Contemporary Issues on Business
Introduction
Income inequality, capital punishment, overpopulations, hate speech, racial profiting, world poverty, drug legalization, torture, among others are some of the current issues affecting human beings and are yet to be solved. Those issues mainly tend to rise due to past and current practice and thinking of individuals. On the business sector, those contemporary issues are not exceptional. As business entrepreneurs, one has to examine carefully on the impacts of new problems to yield maximum profit which is the goal of any investor. Some of the significant contemporary issues, their importance and how to leverage resources to address them are as discussed in this essay
To begin with, every business leaders finds discomfort in uncertainty. Uncertainty in credit markets, the tension on how competitors are doing, uncertainty on how innovations and technologies will affect the business, among other never-ending lists. Uncertainty leads companies to shy away from long term investments in favor of short-term benefits. To solve the problem, therefore, is to equalize the demand for a more reactive, in the way of focusing with the need for informed, long-term plans. Furthermore, government policy and regulation are nowadays becoming uncertainty. Some approaches like corporate tax rates, new carbon rate and impending healthcare are much unsettled. The problem can be controlled by understating meaning of business policy and regulations in your company and develop practical skills to deal with it.
Additionally, many CEOs, not only those in big companies but also a small business, are struggling with innovation. However, the idea of increased innovative culture seems frightening to earlier innovators since their product becomes outdated. The problem can only be solved by becoming more innovativeness as you still maintain a sense of control in the organization. Moreover, technological improvements are becoming threats to the business sector. For several decades, technology has increased at exponentially rate. This increased rate has influenced competitor to wait for at least a year away for the next-generation technology, which they use to achieve an advantage. The process of waiting can equally risk; thus, the problem can only be solved by developing long-term technology plans while maintaining a state of flexibility enough to undertake advantage of unplanned technology adjustments.
Finally, globalization challenges remain the top concern according to interviews conducted by the lean group where seven of ten fortune 500CEOs cited so. Companies have the excellent task of understanding various foreign culture, which is essential to be capable of penetrating existing products and services with the new markets. The problem can be solved through understanding international culture and needs through gathering and analyzing better information in which way it means.
In conclusion, the success of any business is determined by the decisions made by business officials. For one to be a competent leader should be capable of noticing the unforeseen outcome. Any form of challenge should not be a limiting factor to hinder us from undertaking a particular investment instead is a crucial role for the leaders to develop problem-solving strategies