Sustainable businesses

 Sustainable businesses

Changes characterizing the world of commerce and need to address the social and ecological concerns in contemporary society are associated with the increased call for entrepreneurship and innovation. Innovation for entrepreneurial growth calls for the formulation of new and advanced partnerships and projects. The adoption of sustainable business practices is critical towards enabling nations to fit in the modern world of commerce. Sustainable businesses lead to the creation of profit-making opportunities hence allowing the countries to address the problem of unemployment. The aspect of sustainability is associated with the adoption of strategic measures to transform business practices. Besides, the creation of sustainable business translates to the production of new commodities and services, thus enabling nations to respond to various social and environmental concerns that curtail normalcy. Entrepreneurship and innovation are among the basic approaches to allowing the countries to have a successful implementation of sustainable business practices. Entrepreneurship and innovation are not only crucial towards enabling start-up firms to have innovative measures to address various social and environmental concerns but also allow the already established organizations to improve performance. Globalization is a common strategic approach adopted by organizations to respond to the growing trend of market competition. This analysis looks into the aspect of entrepreneurship and innovation in the context of globalization to give an in-depth reflection of the essentiality of the two concepts towards the creation of sustainable businesses.

Contents

0 Abbreviations……………………………………………………………….

List of Tables …………………………………………………………………

Part One

Introduction ……………………………………………………………………

Global Marketing……………………………………………………………….

Introduction to brands and Social Media ……………………………………….

Social Media and Global Marketing……………………………………………..

Analysis of social media in the context of global marketing…………………….

Part Two

Contract Manufacturing and Outsourcing……………………………………….

Design…………………………………………………………………………….

Planning…………………………………………………………………………..

Product and Services………………………………………………………

Strategy and Implementation……………………………………………..

Management………………………………………………………………

Financial Plan……………………………………………………………..

Financial Sources…………………………………………………………

Part Three

Theories and Concepts……………………………………………………

Creation of New Enterprise……………………………………….

Entrepreneurial Conflicts…………………………………………

Competition……………………………………………………….

Opportunity-Based Entrepreneurship………………………………

Conclusion………………………………………………………………….

References………………………………………………………………….

0 Abbreviations

CM&O  Contract Manufacturing and Outsourcing

DM     Digital Marketing

EI         Enterprise and Innovation

GE       Global Entrepreneurship

GL        Globalization

GM       Global Marketing

ICT       Information and Communication Technology

IT         Information Technology

US        United States

USA      United States of America

Part One

Introduction

Entrepreneurship, innovation, and sustainability form the backbone of this dissertation. The paper presents the correlation and overlapping of the three concepts when reflecting on the performance of organizations in the global arena. Entrepreneurship is associated with the process of dealing with the identification and formulation of business to leverage emerging opportunities. The process of entrepreneurship is necessary towards influencing the levels of success realized not only within the economic but also the social and political facets of life. The importance of entrepreneurship cannot be overlooked when looking into a country’s social, political, and economic performance. Job creation is a significant importance of entrepreneurship. Through job creation, entrepreneurial endeavors translate to improvement in economic and social orders. Secondly, entrepreneurship is associated with the utilization of creativity and innovation to improve individuals’ quality of life. Arguably, the process translates to economic stability hence leading to positive social and economic transformations. Similarly, the process keeps a nation in a strategic position for global economic competition. Lastly, the process of entrepreneurship leads to the creation of economic growth. On the other hand, innovation is the process involved to enable organizations to enjoy competitive advantages in the context of the global business arena. The two leads to not only social, political, and economic developments but also sustainability. This analysis considers the concept of global marketing; Brands, and Social Media, reflecting on the essentiality of such ideas in influencing the levels of success realized when dealing with global business ventures.

