Societal Impact of Globalization in Business

Part 1:

What is global entrepreneurship:

Global entrepreneurship can be defined as the business platform in which entrepreneurs use globalisation to stay connected with rest of the world. In modern business era, global entrepreneurship is highly preferred business approaches that assist entrepreneurs to make perfect integration of the business strategies, decision-making process, marketing tactics and business agendas that not only assist to get innovative ideas in developing their business in et international market but also assist them to get up to date information regarding the current market trend, and business strategies in the global market. As opined by Saji and Nair (2018), global entrepreneurship brings new opportunities to micro-level businesses to promote their services as well as products in the global market. In addition to this, global entrepreneurship also assists small and medium-sized businesses t stay connected to the global business leaders and can follow their business strategies as well as marketing agendas that can assist these small marketers to cope up with the current market trend. As argued by Gillespie et al. (2019), although there are many benefits of global entrepreneurship in modern business era, there are also some limitations of global business such as unhealthy competition in the domestic as well as in the international market, lack of opportunities of small rural businesses and bias as well as partiality associated with global marketing. Despite all the criticism regarding the impact of global entrepreneurship in the current business era, it needs to be acknowledged that global entrepreneurship is the perfect utilisation of globalisation that not only provides the business platform to small and medium-sized entrepreneurship business but also promote the positive transfer as well as the integration of healthy business initiatives and marketing agendas that can be beneficial for the entire community rather than providing profit to a particular company.

Critical discussion on innovation and issues of global entrepreneurship by using DAVOS 2020 Themes:

DAVOS 2020:

The World Economic Forum has been held in Davos, Switzerland, in which the global leaders have developed seven key themes that are associated with improving the world economy by using relevant and environment-friendly method. By using these themes this study is going to high get the innovation as well as issues associated with global entrepreneurship. In addition to this through using these themes, it is also possible to highlight how the global entrepreneurship poses potential impact on the overall world economy.

Theme 1: Strong linkage between global entrepreneurship and geopolitics:

Based on first theme developed in the World economic forum Annual meeting, 2020, it can be stated that geopolitics has strong connection with economic, social and cultural development of the country. As stated by Casanova et al. (2017), global entrepreneurship is strongly associated with global political relationships among different countries. Heathy and positive political relation between the two countries is high beneficial for entrepreneurs and marketers in the domestic market of each country to develop the business in international market. Through maintaining string as well as healthy political relation countries are able to get proper financial, political, social and demographic support from the other consist of the international context. On the contrary Gillespie et al. (2019) argued that sometimes, the political relationship between the to counties can be the sources of interference of one country to the personal activities of the other. The DAVOS theme has highlighted the positive aspects associated with the geopolitics in which countries need to make smooth as well as the positive political relationship with one another in terms of getting financial and social facilities that will not only assist the global entrepreneurs a new marketers get opportunity for expanding business buts also assist these countries to develop the economic standard as el as political agendas in these countries.

Theme 2: Globalisation and entrepreneurship pose a positive impact on society:

This theme is based on the fact, global entrepreneurs need to use the globalisation positively not only to extend their business activities but also to meet community need by contributing to social welfare. As mentioned by Gillespie et al. (2019), global entrepreneurship the program that assists the organisational leaders to make integration of global business and political agendas on supporting poor and underdeveloped countries by providing teem the financial, political and social assistance. On the other hand, global entrepreneurship assists entrepreneurs of poor country to get support and encouragement from the potential market leaders in terms of setting such marketing agendas and business strategies that do not focus on profit-oriented pathway rather prioritise the social welfare and community benefits.

Theme 3: Fairer economy:

This theme highlights importance of transparent economic policies taken by global entrepreneurs as well as organisational leaders in terms of assaulting poor and deprived community to get the economic benefits (Wu, 2016). In addition to this through developing fair transaction, economic deals and financial agendas global potential entrepreneurs can not only support the poor and small marketers in the poor and deprived countries but also improve the overall economic condition of entire society.

Theme 4: Tech for good:

This theme has prioritised positive use of technologies in global business platform to share knowledge, decision, intelligence, decision making and innovative thoughts ((Chen, 2018). Through making positive of social media and online platform, global entrepreneurs can be connected to the rest of the world that will not only assist to expend their business but also assist them to gather knowledge on the current market trend, customer buying behaviour and social needs.in addition to this, positive use of the technologies will assist global entrepreneurs to understand the current social, economic and cultural trend in the society that impact on buying perception and behaviour of the customer in international market.

Theme 5: Heath future:

This theme highlights the importance of promoting health and wellbeing of the community through promoting social assistance and financial support to the society people. Ion this context the global entrepreneurs can connect to the international society that are highly deprived and devoid of any facilities (Lounsbury et al. 2019). Though making positive utilisation of globalisation, global entrepreneurs can track the current needs of society in the international context. Here the global entrepreneurs need to set effective strategies that will focus on meeting the basic needs of society people thereby promoting the health and wellbeing

Theme 6: Save planet

This theme has prioritised the responsibility of global entrepreneurs in setting such business agendas and strategies that will be highly suitable in maintaining proper balance in natural resources in environment. As stated by Chen (2018), globalisation although is associated with several opportunities for entrepreneurs as well as global businesses it also brings some challenges to the society such as environmental destruction. Due to globalisation the global business activities are perfumed by damaging majority of natural resources that pose adverse impact on entire ecological balance in the environment. In the World Economic Forum Annual Meeting, it is proposed that, global entrepreneurs need to be highly sincere and concern regarding the side-effect of their business activities and they need to assist that their business process will not hamper the overall balance of natural resources.

