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Business Development in the Events Industry

Any new venture is a complex process as it includes a lot of risks and challenges one has to face to make it successful. A lot of research questions are still incomplete in the field of entrepreneurship (Low& MacMillan, 1998, Aldrich, 2012). It is the time wherein all the entrepreneurs identify and discover all the ideas which he can apply within the business before opening any new venture (Korunka, Frank, Lueger, & Mugler, 2003; Chuang, Hsu, Wang, & Judge, 2015; Aragon-Mendoza, Raposa & Roig-Dobon, 2016). We are managing the events for a long time but a professional event management firm needs a strategy, and is very less considerable in the developing countries. There are specific studies dedicated to event management study. The demand for event management is increasing these years. With the creation of new ventures, the world receives both new social and environmental solutions and innovations (Audretsch & Thurik, 2001; McKelvie, Wiklund, & Brattstrom, 2018; Williams & Shephard, 2016; York, Hargrave, & Pacheco, 2016). The research and discovery of new event ventures are increasing with the emergence of new event management organizations.

There are many challenges that come under the research of starting any other organization. The investigation of starting any organization. The investigation consists of the challenges and a need for creation. The efforts and study of opening the new venture are still unknown and abandoned (Ucbasaran, Shepherd, Lockett, & Lyon, 2013). Event management starts working from home only. Event management involves critical early stages and to maximize productivity. Event management is quite a natural choice that actually does not need any big investment in the early days but requires a lot of effort to focus on building the event business. To expand the business you need a team and an informal body of stakeholders (Autio, Dahlander & Frederiksen, 2013; Shepard, 2015). One should be ready for a responsible and stressful work as it requires a lot of effort. It is very important to have a specific and comfortable workplace from which you can operate all the daily tasks which also involves a good internet and network to operate on-call, proper place guest area place for the clients, water, and snacks, and so on. The event management company sector in the corporate world is still unexplored. Event management's new venture can also be recognized as a new model. Youth are very much interested and passionate about the event management business which is growing within the world.

To achieve success within the corporate event sector it is important to have proper management and a strong commitment within the team to fulfill it. Nowadays event management company is considered a growing company (Shepard, 2015). Within the world, event management is considered a trending business as everyone needs someone to handle the event whether it is a family event, personal event, or professional event.

To open a new venture needs a lot of critical challenges to face like it is important that the cash flow should not be stopped because every small business needs investment. Less investment can create problems like a struggle in paying the bills or the salary of the staff which can also result in the attrition and more loss in business. Proper budgeting and planning can overcome it. It is important for you to cover all the necessary expenses within the business.

Hiring talented employees to handle the team is also the factor that should be taken care of. As it is not possible for any new venture to give a handsome salary to the employees as they required good pay according to their skills and talent. External funding can help to form strong financial pillars for the company (Renko & Freeman, 2017). It requires a lot of expenditure like computer accessories, event pieces of equipment, marketing materials and banners for the promotion, digital promotion, and so on. The four key businesses of forming the key business functions are human relations, marketing, sales, and public relations can keep the business more strong (Mueller et al., 2012). These principles can help to form a strong internal and external environment in any new venture entity in response to other changes (Jiang & Rulling, 2019).

It is important for any owner to have an appropriate amount of funds and investment (Engel et al., 2017). Founders are involved in both casual and professional logic. 80% of business services survive in the first year but need more investment if profit is not gained in the first year (Jiang & Rulling, 2019). A new business needs potential stakeholders and other resources for their ventures (Akemu, Whiteman, & Kennedy, 2016). Stakeholders have other principles, boundaries, morals, beliefs, and values of practices (Akemu et al., 2016). New businesses require formulation, choices of other directions. According to Massa, Tucci, & Afuah, the business model which one will form for their business is a key element that is important to achieve the goals as discussed (Massa, Tucci, & Afuah, 2017). New-venture viability enhance performance and employment growth and survival before speaking to the customers. The company always needs people who are better educated and oriented towards growth and innovation (Brinckmann & Kim, 2015).

Many diverse strategies are responsible for the survival and efficiency with a range of many quality services across the industries (Tanriverdi & Lee, 2008). This positive relationship between diversification and survival for ventures such as goods and services to be sold (Mendoza-Abarca & Gras, 2019). The founders can pursue new opportunities while starting a new venture. New venture’s strategies promote choices, promotions, and innovation. Any new business requires both external and internal knowledge about the corporate world (Greul, West, & Bock, 2018), however, there is also risk associated with any new firm or process. The downturns within the company don’t impact the survival rates for the businesses (Massa, Tucci, & Afuah, 2017). Starting a new business is definitely not an easy task to accomplish. It is very important to have a proper variant of the plan, the more planning you will do the better services you will provide. You should have the experience to handle an event confidentially in planning the events independently also to identify the gaps within the business that can create a barrier in strengthening the work. The market research plan will help the company to discover its competitors in the business. Identifying the strength and weakness is the first step to move towards success but the second is to overcome it.

