United Nations sustainable development goal Reducing Inequality Within and Among Countries
Table of Content
1.2 level of annual income per household in South Africa (000 rands) in 2015. 5
2 solution to reduce inequality in South Africa. 5
5.1 Individual characteristics and social effects related to entrepreneurs and innovators. 9
5.2 Skilled required be an entrepreneur or innovator 10
5.3 Contribution of entrepreneurial skills to the success or failure of the business. 10
List of Tables
List of Figures
1 Introduction
The UN sustainable improvement goal is emerging a business environment that puts into consideration the theoretical concepts underneath, innovation, entrepreneurship, and technological changes (Schachter et al., 2015). The UN seeks to know and understand how these factors affect the enactment of the industries in today’s world of trade. These theoretical concepts can either promote or encourage the failure of a firm. The technology and innovation policy has various options that reflect on different criteria used by worldwide stakeholders and entrepreneurs. Entrepreneurs and innovators are associated with personal qualities, social factors, and skills that contribute to entrepreneurial success or failure (Morris, Webb and Singhal, 2013). In this paper, I will explore all the key aspects that subsidize the success and catastrophe of organizations or companies. Don't use plagiarised sources.Get your custom essay just from $11/page
1.1 Problem statement
The UN Sustainable Development agency has proposed reduced inequality as one of the development goals amongst seventeen others. This report shows the disparity in South Africa, which is a member of the United Nations. (Morris, Webb and Singhal, 2013). The study will use DIFA criteria to identify whether their existence of an opportunity and justification of how the business opportunity can be modified to achieve a development goal (Morris, Webb and Singhal, 2013). The inequality in South Africa is caused by the disparity in income level, sex, age, disability, racism, and ethnicity. The leading cause of variation is the difference in the level of income. As the level of inequality is increasing in the country, poverty is taking its mantle. In the population of 58 million people in South Africa, about 40 percent of the people are people living in poverty, and about 15 percent of the people are poorest, living through struggling.
1.2 level of annual income per household in South Africa (000 rands) in 2015
| Income level | Income class | Household income (000 rands) |
| poorest | 1 | 10 |
| 2 | 20 | |
| 3 | 40 | |
| Income deciles | 4 | 60 |
| 5 | 80 | |
| 6 | 100 | |
| Richest | 7 | 150 |
| 8 | 180 | |
| 9 | 250 | |
| 10 | 450 |
The income inequality in South Africa mostly is affecting the poorest and incomes in deciles classes. The people at the poorest level have the lowest level of income received than the richest ones.
2 solution to reduce inequality in South Africa
The solution to solve inequality in South Africa is by creating job opportunities in the country. The availability of jobs in the country will reduce the gap between the rich and the poor and initiate economic growth in the country. The application of technology, innovation, and entrepreneurship will help in the creation of employment in South Africa.
3 Evaluation of critical theoretical concepts underpinning technological change, innovation, and entrepreneurship
3.1 Innovation
Innovation in business has a fundamental protagonist in promoting the triumph of commerce (Maritz and Donovan, 2015). It is a theoretical concept that shaped organizational, economic, and social factors. Innovation in the industry occurs when a company introduces new methods, facilities, or products to impact positive change to their business (Phillips et al., 2015). In the country with innovative people, the rate of unemployment is very low. The people are creative in such a way that they come up with new ideas in producing and designing new brands in the market. (Phillips et al., 2015). Commerce inventions matters for a simple reason that is value. The continuous innovation and improvements are crucial for the success and thriving of business and organizations, thus eliminating inequality in the nation (Maritz and Donovan, 2015). Thriving business innovation involves exploring new revenue opportunities and spawning higher profits. Innovation should be given the top priority since it will lead to the establishment and ventures of the new businesses and trigger the expansion of existing companies, which in turn will create job opportunities in South Africa.
3.2 Technological change
In business in South Africa, the application of the changing technology will increase the efficiency of product quality and the advancement of the production process (Maritz and Donovan, 2015). The level of technology plays an essential role in a country. Innovation will go hand in hand with the level of technology in a country. The lower the level of technology, the less innovative the society is (Radosevic and Yoruk, 2013). The entrepreneurs incorporate the use of technology in their business to improve their product or optimize the production process to produce quality products or satisfactorily serve their customers at the same, ensuring they achieve business objectives and goals by reaping maximum profit where possible. Technology in South Africa will help in the creation of quality goods which will compete with other products in the same line in the market. The company with Many competitive advantages will always enjoy an increased profit margin. It is easy for such to expand. The expanding organizations will require an increased workforce, therefore creating job opportunities in society (Radosevic and Yoruk, 2013). Also, technology, by use of business computer databases, stores a large volume of data that is analyzed to be to monitor and evaluate the current state of an organization and use it to predict the future destiny of the business (Ranga and Etzkowitz, 2015). It also, helps entrepreneurs and investors to take corrective measures that shape and ensure business activities and functions are running well towards achieving a specific goal.
3.3 Entrepreneurship
The people of South Africa are supposed to be trained and educated on how to be self-employed by starting their businesses (Spieth, Schneckenberg, and Matzler, 2016). The owners or the persons start, and their own business is known as entrepreneurs. With people starting their companies and organizations in the country, the cases of unemployment will reduce with a significant number; therefore, narrowing the gap between the poor and the rich in the population. (Makkonen and Inkinen, 2014). This will aid in the reduction of inequality in the country.