Global Marketing

GM is associated with all the processes utilized to enhance the adjustment of marketing strategies to enable an organization to correlate with the conditions characterizing other nations. Organizations engaging in the global world of commerce participate in trading activities with diversified firms from other states. This dictates the essentiality of adapting essential adjustments towards enabling the firms to fit in the changing business world. There are diverse processes involved in global marketing. Planning and creation are the first two essential processes involved in global marketing. Individuals venturing into the global world need to plan and create practical investment activities. Secondly, positioning and product promotion are critical processes involved in global marketing. Unlike local business ventures, investors engaging in the global world need to consider some of the approaches to enable their firms to position themselves strategically and maximize sales and profits. Product promotion is another necessary process when venturing into the global business world (Vernon, 2015). Firms need to come up with extraordinary measures to promote their commodities and benefit from competitive advantage. Failure to promote products may curtail investors from realizing their set objectives when venturing into the global business world.

Brands and Social Media

B&SM are some of the fundamental concepts when dealing with global marketing. As briefed earlier, global marketing is associated with the adoption of strategic measures to enable an organization to place itself in a strategic position in the worldwide market. The execution of social media for global brands is an essential consideration when reflecting on the performance of global firms (Whitelock et al., 2013). Scholars and academicians appreciate that social media play a crucial role in enabling firms to have excellent integration and adapt to the international market. The creation of a strong brand is critical in allowing the firms to realize such productive ventures in the global world of commerce. The changes associated with modern technology are associated with the increased call for the integration of social media towards improving the performance of organizations in the global market. An organization with a strong brand can venture into the global world successfully. On the contrary, the inability of a firm to create a strong brand may translate to the failure of an organization to position itself strategically in the international market.

Social media and Global Marketing

The introduction of social media platforms has led to the ability of consumers to access information from various nations by logging into social sites. Such advancements have translated to brand global awareness, which has enabled many investors to present their commodities for global consumers. Through the media platforms, investors can adapt to the transformations characterizing multiple markets hence leading to notable success in global business activities. Another significant reflection relates to the implications of social media and DM as far as global branding is concerned. As briefed earlier, brand creation is an essential strategic move that enables organizations to succeed both at the local and international levels. Social media platforms offer brands with considerably great opportunities (Chan-Olmsted, 2011). This is because the platforms enable investors to connect with massive global audiences. Through such interactions, investors glow their relationships with consumers from various parts of the world hence leading to brand strengthening. Furthermore, social media platforms enable investors to have a global focus when making and implementing their investment decisions.

Part Two

Contract Manufacturing and Outsourcing

Product Manufacturer#1 – Manufacturing of Advanced Comp. Components and Parts

Product Manufacturer#2 – Manufacturing of Smaller Comp. Components and Parts

With the increasing trend of globalization, CM&O is one of the most promising global business ideas. Globalization aims at pooling together various resources, ideas, and raw materials to enable investors to succeed in attaining considerably high profits. It entails strategic planning and bringing resources from multiple parts of the globe together to facilitate the attainment of successful global ventures (Wu & Huarng, 2015). This model of business will involve the hiring of a contract manufacturer to deal with the process of producing certain final commodities concerning the stated design. The decision to consider this as an excellent global business opportunity is dictated by the fact that distinct nations have diversified raw materials, specific production skills, and resources. As such, venturing into this opportunity will translate to the drawing of such products together to ease the production and distribution of commodities that fit global needs and specifications. Drawing resources, raw materials, and skills from diverse parts of the globe will lead to the production of products that meet the specific needs and specifications of the global market. Similarly, the aspect of labor availability is a fundamental consideration influencing the decision to adopt this type of business opportunity.

Design

There are diverse types of contract manufacturing considered by investors wanting to venture into the global world of commerce. Investors consider the type of contract manufacturing that fits their set objectives. Factors such as the availability of labor, capital, and land are fundamental when deciding on the kind of contract manufacturing to adopt. Besides, it is essential to consider the availability of raw materials and the nature of the global market to make an excellent investment decision. Such factors were fundamental before deciding on the type of investment to venture into. The trading partner in any of the African nations will deal with the productions of components/parts of computer hardware. The fact that the company considered is a tech and electronic firms dictate the essentiality of adopting such a CM approach. The partner will deal with the production of smaller components and parts of a computer, and our primary firm will deal with the other sophisticated components and parts.

Planning

The formulation of a precise business plan is critical to facilitate the attainment of success out of the investment venture. The fact that we will partner to deal with the production of computers dictates the essentiality of a clear plan to guide all the operations. As partners, it is fundamental to have clarity on various primary considerations to ease the realization of the desired functional goals. Financial planning, strategy and implementation, management, market analysis, and critical assets are some of the essential considerations to facilitate the realization of the desired outcomes out of the investment endeavor.

