”
Question 1
Globalization has been used to draw nations together to maximize their potential in production and trade. It involves the removal of barriers to allow for free flow of goods people and capital. The firms got an opportunity to invest in foreign markets and expand to serve international markets (Micklethwait & Wooldridge 2001). However recent globalization has started experiencing a backlash and there is pressure from some nations to reimpose the barriers that existed before. Some nations have suffered great losses as a result of international trade migration and investments across borders (Sanderson 2009). One of the reasons for the recent backlash in globalization is the inequality that exists in foreign investment. Rich and powerful companies take advantage of their smaller commercial rivals to invest and establish their economies and leave the smaller firms helpless. The backlash resulted in less foreign investment as smaller companies evaded the high cost of foreign investment. It prompted the formation of free trade agreements. With these free agreements the cost of capital decreased firms could access technology cheaply and the governments also established close relationships. This backlash prompted the government to act and today it is possible for smaller firms to invest equally with the giant firms . It is a promise for increased globalization eve in the future (Micklethwait & Wooldridge 2001).
According to Martel (1995) business interests have also been known to intrude into the local cultures disregard the local traditions and this threatens the local peoples way of life. Some nations have strong religious beliefs and this makes the nationals feel threatened by the globalization process. They fear that foreigners will come with their own beliefs and disregard the local ones. They also resist globalization because it threatens to take away the local jobs. On other occasions there is the fear the firms that they work for could transfer their businesses to other locations and deny them job opportunities. The new trade agreements are likely to provide incentives that would attract companies to shift to other nations. However the trade agreements could also turn out to be an attraction for foreign firms to invest locally. This could replace the firms who expand to foreign locations (Martel 1995; Guscina 2006).
As for culture diverse cultures could be used to promote globalization and international unity. Interacting with people of varying cultures promotes richer and fuller business interactions and social life too. Limiting to ones own country can result in dull lives that lack inspiration. Experiencing other cultures promotes understanding and international cooperation which encourages nations to work together in building the economies. Therefore backlash due to cultural diversity has been used as an advantage today international firms are focusing on culture and traditions to create personalized goods and services. It is a strategy to create value on the goods and attract more demand. Today cultural diversity is promoting business firms are integrating culture not to form a homogeneous community but to create an environment where all cultures can be accommodated. This has promoted globalization and culture is no longer a stumbling block towards globalization (Martel 1995; Guscina 2006).
Ehrenfeld (2003) associated the process of globalization with environmental destruction. It has been argued that globalization has brought changes in emission as a result of increased industrial composition. Expansion in the service sector encourages expansion thus pollution becomes large scale. Possibilities for global production raise the industrial pollution base to cause global emissions while the rest of the activities remain the same. It has resulted in the extinction of animal species and popularity of exotic breeds climatic changes exhaustion of resources and poor quality air and soil (Organisation Des Nations Unies Pour Lalimentation Et Lagriculture 2001). This issue can be solved by observing the guidelines that have been put on all business. Any business that engages in production is bound to release some degree of waste into the environment. Therefore these companies are expected to develop a cleanup action to ensure that the waste that is released into the environment is recycled and that minimal waste is released into the environment. These companies should also engage in green activities that are meant to counter the effects of pollution and restore the damaged environments. This way the companies allocate some of the funds raised from production and manufacturing to restore the damage caused. As a result of this backlash today firms are investing more on the preservation of the environment. As firms utilize natural resources they are also contributing to the preservation and restoration of these resources. They promote sustainable development and this has encouraged globalization (Esty & Ivanova 2003).
Globalization has been viewed from one perspective. When this term is mentioned people focus on finance and trade. It is a case of pure economies. (Guscina 2006). The backlash led to the realization that there was more to globalization other than trade and finance. Other factors such as culture education international cohesion and global understanding also come up. With this changed view about globalization there is an opportunity to serve their economic interests as well as other aspects. While undertaking business activities at an international level nations should use this opportunity to learn from other nations. Globalization also promotes a collective responsibility in addressing the issues that affect some nations. This is evident in the formation of non governmental organizations to correct the results of evil wars and other catastrophes. Nations also share ideology and technology which helps in connecting people across boundaries and oceans. This promoted globalization because nations are coming together for other causes other than trade (Martel 1995).
