Discuss about the Megatrend and Entrepreneurial Mindset for Business.
Megatrend is a global and sustained macro-economic developmental force which affects the business, governments, society, culture as well as the personal lives of human beings that defines the period of change and thereby making change an imminent as well as increases the pace of change visibly. It is important to mention that megatrend has become one of the most common research subjects in the recent past with many researchers and scholars taking interest in this subject (Kaffka & Krueger, 2012 p, 32). With the world undergoing globalization megatrend has become a key subject that has increased the pace of change in the world clearly reflecting on the need of adaptation for the people, businesses as well as for the government entities to get accustomed to the change happening all across the world. Megatrend has been seen to affect the financial markets in terms of sales and generation of revenue which also directs an economy to a certain direction. It is important to mention that there have been number of megatrends which have even driven the global economy clearly showing its power and importance in the global economy. Megatrend and entrepreneurial mindset are clearly related as for businesses it is very important to follow the megatrend effectively (Singh et al., 2009 p, 26).
Megatrend is a key issue in businesses since it is much bigger problem for the businesses to cope up with megatrends. Under circumstances of megatrend the entrepreneurial mindset as well as the innovation of a company will have to be changed in order to cope up with the excessive pressure that comes from the market (Belkhir, 2015 p, 15). Putting myself in the shoes of an entrepreneur it could be said that megatrend is a key aspects that has to be handled by me effectively for the effective running of the business. In this world of volatility, ambiguity, uncertainty and complexity it is important to understand the vital changes major changes which are coming in the field of technology as a well as innovation as an entrepreneur. As an entrepreneur I will have to identify the different problems which might arise in the business under megatrend and how it could be solved by me in order to run the operation accordingly. Being best prepared for the future challenges is extremely important for an entrepreneur. It is very important to understand megatrend as this will help me to drive the business accordingly as well as take relevant business decisions effectively. There are certain aspects which could change the face of the economy and accordingly develop a strong hold over the new generation people. Megatrends are slow in nature and hence as an entrepreneur it is very important for me to understand the slow movement of glacier from the mountains and take steps accordingly (Day, 2015 p, 18). Megatrends normally affect the business and hence it is very important for me to take care of innovation part of the business during the period of megatrend. as opposed to a more general business problem megatrends poses much bigger threat since it comes slowly and hence it has to be understood be me effectively so that as entrepreneur I could make effective decisions. It is also important for me to understand the concept of entrepreneurial mindset effectively as it will be effective to understand the impact of a megatrend effectively (Mittelstaedt et al., 2014 p, 62).
The entrepreneurial mindset refers to the state of mind of a person where he or she is able to conduct entrepreneurial activities effectively in order to get the best possible outcomes from a given task. Effective entrepreneurial mindset is effective in drawing the best possible opportunities and innovation that helps to create value out of the business. As a future entrepreneur it is very important for me to be able to assess the different situations of the business and accordingly develop a strong platform of understanding which will help me to develop the business scenario. The entrepreneurial theories indicate some key issues which I have to understand effectively in order to be able to solve problems related to business as well as innovation problems (Lee et al., 2010 p, 35). The key issues in entrepreneurship are mainly the financial issues, workforce issues, marketing issues and hence it would be effective to understand these issues so that innovation in the business could be handled effectively. A megatrend if taken lightly could pose problems for an entrepreneur and hence I will have to be very assiduous in understanding recent business trends of innovation and the future trends as well so that ideas could be implemented effectively. It is important to mention that innovation is one of the key issues that as an entrepreneur I will have to look after since this is the megatrend in the business. Innovation has been one of the biggest aspects that companies nowadays emphasise on due to its effective quality of helping companies to gain competitive advantage. Nowadays the common problem in business is to develop a strong hold over the market through hiring workforce and also through innovation. As an entrepreneur it is important that I am able to solve these problems. Having effective workforce was always a priority for a business and this is where the entrepreneurial mindset comes into the picture (Edgeman & Eskildsen, 2012 p, 55).