1. Product and Services

The two companies will collaboratively deal with the production and distribution of computers and other electronics to various parts of the globe. We will partner to produce both laptops and desktops to meet the market demands in different parts of the world. Technological advancement is associated with the increasing trend of demand for computers and other electronics in both the developed and developing nations. The company wishes to tap into these two markets. Most of the developed countries prioritize the use of laptops for various personal and organizational functions (Minbaeva, 2018). The decision to produce modern laptops with advanced features is intended to tap on such an opportunity. On the other hand, most developing and underdeveloped nations mostly use desktops to facilitate such activities. The decision to produce the desktops is influenced by the desire to meet the specific needs of such markets.

1. Strategy and Implementation

The formulation of a high-tech facility is aimed at ensuring that various production and distribution are efficient of the computers and other electronic devices. The company will venture mostly on computers, thus dictating the need to make it high-tech to outshine other firms offering substitute commodities. The fact that the partnership aims to venture into the global world dictates the essentiality of utilizing media platforms to reach customers scattered in different countries. Advertising, brand positioning, and strengthening are some of the strategic considerations to enable the company to maximize sales and volume. Precisely, online advertising is fundamental to allow the company formed to address the needs of the existing and prospective buyers efficiently. The company will hire renowned advertising agencies to ease the realization of market dominance.

1. Management

All the partners forming the company appreciate the need for professional management to ease the realization of the desired goals. Arguably, hiring qualified managers is essential for enabling many organizations to achieve the desired functional goals. The company formed will depend on the services of skilled managers to ease the realization of the desired objectives. The CEO will act as the senior-most leaders in the company. His decision, through consultation with other junior managers, will dictate the operational approaches maintained by all workers within the company. All the partners will play a critical role in selecting and paying the CEO to manage the affairs of the company. All the partners will propose other departmental managers. The company will entail five partners. Each of the partners will recommend two managers who will be analyzed by all the stakeholders to determine their levels of qualifications. Merit will be the basis of hiring decisions.

1. Financial Plan

The revenue to be used in the payment of workers, catering for various operational costs, and profits for the partners will come from the revenues earned through the sale of the computers and other electronic devices. This is the reason why the marketing department is essential in enabling the company to succeed. The management team within the marketing department should come up with strategic measures to ensure that the company’s gross profit margin aligns with the targets set by the partners. The team of financial managers hired is essential in providing that the company realizes economic benefits within the shortest period possible. The team should outsource and come up with strategic operations and decisions to facilitate the attainment of the desired financial outcomes.

1. Financial Sources

The partners will raise the finance needed to form and operate the company. All the partners will contribute an agreed amount of money, depending on the funds required to start and run the business. Within the first trading period, all the partners are optimistic that the company will raise and earn enough revenue to cater for various financial needs. It is worth appreciating the willingness of all the partners towards increasing the amount of the money needed to start and run the company. The funds raised by the partners will cater for the setting-up and initial running of the company before the firm can cater for various financial needs. The finance manager is tasked with the formulation of excellent decisions to ensure that the company maximizes the available resources to make huge profits out of the investment endeavors. So far the partners have raised $600, 000, which will be used for the initial setup of the company. Each of the partners’ contributions is as stipulated in the table below.

Part Three

Theories and Concepts

There are diverse theories, techniques, and concepts that are basic towards enabling investors to have successful ventures in the global world of commerce. The diversified nature of the international market dictates the essentiality of such concepts towards allowing investors to have successful business ventures. Various theories of entrepreneurship enable investors to have successful investments when venturing into the global world. Some of the basic concepts associated with entrepreneurship include;

1. Creation of new enterprise

The idea is related to the formation of new ventures (Nouman et al., 2018). Successful establishment of new ventures is realized only when investors come up with the desired and acceptable entrepreneurial behavior. Such creation is entirely dependent on investors’ ability to come up with innovative decisions in identifying the existing gaps in the market. Creative decision-makers are tasked with the formulation of decisions about new methods of producing commodities, identification of arising markets, coming up with new supplies, and drafting of advanced organizational structures to fit with the emerging market demands.

