the organization which can help them in gaining success. The new business needs to have a successful marketing policy which can be helpful for them to increase the awareness of their brand in the market (Fleisher and Bensoussan 2015). The skills required by the managers for the first three years The skills that are required by the managers of new business organizations are as follows, The managers need to have an analytical mind which can be helpful for them in identifying the opportunities and problems related to a particular situation. This can help them is getting out the best form the organization. They can plan accordingly for their team and create a plan of action as well. The ability of the managers to understand and forecast the benefits of finances can help them in setting up the target for their business (Freeman and Siegfried 2015). The managers need to possess the ability to grow the operations of the business and develop the organization. They need to identify the specific areas of the organization which are not performing according to the expectations. This be helpful in solving the issue and creating a solution. The managers can be effective only if they are able to set target for the business and take steps to achieve the goals. They can further communicate the plans that are important for the achievement of the goals of the company (Kolk 2016). The managers should know their team well so that they are able to manage the teams in an effective manner. The managers need to understand the skills that are possessed by the members of the team and use these skills effectively for increasing the revenues of the company. This can also be helpful in deciding the process of appraisal of the employees. The business market has become competitive in nature and the managers need to be organized in their work processes so that they can manage time effectively. This can further save a lot of time which can be invested in other vital functions of the organization (McGuirk, Lenihan and Hart 2015). The managers need to become a great leader to manage the organizational activities in an effective manner. The leadership skills of the managers can help them in managing the team and organising the work process as well. These skills of the managers can be the most helpful when the organization has to through a crisis period. The managers need to update their skills along with the advances that take place in the technologies. They need to keep up with the changes in various technologies that are related to the modern business world. They need to have knowledge regarding the things that are going on in the other organizations in the industry (Mittal and Dhar 2015). The managers need to have a strong sense related to integrity and ethics that are related to their work process in the organizations. This will help them in sustaining in the business world for a long time and the organization will also be able to maintain its standards. The managers need to believe on the ideas that they are about to implement in the organizations. The motivation levels of the managers impact the operations of the new business organization in the industry. The highly motivated managers are further able to motivate their team and make them work in such a manner so that it can increase the revenues of the organization (Spieth, Schneckenberg and Ricart 2014). The managers need to be able to recognise the talent of the employees and appreciate them for their work as well. The managers who appreciate and recognise the employees for their work are the ones who understand the importance of motivated employees in the organizational processes. This further helps the managers to build trust among his team of employees. The managers also need to possess the capability to connect in a successful manner with the employees. The size of the team of employees decides the ways by which the managers can connect with them. This connection can be created with the help of regular meetings, reviews with the employees. This is an important factor which helps in the formation of effective teams in the new business organizations (Spigel 2017). The managers need to have the ability to delegate the appropriate tasks to the employees based on their capabilities. The sense of trust among the members of the organization is important for the delegation of tasks by the managers. Strategies followed by entrepreneurs to achieve success The entrepreneurs need to build strategies which can help them in choosing their type of business idea and the ways by which they can reach their goals. The successful strategy of the entrepreneurs also involves the gathering of support for their new business venture. The previous work experience of the entrepreneurs can help them in formulating successful strategies for the purpose of achieving success in business. The entrepreneurs mainly use the strategy of analysing their previous experience to understand the skills and the knowledge that they possess to use in their own business. Franchising can help the entrepreneurs in developing their own business. The franchising strategy can provide the entrepreneurs with a particular business idea which they can follow to form their own business operations (Spieth, Schneckenberg and Ricart 2014). The entrepreneurs can be successful in their venture if they have the courage to follow their own gut instincts and develop their idea into an entirely new business. This process can help the entrepreneurs in creating new and untested ventures and ideas which are also innovative in nature. The entrepreneurs sometimes use the strategy of doing