There few effective ideas which I could use to solve human resource and innovation problems in the company with the help of effective entrepreneurial mindset. For instance the megatrend in the HR is gaining the trust of the employees. As the entrepreneur I have to use my skills and will have to be employee oriented. It is important that the employees are given ample attention which would help to develop a perfect platform for the employees to work in the company (Haynie et al., 2012 p, 81). I would directly interact with the employees for the effective communication between the lower level employees and the upper level employees which would help to understand the needs and wants and address them accordingly which will encourage them to work in the company. On the other hand it will also be effective in driving the interest of the employees to contribute in the overall development of the organisation. Apart from that it is also important to understand the technological development which the world is consistently undergoing and it is also considered as the megatrend in the business environment (Baines et al., 2010 p, 41). As an entrepreneur I will have to be very prudent in implementing the technological skills and resources so that the best possible level of innovation could be done on the products and services designed as well as in the way business is done. another key problem that needs to be solved in this era of megatrends is gaining customer satisfaction which is only possible when the employees work as a unit and also when they have effective knowledge about the work they are doing and hence as an entrepreneur it is important to frame effective research and development program and also effective training program which will help to make the employees well prepared so that they are able to treat consumers effectively and gain their confidence. In most of the multinational companies like Tesco and Apple Inc workforce management is done through a very holistic approach and taking into account the aspects of entire human resource management. It is important to mention since digital transformation is a key aspect in the business having an effective hold over the digital platform through the business will largely help to mitigate many problems. The digital media nowadays helps to communicate and it stands to be one of the remedies for few problems and hence this becomes immensely important to be taken care of. As a business student and as an aspiring entrepreneur I have realized that megatrend is a key subject and hence it will have to be consistently studied in order to get entrepreneurial insights which will help me in the long run (Mauer et al., 2009 p, 19).
References
Baines, S., Bull, M. and Woolrych, R., 2010. A more entrepreneurial mindset? Engaging third sector suppliers to the NHS. Social Enterprise Journal, 6(1), pp.49-58.
Belkhir, L., 2015. The Innovation Levers to Sustainability Management: Entrepreneurship, Design and Policy. Journal of Management and Sustainability, 5(1), p.10.
Day, G.E., 2015. Is our health workforce prepared for future health megatrends?. Australian Health Review, 39(5), pp.487-488.
Edgeman, R.L. and Eskildsen, J.K., 2012. Viral innovation: integration via sustainability & enterprise excellence. Journal of Innovation and Business Best Practices, 2012, p.1.
Haynie, J.M., Shepherd, D., Mosakowski, E. and Earley, P.C., 2010. A situated metacognitive model of the entrepreneurial mindset. Journal of business venturing, 25(2), pp.217-229.
Kaffka, G.A. and Krueger, N.F., 2012. From Grand Idea to Viable Execution: How Do Ventures and Entrepreneurs Co-Evolve?. Available at SSRN 2098031.
Lee, S.M., Olson, D.L. and Trimi, S., 2010. Strategic innovation in the convergence era. International Journal of Management and Enterprise Development, 9(1), pp.1-12.
Mauer, R., Neergaard, H. and Linstad, A.K., 2009. Self-efficacy: Conditioning the entrepreneurial mindset. In Understanding the entrepreneurial mind (pp. 233-257). Springer New York.
Mittelstaedt, J.D., Shultz, C.J., Kilbourne, W.E. and Peterson, M., 2014. Sustainability as Megatrend Two Schools of Macromarketing Thought.Journal of Macromarketing, 34(3), pp.253-264.
Singh, N., Bartikowski, B. P., Dwivedi, Y. K., & Williams, M. D. 2009. Global megatrends and the web: Convergence of globalization, networks and innovation. ACM SIGMIS Database, 40(4), 14-27.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download