Theme 7: Better business:

This theme highlights the perfect implementation as well as utilisation of the globalisation in attaining high level of business success, in this aspect global entrepreneurs can develop the global business strategies and implement these in effective manner to grab strong customer base. Through using globalisation in positive way, global entrepreneurs can maintain strong connection with global organisational leaders to share business decision and innovative marketing tactics. Therefore, globalisation can be utilised by the current marketers to grab strong economic success of business.

Part 2:

Global entrepreneurship and innovation micro enterprise

As mentioned by Chen (2018), micro enterprises are the small business that is developed by investing small amount of money and having small number of staffs. Globalisation has assisted the entrepreneurs of micro enterprises to develop innovative marketing strategies that will be relevant to the market condition and customer demand. Through analysing above-mentioned issues and challenges associated with the globalisation it can be stated that eh entrepreneurs of micro enterprises can use the globalisation in positive way in which they can gather useful information regarding international market, global business trends, current market trend and customer demand in the entire world. As mentioned by Casanova et al. (2017), globalisation has assisted small marketers to come in contact with global investors as well as customers who not only motivate them to promote their brand in the international market but also assist marketers to understand the areas of improvement in which they can proper development to gab proper competitive advantages. As mentioned by Wu (2016), globalisation is the process through which international countries make interaction and interconnection with one another in terms of sharing their marketing approaches, business decisions, marketing activities and political agendas and sustainable strategies. Today's business world uses globalisation in a useful manner in terms of strengthening their interrelation with other countries terms of promoting smooth trade relation, political interaction and sustainable economic conducting in the world economy. The technological develops and strong communication process assist the globalisation to be grown at a faster rate, which assists national and local government in any country to get proper business support from eth other countries.

Globalisation although allows international countries to make political integration in such a manner that assists the government of these countries to share the political agendas, sustainable strategies and governmental decisions (Wu, 2016). The globalisation is associated with developing political sustainability issues in many countries. Due to globalisation, many developing and under-developed countries take effective political strategies as influenced by the political framework of developed counties. But the strategies taken by the developing and under-developed countries are not relevant to the overall political condition and current political need of the country (Potts, 2016). For example, the political system in China and Japan are completely different, in which the former had one party led political system and the later has multi-party system, therefore political integration of these two countries sometimes cause influence on overall political system as well as political strategies of these two countries, that can make the sustainability of original political system and agendas in the individual countries.

As mentioned by Kraus et al. (2018), majority of the small businessman in the poor villages are unable to even arrange food for all family members in each day due to lack of promotion of their and in front of customers and lack of proper economic support from the national and international investors. This is why majority of children of these poor people cannot afford educational cost, high healthcare cost and hygienic living cost in the community which leads to develop of pandemic diseases in these countries. In addition to this, it is mentioned by Gillespie et al. (2019), sometimes globalisation confines economic, social and political growth only for high society people and businesses but not for the lower social class people and poor business. There are many villages in the UK, where small businesses cannot cope with ever-increasing market competition by potential rivals in eth market which not only reduce the sellers of these small businesses bait also makes eth businessman compelled to sell their shop because of huge loans and lack of profit. This enhances high number of unemployed people in society, that makes their children to be devoid of better education, better healthcare facilities and social support.

The globalisation not only associated with developing chances of a small business to communicate with international market, but also assists the staffs to develop their professional as well as personal skills. As mentioned by Saji and Nair (2018), integration of global trade strategies, business aspects marketing decision and the overall market trend will assist the staffs of a micro enterprise to develop such skills as well as qualities that are important to meet customer needs and common goals of organisational. Through using globalisation in positive manner, the entrepreneurs of micro enterprises can overcome all the above-mentioned barriers such as economic political and social berries who can make restriction of market expansion. Through globalisation the staffs of a micro enterprise can discuss the issues and skill wit the interactional global business leaders who assist them in terms of developing their inner strength and professional skill that will assist eth business to grab strong competitive advantages. Therefore, it can be stated that globalisation can assist eth micro enterprise in to develops its marketing opportunities in the domestic as well as in the international market. In addition to this, the globalisation will also assist entrepreneurs of the micro enterprise in tacking the changing trend in the global market that will assist eth entrepreneurs to set such strategies that are relevant with the current customer demand as well as changing market trend.