1. Entrepreneurial Conflicts

Conflicts among investors are detrimental, especially when dealing with a partnership business. Differences in approaches to doing business activities are among the common factors translating to constant disputes among investors. Individuals in the business world should consider some of the factors leading to conflicts and adopt the best measures to address the concerns. For example, conflicts may arise among workers hence curtail cooperation in the process of production. Responding to such conflicts enables the management team to restore normalcy and attain organizational objectives.

1. Competition

Concepts and ideas associated with the competition are basic towards enabling investors to succeed in the modern world of commerce. As briefed earlier, globalization has led to the interaction of people and the ability to venture into business activities in various nations globally. Arguably, globalization is associated with increased levels of market competition, characterizing the modern world of commerce (Dwyer & Čavlek, 2019). Incentives leading to customers’ satisfaction enable investors to address market competition. Successful investors are those with the ability to adopt strategic operations, which leads to a competitive advantage over other firms in the market.

1. Opportunity-Based Entrepreneurship

The concept reflects on some of the essential considerations that point out a business opportunity. Successful investors are those that can tap into the existing market gap and tap on such opportunities to maximize sales and profits. Market gaps arise when certain commodities or services are highly demanded in the market, but there are no investors to meets such customer’s needs. Opportunity-based entrepreneurship is associated with the ability of investors to point out such gaps and produce/offer specific commodities or services that meet the particular needs of the customers (Simpeh, 2011). It is fundamental to have an in-depth analysis of the available opportunities in the market to facilitate the attainment of the desired functional goals. Tapping on the available opportunities in the market enables investors to attain the desired operational goals easily.

Conclusion

The paper reflects on entrepreneurship and innovation in the global context. Technological advancements and the need for global adventures are associated with the diversified nature of the international market. Traders from various parts of the globe offer different types of commodities in the worldwide market. Many investors have tapped on the emerging market gaps and opportunities hence leading to huge sales and profit maximization within short time duration. Part One of the paper reflects on the aspect of global marketing and the essentiality of branding and social media towards enabling investors to have successful ventures into the international market. Advancements in technology have allowed investors to comfortably reach their customers scattered in various parts of the globe. Besides, social media advertising has allowed many investors to get new customers hence leading to persistent profit improvement quickly. Part Two of the paper presents the idea of contract manufacturing and its essentiality towards facilitating a successful venture in the tech world. Contract manufacturing involves the partnership between or among various manufacturers to maximize on the available and scattered resources, raw materials, and skills. Part Three of the paper reflects on some of the basic concepts of entrepreneurship, whose consideration is fundamental towards facilitating successful ventures in the business world.            The ideas considered are fundamental towards enabling investors to come up with excellent decisions hence ease the realization of the desired goals. Some of the ideas discussed include the creation of new enterprise, entrepreneurial conflicts, marketing competition, and opportunity-based entrepreneurship.

References

Chan-Olmsted, S. (2011). Media branding in a changing world: Challenges and opportunities 2.0. The international journal on media management, 13(1), 3-19.

Dwyer, L., & Čavlek, N. (2019). Economic globalization and tourism. In Handbook of Globalisation and Tourism. Edward Elgar Publishing.

Minbaeva, D. B. (2018). Building credible human capital analytics for organizational competitive advantage. Human Resource Management, 57(3), 701-713.

Nouman, M., Anderson, A., & Abdullah, F. (2018). Conceptualizing and Rationalizing Opportunities: Inductive Reasoning and the Creation of a New Enterprise. Abasyn University Journal of Social Sciences.

Simpeh, K. N. (2011). Entrepreneurship theories and Empirical research: A Summary Review of the Literature. European Journal of Business and Management, 3(6), 1-8.

Vernon, R. (2015). International investment and international trade in the product cycle. In International Business Strategy (pp. 35-46). Routledge.

Whitelock, J., Cadogan, J. W., Okazaki, S., & Taylor, C. R. (2013). Social media and international advertising: theoretical challenges and future directions. International marketing review.

Wu, C. W., & Huarng, K. H. (2015). Global entrepreneurship and innovation in management.