In this era of a competitive market, it has hard to survive the market strategy to enhance the area of business. In order to survive the pressure while having a positive growth, a new process of entrepreneurship has been introduced to the business. The term entrepreneurship mainly suggests the idea of launching, designing and running a new trend of business. These businesses usually start from the baseline that is by the introduction in the industry through setting up a small business with new ideas. The most evident factor is related to the fact that with globalisation of business and given rise to the concept of global entrepreneurship. This has raised the bars for the expectation of performance of a business as well as the availability of resources for the business environment. As such the global entrepreneurs choose to apply concepts and set objectives as well as standards for the service provided by the business as per the global requirement. The persons who are the masters of these innovative ideas are known to be the entrepreneurs. The innovative ideas and positive attitude of these entrepreneurs have enabled them to create a new visionary for the business. The application of these new entrepreneurship styles has enabled the opportunity to introduce technology into the new products to expand the area of business.
The current issue of expanding the area of business is connected with the issue of enabling the business environment to expertise in the respective business, the application of new technological advancements has been proved a must. The report is based on the discussion regarding the issues of global entrepreneurship. As per the survey made on the overall performance of the business environment, it has been identified that the business environment often fail to adopt the new marketing policies. Hence the main issue of understanding the importance of the global entrepreneurship seems to be the major of all.
The globalisation of a business policy promotes the business to the position from where the business would be able to access the global market. Though the globalisation of a business presents the scope to access the international market, it has several issues regarding the implementation of the time and the expected timeframe. Considering the issues of the globally marketing business environment, the birth of the global entrepreneurial aspect of the business has presented some difficulty to the employees to successfully establish an effective networking system.
In this current competitive market, it is very important to be capable of securing a place in the consumers' hearts so much so that they would prefer the respective organisation in any situation. With the attention to fulfilling this criterion of the preference of the customers while creating an effective networking system should be the main aim of the above-mentioned business.
The issues related to the lack of supply chain management and logistics operations have questioned the performance of the business. On the other hand, the lack of supply hubs for the ordered goods in several countries has also made it tough for the business to conquer the e-retail industry.
In order to conduct a business in a global market, the business environment have to follow several theories of entrepreneurship (Alvarez and Barney, 2017, p.89). These theories help an organisation to build an integrated chain of business to be able to access the different layers of the business sectors (Audretschet al. 2018, p.45). The thought of entrepreneurship gets completed through specific stages of operation. The innovation of new ideas of entrepreneurship into business starts with the start-up businesses. There are two kinds of international entrepreneurship, between which the first one falls under the group of born global entrepreneurial industry and the other is newly ventured industries. As per the theory of Harrod-Domar, the main strength of the global entrepreneurship lies in the economic stability of a business (Foss and Saebi, 2017, p.221). This model of Harrod-Domar suggests the increase in the economic growth can cause the success of an organisation. On the other hand, the Innovation Theory of Joseph Schumpeter projects the thought of innovation and the vision of the entrepreneur as the main element of growth and development. The application of these theories into the business of the above-mentioned business has created the scope for the business to enhance the area of business while introducing new marketing policies.
With the purpose of running a successful global business, both the entrepreneurial theories have been practised by the e-commerce business environment. They have chosen the option to enhance the area of their business to such an extent that would support the economic growth and the expansion of the business as well. Besides the application of the theories and models, the performance of the Multinational business environment and innovations of technologies at a global scale have created a scope to revise the business strategies for the betterment of the business.
The globalisation does not always appear to be a process of forward going or linear but also highly dynamic and often cyclical as a reflection of the timeframe (Kellermannset al. 2016, p.38). The analysis of the reports made on the globalisation of the business environment has revealed that the business is facing several challenges to conducting their business. As the business environment conduct its business through an electronic commerce system, it has to use updated technology to complete the transactions. The major part of the business's revenue is generated through the e-retail sales of the electronic goods. The revenue of the business comprises the sectors of online stores, physical stores, third-party retailer and other sources. Each of the sections ensures the expected goals of achievement. Though the business has achieved an expected goal of success, it is facing difficulties to survive the current competency. The sales revenue of the business shows the positive growth in the sales ratio. In order to attain a complete success in the international market, it needs to improve the business strategy to expand the chain of business. As the business is an e-commerce retailer it should also emphasise on the sectors of development of the products as well as logistics operations. [Refer to Appendix 1].
The evaluation of the business report of the business environment presents some aspects of challenges that the business is facing while conducting their business. For example, the business has not been able to create their supplying hubs in several countries including Australia (Colgan, 2017, p.4). This lack of not being able to fulfil the demands of the customers to serve as a retail store and online service provider that is like an "everything store" for the customers, has created a big hurdle for the business. The analysts are of the opinion and hence have mentioned their pressure of not being able to provide required hubs in countries which have pre-existing competitive market as well as sound economy to maintain their business. On the other hand, the issue of too many competitors in the e-commerce supply chain has created difficulties to conduct the business smoothly. Talking about the supply chain and logistics operations, it is also to be mentioned that the aforesaid business is facing difficulty in the transaction process as well as supply chain management for smooth logistic operations. A survey has revealed that in several countries, these business environment do not have well-trained employees and executives to handle this crisis regarding the logistic issues. Along with these the issues relevant to the market size and shape, payment facilities and scope for e-commerce business are also the probable challenges that can affect the overall growth of the business. In order to globally operate, the business environment are at first have to face the challenges of investment related to a massive expansion of the business. Moreover, such business environment do face problems related to match up and intermingle into varying cultures of the industries of different business environment. In such case maintaining strong, trusted and supportive relationship with the local business partners becomes a problem and without this the business of the global business cannot be successful in a foreign market. Non -incorporation of strategies and policies related to staffing is a profound challenge to such business environment. Moreover, the diversification in the workforce and even in the products or services that are offered by the business is also important challenge to the globally operating business environment.