Question 2
Entrepreneurship and innovation are the prerequisites towards sustainable growth. A business venture without innovation is not functional and chances of failure are great. Innovation involves identifying business potential in the existing business operations to give the business a competitive advantage (Aydogan 2009). Today people have great business ideas theories and information. The main challenge is planning and committing to decisions that may put a business at risks in case the plan does not work as expected. A person who is not creative can still go ahead and form a small or medium sized organization. This can be achieved by adopting a number of observing a number of guidelines that promote innovation. Thus there is a need to carry out extensive research on the subject of interest. This included analyzing similar business ventures on the same business carried out in the past. It involves comparing the procedures and process in the successful businesses and the failed ones. This prepares the entrepreneur for the challenges that may come up and the course of action that should be taken. Decision making requires one to take his/her time rush decisions are a promise for failure (Padoan & Arzeni 2010).
Once research is done challenges likely to come up during the business venture are established. The next step is to re-frame these challenges by reexamining the situation to come up with new approaches and insights. It involves asking what if questions to come up with multiple perspectives. In asking these questions new places or angles are uncovered. For example a product that had previously failed in the market can be launched again without focusing on the experience. It can be viewed as a way of differentiating the product towards the companys future. The same case applies to the fresh entrepreneur. Other than focusing on the challenges experienced by others differentiating this product to attract a different market share can also be an option (Carayannis & Campbell 2012).
Another innovative procedure is through focusing on the customers experience. This is a great way of identifying a need in the market and creating a product to satisfy this need (Aydogan 2009). For instance if the entrepreneur wants to serve the market worth household goods visiting the homesteads and learning the procedure and the process followed while doing household chores can be a good strategy. While interacting with potential customers the entrepreneur can learn the challenges they experience and device a tool to solve this problem. Customers love businesses that are empathetic to their situations. They attach value to such businesses and this provides a competitive advantage. Some products simply need an enhancement to give a completely new product to serve the same purpose. An example is the discovery made by Swiffer line. They discovered that a mop could include a handle and save the person cleaning the trouble of bending and hurting their backs. This was discovered by interacting with the households. This is a case of a product that was already in the market. It was simply enhanced to serve the customers better (Horth 2010).
The society undergoes rapid changes in lifestyles and its needs keep changing. A curiosity culture is an excellent tool for identifying new business opportunity before others. An entrepreneur should look for upcoming trends to develop in a business field. Notably opportunities can be found in any situation. Therefore looking out for a sign of change gives the entrepreneur an opportunity to respond to change by offering a product that meets the needs of the changed environment. It serves entrepreneurs well to explore diverse communities. It is through such interaction that business ideas are presented (Weisul 2012). Any situation presents itself with a chance to identify a market need. In this case entrepreneurs see opportunity where others see misfortune. Therefore in cases of adversity this should be an opportunity for the entrepreneur to add value or solve a problem. For instance some products may have an up-front cost of which is not affordable to low income markets. This can be turned around by introducing a pay per use mode of payment. This benefits the business as well as the customer in the long term (Johnston Darroch & Matear 2012).
Modern production requires businesses to use minimal resources and produce more results. This is the same case for entrepreneurs. To be successful a lot has to be achieved using limited resources. Scarce resources can be utilized to give excellent results. Todays consumer looks for the added value in a product. This can be achieved by an after sale service offered other than the superiority of the product. This should also be integrated with the response given to the upcoming challenges and opportunities. To be a market leader there is a need to think and act flexibly. It makes it possible for an entrepreneur to respond to market needs faster than the competitors. When a crisis occurs the entrepreneur should be fast in changing the course of action before adverse effects occur. Therefore keeping an open mind is the best approach towards any business venture (Olofsson et al 1999).”

  

Click Order Now to get 100% Original Answer Customized to your instructions!