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Challenges for entrepreneurs and managers in the era of globalization
In today’s age, change is happening faster than ever before. In response to these changes, entrepreneurs and managers must approach the market drastically differently than before. Employing unorthodox methods to approaching the market could help take advantage of these rapid unpredictable changes. There is a whole new set of problems that entrepreneurs must face and very few people can predict where the market will go. How an entrepreneur approaches the market, delivers value, and maintains operations requires skills that are rarely exercised in today’s world.
Approaching the market
How one approaches their potential market is greatly influenced by the type of value that they deliver. There is great opportunity for high exposure through the use of several tools. Most notably of these tools is the internet. This tool makes up a significant proportion of the readily available resources that an entrepreneur must use in order really to push the needle.
Taking advantage of the internet can be resource-intensive. There are many avenues that one could take in order to find success through utilizing the internet. One of which is exposure. One can willingly expose themselves to the online community to take advantage of the increased number of impressions on the potential market. Creating consistent content allows for an entrepreneur to easily advertise themselves and the products/services that they provide. The barrier to entry to finding and using internet resources is low. As a result, there are more players in the market and there is more competition. This leads to an overall higher quality experience for the end-user.
Due to the relatively higher rate of change, the market will naturally be more unpredictable. Luck plays a larger component of the system than it used to. There are several ways to mitigate the adverse effects of luck and keep it in check. One tactic is to approach the market from all angles. If one strategy breaks through, it has a high potential of exponentially increasing your return on investment if the targeted market is big enough. Cross-discipline skills are essential in order to use this tactic. Having the ability to outperform others in a larger number of unique situations leaves the entrepreneur relatively better-positioned to take advantage of more opportunities. “Achievement is talent plus preparation” (Outliers, Gladwell).
Delivering value to the end-user is not like what it used to be. Through the use of the internet, the average person can easily create content and advertise their services online. It is also possible to combine how value is packaged by utilizing both online and offline techniques. Identifying areas where the value makes a relatively bigger impact is further expanded by the larger exposure that the internet provides. One can focus on delivering value only to the areas where they will likely get the largest return on investment while minimizing time spent on areas with less opportunity.
Most would agree that the most widely used value vehicle is currency. This concept is currently being turned over its head. There are other measurements of value that society is quickly moving towards. Currency has been the main value vehicle for a long time but it is no longer as scarce as it used to be. Being that currency is now relatively in abundance, benefactors of this phenomena are first to redefine their value systems. This market segment is quickly growing and will continue to grow as automation makes overall production more efficient. Over time, there will be more benefactors and this market segment will take up the majority.
Maintenance and improvement
Maintaining operations in the era of globalization has never been easier. It is a law of the universe that everything moves towards disorder and so maintenance is essential. Communicating with your stakeholders is as simple as picking up the phone and tapping on the screen a few times. Action can be taken to prevent further potential losses through the use of these rapid communication channels. Reacting to the rapid market changes through communication is an essential part of any entrepreneur or manager’s work.
Outsourcing is also now significantly easier than before. Certain maintenance operations can be outsourced, leaving the entrepreneur with more time to focus on growth and improvement.
Apart from the professional responsibilities, an entrepreneur or a manager must also pay attention to their overall health and wellbeing. Maintaining a healthy state of mind will allow the individual to be prepared for any situation and to bring new ideas to the table. “Habit 7, Sharpen the Saw” (Covey).
Cross discipline significance
It is incredibly important for an entrepreneur to take an opportunity when one comes around, as it may not stay for long. The best opportunities don’t come very frequently so they must either increase this frequency or be prepared to take action when they do come. Increasing the frequency of potential opportunities grows in relation to an increase in exposure to different market segments. To take advantage of this, an entrepreneur needs proficiency in a wide range of skills. “Indeed, the greatest challenge and the most unique opportunity for new age managers is to garner the tremendous potential and remarkable creativity of a workforce environment that brings together human diversity, as well as professional and occupational dissimilarity in a harmonious and productive workplace structure” (Passaris). Even a small amount of exposure to a new market has high potential of bringing around a large number of new opportunities.
Having the option to employ cross-discipline value in business operations can also exponentially increase the experience for the end user at a relatively low opportunity cost. This allows for one to approach the market from an unexpected angle, potentially finding less resistance. This lowers the cost of employing unorthodox methods, allowing for more unique attempts.
As globalization grows in significance, markets grow in complexity. Today’s entrepreneurs and managers must deliberately take action, even when they are not fully prepared. New and unique business opportunities are increasingly becoming more prevalent and it is important to consider how one approaches the uncharted waters. Once an opportunity is clear, the entrepreneur must be ready to deliver value. Maintaining sustainable operations is essential for long term growth. Understanding wherein value lies can be expanded by developing proficiency in a larger number of disciplines. The market is becoming more unpredictable at an increasingly faster rate and today’s players in the market must take all these factors into account.
7 habits of highly effective people – Stephen covey
Outliers – Malcolm Gladwell