The analysis of the business plan of a business helps to have a look at the organisational structure and the strategies of marketing and business policies (Biemans, 2018, p.75). Along with this, the evaluation presents the scope of understanding the sales ratio; business transactions and organisational behaviour of the respective business as well (Botha et al. 2014, p.16). Concerning the current issue of global entrepreneurship, the chosen business environment have started its business as a born global business with the purpose of doing business in an international aspect. The business plan of the aforesaid business fulfils the needs of the business purpose while applying the relevant market strategy. In case of international e-retail business environment, the business plan is required of being well knitted and cover the area of overall growth of the business related to capitalising the market, increasing the marketing-based advertisements and so on. Though the business is a born international business, the evaluation of the business plan of the business presents the scope to analyse the success of the global entrepreneurship.
In order to analyse the global entrepreneurship of the business, the importance and theoretical analysis of the facts should be done properly (Busenitzet al. 2014, p.985). Among the various kinds of global entrepreneurship, the falls under the born globalised business. The founder and the sole entrepreneur of the business, has identified several issues related to the global entrepreneurship. It has been identified that the major issue of applying the theories of entrepreneurship provides a structural support to the organisation. However, the theory of economical support sometimes does not work in favour of the business as they face the lack of proper payment operations in the business transaction. On the other hand, the implication of the Innovation Theory of Joseph Schumpeter has helped the business environment to come up with new innovative ideas to enhance the performance of the business. The applied theories and models have been proven helpful for the growth of the business. However, the lack of skilled executives in several sectors of the business has created an unavoidable bar for the business. As a result of these issues, the business is facing several problems to enhance their area of business while practising the global entrepreneurship. The business has strategies to maintain an all in the e-retail shop to attract a better number of the customer so that they can expand their business on a global scale.
Every business follows a set of rules and regulations to achieve the expected goal of success (Chetty et al. 2014, p.827). Talking about the business pattern of the e-retail business, it is necessary to mention that the business follows the theory of global entrepreneurship by following the theory of Harrod-Domar and the Innovation Theory of Joseph Schumpeter. These theories suggest focussing on the economic strength of the organisation as well as the implication of the innovative ideas. The business environment have followed these theories to develop their business by applying the global entrepreneurship. These theories have enabled the business environment to enhance their business by opening several online stores and physical stores as well. The business provides a wide range of products including electrical appliances, grocery, books, clothes, accessories etc. The term global entrepreneurship suggests spreading the thread of business on an international scale that will cover most of the areas of the globe (Kuratko, 2016, p.61). Talking about the international entrepreneurship practice the globally marketing or operating business environment, they focus on both the internal and external effects of the employee attitude and organisational behaviour.
The globalising of business has led to development of e-retailing concept and hence the business environment conduct their business by following the strategies to provide an all in one store for the consumers. They have emphasised on the needs of the customers that need to be fulfilled by providing them with a broad range of goods under a roof. In order to justify this purpose, the business has created several supplier hubs to ensure a proper supply chain that can be operated from different locations. The above-mentioned theories have been applied in the entrepreneurship style of the business to enhance the area of their business. Considering the current market, the issue of global entrepreneurship has made the business to review the applied business plan. As the business provides all kind of home appliances, clothes, foods, electronic goods etc, the scope of competitiveness also has been increased. On the other hand, the internal organisational structure of the business contains an issue of lack of healthy work environment and executives to perform logistic operations. The combined result of these issues made the business to give a thought on the reconstruction of the business plan which would help them to imply the entrepreneurial skills in a better way.
The implication of new technological advancements in the business can bring a better scope of improvement for the business environment. Besides improving the logistic operations, the business environment should focus on the creation of more hubs to supply the products required by the consumers. It would help the business environment to provide their customers with a broader range of products. Along with these, the expansion of the supply chain management and including the development of an organisational structure for the better observation of the operations will bring an opportunity to enhance the margin of profit. As the market size and margin put a great effect on the success of a retail business, the online retail shops of business environment should choose their markets wisely. Hence, it can be recommended for the business environment to conduct their global entrepreneurship in a different style to balance the multinational business environment with the technological innovation and international dynamics of competition.
Considering the current situation the evaluation of the importance and significance of global entrepreneurship in the business industry has to be studied to have the innovative idea of business. The implication of the new strategies to introduce new products in the market presents the scope to analyse and compare the systems of improvement. With the progression of the business methods, the market is being more competitive day by day. Hence, the new ideas of the entrepreneurs have elaborated a new way of conducting the business while enlarging the scope for new ideas to flourish. The positive thoughts and ideas of the entrepreneurs who are participating in a global business have broadened the market space. Talking about the business strategy of the business, it is to be mentioned that the implication of global entrepreneurship in their business made them flourish in the international competitive market. This is the primary reason behind the growing popularity of the business in the global market.
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