things in ways which are different from the ways they were done before. This also helps them in creating a unique and completely new business idea. The entrepreneurs need to be motivated and they should not be influenced by the failures and adversity in the business environment. The main strategy behind becoming a successful entrepreneur is to learn from failures and believe in their own ideas (Freeman and Siegfried 2015). The entrepreneurs need to understand the niche market to be successful in their venture related to the new business. The successful entrepreneurs need to be able to spot and understand the trends in the market and design their ideas accordingly. This will help in recognising the needs of the consumers and their desires so that new market opportunities can be created. The entrepreneurs need to understand the weakness of their competitors and try to develop their services and products in such a manner which can create a competitive advantage in the market. The new entrepreneurs need to reinvent their business operations so that they can update their product offerings according to the changes in the need of the consumers (Chang and Wyszomirski 2015). Resources and the relationships contained by the strategy of an entrepreneur The entrepreneurs need to build relationships and strategies with the customers so that they are able to create an indispensable nature of the company. This can help them in adding value and enhancing their brands in the all the possible ways. Communicating in a frequent manner with the customers can help the entrepreneurs in creating a dynamic atmosphere. The entrepreneur can build successful relationships with the customers by providing them with rewards so that they are attracted towards the organization. The creation of relationships is important for the successful operations and revenue generation of the new business organizations. This will further help them in creating a loyal base of customers (Bolden 2016). The entrepreneurs can plan for many events and programs which can help them in creating awareness about their unique products among the current and the potential customers as well. The entrepreneurs need to create a two communication channel which is related to the custom ers of the company. The interaction with the customers can create a base for the products and the services that are offered by the new business. The business organization needs to build an effective customer service so that they can retain the existing customers and attract the new customers as well (Fleisher and Bensoussan 2015). The entrepreneurs can therefore try to build a position for their business in the market by creating relationships with the customers who are major parts of the entire operations of the business in the market. This will further enable them to sustain with their business activities for a longer time in the industry. References Albrecht, S.L., Bakker, A.B., Gruman, J.A., Macey, W.H. and Saks, A.M., 2015. Employee engagement, human resource management practices and competitive advantage: An integrated approach.Journal of Organizational Effectiveness: People and Performance,2(1), pp.7-35. Bolden, R., 2016. Leadership, management and organisational development. InGower handbook of leadership and management development(pp. 143-158). Routledge. Bourbeau, J., Lavoie, K.L. and Sedeno, M., 2015, August. Comprehensive self-management strategies. InSeminars in respiratory and critical care medicine(Vol. 36, No. 04, pp. 630-638). Thieme Medical Publishers. Brenkert, G.G., 2017. Entrepreneurship, ethics, and the good society. InEntrepreneurship(pp. 85-128). Routledge. Cardy, R. and Leonard, B., 2014.Performance Management: Concepts, Skills and Exercises: Concepts, Skills and Exercises. Routledge. Chang, W.J. and Wyszomirski, M., 2015. What is arts entrepreneurship? Tracking the development of its definition in scholarly journals.Artivate: a journal of entrepreneurship in the arts,4(2), pp.11-31. Colombo, M.G., Mohammadi, A., Rossi-Lamastra, C., Foss, N.J. and Saebi, T., 2014. Innovative business models for high-tech entrepreneurial ventures: the organizational design challenges.Business Model Innovation: The Organizational Dimension, pp.169-190. Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press. Fleisher, C.S. and Bensoussan, B.E., 2015.Business and competitive analysis: effective application of new and classic methods. FT Press. Freeman, D. and Siegfried, R.L., 2015. Entrepreneurial leadership in the context of company start?up and growth.Journal of leadership studies,8(4), pp.35-39. Kolk, A., 2016. The social responsibility of international business: From ethics and the environment to CSR and sustainable development.Journal of World Business,51(1), pp.23-34. McGuirk, H., Lenihan, H. and Hart, M., 2015. Measuring the impact of innovative human capital on small firms propensity to innovate.Research Policy,44(4), pp.965-976. Mittal, S. and Dhar, R.L., 2015. Transformational leadership and employee creativity: mediating role of creative self-efficacy and moderating role of knowledge sharing.Management Decision,53(5), pp.894-910. Muenjohn, N. and Armstrong, A., 2015. Transformational leadership: The influence of culture on the leadership behaviours of expatriate managers.international Journal of Business and information,2(2). Spieth, P., Schneckenberg, D. and Ricart, J.E., 2014. Business model innovationstate of the art and future challenges for the field.Rd Management,44(3), pp.237-247. Spigel, B., 2017. The relational organization of entrepreneurial ecosystems.Entrepreneurship Theory and Practice,41(1), pp.49-72.