Part 3:

My Global world, reflection:

The overall study on globalisation and entrepreneurship has assisted me to develop my understanding and knowledge on globalisation and its impact on today’s business world. Through conducting proper research on this I had developed my knowledge on different aspects associated with globalisation and entrepreneurship such as definition of globalisation and the entrepreneurship, their impact on the current economy and issues as well as challenges associated with globalisation. Global entrepreneurship is the process through which eth global entrepreneurs are able to connect with global business in terms of sharing their trade strategies, business agendas, decision, marketing process and values. As mentioned by Gillespie et al. (2019), in today’s digital business framework, global entrepreneurship is one of the most useful process which assists a business to connected with entire world rather than confined to a single area. Therefore, global entrepreneurship can be defined as the perfect utilisation of globalisation, in which entrepreneurs make trade relation with foreign countries in term of expanding the target market as well as gain strong competitive advantages in the international market. This study has assisted me to develop my understanding how to develop a small business by using globalisation of knowledge technologies and value sharing process. In addition to this, the study assisted me to develop my knowledge reading the challenges that an entrepreneur can face while launching any business in the new market. Although the overall study was helpful for me to develop my understanding on marketing and globalisation, I had faced issues in understanding the themes of Davos 2020 which are associated with the initiatives taken by the global business leaders. Therefore, I had spent lots of time in gathering information reading these themes in terms of conducting researches on these themes to get clear concept on these themes. Therefore, it can be stated that, the overall study was highly productive and knowledgeable for me that not only enhance my knowledge regarding eth globalisation and entrepreneurial business but also assisted me to develop my understanding about how to develop a business by coping with several issues.

While discussing the self-reflection on my skills and knowledge that I have developed during this study, I would like to use Belbin’s Team Role model. Here the role that I have performed in my team while doing this project is, a shaper. Being a shaper, I always focus on shaping my skills and abilities throughout this study, which assisted me to develop my professional ad personal abilities. In additional to this, being a shaper, I have done modification in my professional skills which assisted me enhance my proficiency as well as professional standard.

Bibliography:

Casanova, L., Cornelius, P.K. and Dutta, S., 2017. Financing entrepreneurship and innovation in emerging markets. Academic Press.

Chen, Y., 2018. Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons, 61(4), pp.567-575.

Ferreira, J.J., Fernandes, C.I. and Ratten, V., 2017. Entrepreneurship, innovation and competitiveness: what is the connection?. International Journal of Business and Globalisation, 18(1), pp.73-95.

Gillespie, J.J., Privitera, G.J. and Gaspero, J., 2019. Biopharmaceutical Entrepreneurship, Open Innovation, and the Knowledge Economy. Journal of Innovation Management, 7(2), pp.59-77.

Herrera, F., Guerrero, M. and Urbano, D., 2018. Entrepreneurship and innovation ecosystem’s drivers: the role of higher education organizations. In Entrepreneurial, innovative and sustainable ecosystems (pp. 109-128). Springer, Cham.

Khajeheian, D., 2017. An introduction to entrepreneurship and innovation in media markets. Global Media Journal–Canadian Edition, 10(1), pp.1-8.

Kraus, S., Ribeiro-Soriano, D. and Schüssler, M., 2018. Fuzzy-set qualitative comparative analysis (fsQCA) in entrepreneurship and innovation research–the rise of a method. International Entrepreneurship and Management Journal, 14(1), pp.15-33.

Lounsbury, M., Cornelissen, J., Granqvist, N. and Grodal, S., 2019. Culture, innovation and entrepreneurship. Innovation, 21(1), pp.1-12.

Medeiros, V., Marques, C.S., Galvão, A. and Mascarenhas, C., 2018, September. Entrepreneurship and Innovation Factors Influencing Economic Development: European versus Non-European Countries. In International Conference on Innovation and Entrepreneurship (pp. 477-XVII). Academic Conferences International Limited.

Meyer, H.H., 2017. Entrepreneurship in Innovation-Driven-Economies Defining Variables determining entrepreneurial activities in Germany and Slovakia. MANAGEMENT IN THEORY AND PRACTICE, p.88.

Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction. Routledge.

Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation: Investigating the role of entrepreneurial opportunities. The Journal of Technology Transfer, 42(5), pp.1125-1142.

Naranjo-Valencia, J.C., Calderón-Hernández, G., Jiménez-Jiménez, D. and Sanz-Valle, R., 2018. Entrepreneurship and innovation: Evidence in colombian SMEs. In Handbook of Research on Intrapreneurship and Organizational Sustainability in SMEs (pp. 294-316). IGI Global.

Potts, J., 2016. Innovation policy in a global economy. Journal of Entrepreneurship and Public Policy.

Roberts, E.B., Murray, F. and Kim, J.D., 2019. Entrepreneurship and innovation at MIT: Continuing global growth and impact—an updated report. Foundations and Trends® in Entrepreneurship, 15(1), pp.1-55.

Saji, B.S. and Nair, A.R., 2018. Effectiveness of innovation and entrepreneurship education in UAE higher education. Academy of Strategic Management Journal.

Si, S., Ahlstrom, D., Wei, J. and Cullen, J., 2020. Business, entrepreneurship and innovation toward poverty reduction.

Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging economies. Management Decision.

Wu, C.W., 2016. Global entrepreneurship and innovation in management: Comparing MRA/SEM versus fuzzy-set QCA theory creation, data analysis, and findings.