Many people start their part-time businesses in a free time wherein they have time to explore the barriers and profits within the business. It also gives you time to think about whether the business can be useful or not. A person has to promote his business within his area to get better results and also discover who are their competitors, what services and benefits they are providing to their customers. It can be a good example from which we can learn whether the benefits and strategies are working for the customers or not. It is important to provide unique services but quality services to the customers wherein different schemes, discounts, and even cheap rates can be added in the early days to attract the customers. Any new venture has less knowledge to deal with the corporate competitive world, it requires more technical and theoretical knowledge (Greul et al. 2018).

Organizational emergence refers to the progress within the organization. The emergence of any organization is collective. The value of evolution in terms of emergence highlight the conversation of organizational science for the past generation. Focusing on time and energy can brings changes to the office atmosphere to work and to complete the work with responsibility. Great products and services add a star point to the new company as more and more people will be attracted to the services which can help the company to survive and also to earn good profits in the very first year. It is believed that the corporate sector is a crowded market place wherein everyone is trying to give the best services which can’t be afforded by the poor or ineffective management that’s why many new ventures keep struggling for years.

Conclusion on Event Management Entreprenuerial Process

Any business can be start from home but it need proper strategy, and planning to expand the business. It faces many challenges and barriers to overcome like insufficient funds, less talented staff, and so on.

References for Event Management Entreprenuerial Process

Korunka, C., Frank, H., Lueger, M., & Mugler, J. (2003). The entrepreneurial personality in the context of resources, environment, and the startup process: A configurational approach. Entrepreneurship Theory and Practice, 28: 23-42.

Audretsch, D. B., & Thurik, A. R. (2001). What’s new about the new economy? Sources of growth in the managed and entrepreneurial economies. Industrial and Corporate Change, 10: 267-315.

McKelvie, A., Wiklund, J., & Brattström, A. (2018). Externally acquired or internally generated? Knowledge development and perceived environmental dynamism in new venture innovation. Entrepreneurship Theory and Practice, 42: 24-46 

Williams, T. A., & Shepherd, D. A. (2016). Building resilience or providing sustenance: Different paths of emergent ventures in the aftermath of the Haiti earthquake. Academy of Management Journal, 59: 2069-2102

York, J. G., Hargrave, T. J., & Pacheco, D. F. (2016). Converging winds: Logic hybridization in the Colorado wind energy field. Academy of Management Journal, 59: 579-610.

Ucbasaran, D., Shepherd, D. A., Lockett, A., & Lyon, S. J. 2013. Life after business failure: The process and consequences of business failure for entrepreneurs. Journal of Management, 39: 163-202.

Autio, E., Dahlander, L., & Frederiksen, L. (2013). Information exposure, opportunity evaluation, and entrepreneurial action: An investigation of an online user community. Academy of Management Journal, 56: 1348-1371.

Shepherd, D. A. (2015). Party on! A call for entrepreneurship research that is more interactive, activity based, cognitively hot, compassionate, and prosocial. Journal of Business Venturing, 30: 489-507.

Renko, M., & Freeman, M. J. (2017). How motivation matters: Conceptual alignment of individual and opportunity as a predictor of starting up. Journal of Business Venturing Insights, 8: 56-63.

Mueller, S., Volery, T., & Von Siemens, B. (2012). What do entrepreneurs actually do? An observational study of entrepreneurs’ everyday behavior in the start-up and growth stages. Entrepreneurship Theory and Practice, 36: 995-1017.

Jiang, Y., & Rüling, C.-C. (2019). Opening the black box of effectuation processes: Characteristics and dominant types. Entrepreneurship Theory and Practice, 43: 171-202.

Engel, Y., Kaandorp, M., & Elfring, T. (2017). Toward a dynamic process model of entrepreneurial networking under uncertainty. Journal of Business Venturing, 32: 35-51.

Akemu, O., Whiteman, G., & Kennedy, S. (2016). Social enterprise emergence from social movement activism: The Fairphone case. Journal of Management Studies, 53: 846-877.

Massa, L., Tucci, C. L., & Afuah, A. 2017. A critical assessment of business model research. Academy of Management Annals, 11: 73-104

Brinckmann, J., & Kim, S. M. (2015). Why we plan: The impact of nascent entrepreneurs’ cognitive characteristics and human capital on business planning. Strategic Entrepreneurship Journal, 9: 153-166.

Tanriverdi, H., & Lee, C. H. (2008). Within-industry diversification and firm performance in the presence of network externalities: Evidence from the software industry. Academy of Management Journal, 51: 381-397.

Mendoza-Abarca, K. I., & Gras, D. (2019). The performance effects of pursuing a diversification strategy by newly founded nonprofit organizations. Journal of Management, 45: 984-1008.

Greul, A., West, J., & Bock, S. (2018). Open at birth? Why new firms do (or don’t) use open innovation. Strategic Entrepreneurship Journal, 12: 392-420.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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