4 Exploration of various options in technology/innovation policy and their reflection in different DIFA criteria.
Technology has become a significant factor in production and innovation globally (Galindo and Méndez, 2014). It simplifies the work done manually in the past decades. There are various options for technology. These options include production, advertisement, and marketing technology. Organizations in their daily activities use these technologies.
Marketing is one of the major problems that many industries in South Africa have been going through (Maclean, Harvey and Gordon, 2013). For an organization to perform well and maximize its profit, there is a need for the right marketing strategies. Maximum benefits are achieved through marketing technology. This will help the organizations and companies in the country to establish broader domestic and international markets for their products. The company will able to develop the branches in other countries and sent the people from South Africa to work in the host countries as expatriates. (Galindo and Méndez, 2014). Besides, marketing through Email is one of a potentially engaging way to sell as it is cheaper. Businesses that use email marketing have a significant number of customers all over the world (Galindo and Méndez, 2014). Email marketing is a perfect way to publicize new products and sharing of information about products like price change and discounts allowed after purchasing.
Customers need constant updates upon the change in certain products in the firm. Customers are supposed to be informed of a new brand of a product in the market (Phillips et al., 2015). Creating a customer’s awareness is done through advertisement (Galindo and Méndez, 2014). An advertisement should reach the whole world as some of the products are used globally; for example, Huawei products and advertisement technology are well situated in that (Phillips et al., 2015). Through the application of production technology, the firm can achieve its production goal. Improved machinery is used in industries to directly manufacturing of goods. All these will help the growth of industries in the country and create employment.
5 Analyzing the individual characteristics and social forces associated with entrepreneurs and innovators; skills required to be an entrepreneur and how they contribute to success or failure of the business
5.1 Individual characteristics and social effects related to entrepreneurs and innovators
The characters that the people in South Africa should consider to have to start their enterprises include, being innovative, seeking the opportunities, taking
Risk, enjoying profit and satisfying individual and social needs by carrying out the
Projects, time consciousness, and being flexible (Morov, 2016). Entrepreneurs desire to do jobs better than their competitors, to achieve challenging goals, and to solve complex problems (Raman, Anantharaman, and Ramanathan, 2013). With all these characteristics, an entrepreneur will have a smart performance in the business. Business creates innovations and differences intending to grow and venture in new fields, partake a very critical protagonist in the implementation of free enterprise ideally.
Social forces associated with entrepreneurs include sex and age (Morov, 2016). Age defines the acquaintance, willingness to learn, eagerness to take jeopardy, and tractability amongst the defendants. Commonly, youngsters have less experience than elders, but young people are ready to take more risks than seniors (Panzaru, 2013). The young population in the country should be in the first line to start the businesses since they are always ready to take risks. Entrepreneurship among masculine and feminine is a modern marvel. With growing consciousness and diversity of edification over the years, the role of ladies’ entrepreneurship is snowballing at a higher rate (Panzaru, 2013). Though women are involved in entrepreneurship, the number of males dominates the total number of entrepreneurs globally. Women in South Africa are supposed to be encouraged and motivated to start the business since no gender is business bound naturally.
5.2 Skilled required be an entrepreneur or innovator
There are skills required for one to become an entrepreneur or innovator (Dorin and Alexandru, 2014). These skills include inquisitiveness, competence, communication, networking finance, pliability, branding, time management, strategic thinking, and sales. In general, all entrepreneurs need to have in-depth knowledge on how to promote free and fair trade with no cases of inequality among themselves or their customers. These skills will make the people who will start their business succeed in their ventures and utilize available resources in production and be able to combine all factors of production appropriately.
5.3 Contribution of entrepreneurial skills to the success or failure of the business
The skills to identify the strengths and weaknesses of a company by entrepreneur helps in the success of the business (Isac, 2013.). Entrepreneur understanding his strength and weakness will be able to inform everything from the business decisions he makes make, to the partners he bring on, and to the employees he hires. The hiring of productive personnel is another skill that leads to the success of the business (Dorin and Alexandru, 2014). Having great people in a team will give entrepreneurs new strengths and also establishing a culture that consumers want to be associated with.
Proper management of business goes hand in hand with the ability to manage money (Sharma et al., 2013). If the entrepreneur cannot manage money, he will always register failure in the market (Sidhu and Deletraz, 2015). He should know the specific destination of outflowed cash in the business and live less of what is earned in the industry. An entrepreneur should be productive by learning about his peak energy time, his routine, and the productivity tools that work for him to create his plan for success.
6 Summary and conclusion
The rate of inequality has become one of the crucial problems in South Africa as one of the members of the UN. To reduce inequality in the country, the country should consider the creation of job opportunities. The creation of employment in the country is determined by several factors whose strong foundations are based on technological change, innovation, and entrepreneurship. It also assumed that individual characteristics and social forces affect the performance of the business. Besides, the incorporation of advanced technology production methods promotes success in business and the entire entrepreneurship process. Innovation is also useful in improving success and efficiency in transactions. The stakeholders and entrepreneurs should rely on several options of technology and technology. All this will help in the creation of employment hence reduce the disparity in the level of income in the households in South Africa.
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