Business Essay
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- Date Submitted: 03/21/2016 02:34 AM
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Assessment Task 1
Jackie Hanna
98120037
Assessment Task 1
Jackie Hanna
98120037
In the light of massive economic growth and capitalism, young entrepreneurs are finding it quite difficult to attain ‘space’. The furious competition for space has been increasing to the point that it has become one of the top wicked problems our society is facing today. Initially, a wicked problem can be defined as “a complex societal, organisational and policy planning problem that is difficult to define and structure properly because it is continually evolving and mutating in a dynamic social context” (Ritchie, 2011 p. 1). The concept of availability of space can be perceived in more than one way. It can either refer to physical space which is the room in which a workplace can be established or even to ‘online space’ where a lot of businesses are raising awareness on the Internet which poses more competition and hence less space for amateur entrepreneurs.
When discussing a crucial wicked problem such as the availability of space for entrepreneurs and how it can be an opportunity/a threat for a business, certain aspects need to be considered. There are numerous factors that are directly related to this issue and can be categorised as economic, legal, political, environmental and social. Economic factors have the power to positively or negatively influence the availability of space to young people who consider investing in a business. Competition levels mostly depend on the economic situation of a particular society. When there is an economic ‘boom’, more co-working space would be available for entrepreneurs and competition would decrease due to the financial nourishment experienced. When the 2008 financial crisis took place, Australia’s economy has been impacted by the recession and hence unemployment rates increased and less ‘space’ has become available for new businesses to launch. “That said, the local economy and financial markets have not been immune....
Jackie Hanna
98120037
Assessment Task 1
Jackie Hanna
98120037
In the light of massive economic growth and capitalism, young entrepreneurs are finding it quite difficult to attain ‘space’. The furious competition for space has been increasing to the point that it has become one of the top wicked problems our society is facing today. Initially, a wicked problem can be defined as “a complex societal, organisational and policy planning problem that is difficult to define and structure properly because it is continually evolving and mutating in a dynamic social context” (Ritchie, 2011 p. 1). The concept of availability of space can be perceived in more than one way. It can either refer to physical space which is the room in which a workplace can be established or even to ‘online space’ where a lot of businesses are raising awareness on the Internet which poses more competition and hence less space for amateur entrepreneurs.
When discussing a crucial wicked problem such as the availability of space for entrepreneurs and how it can be an opportunity/a threat for a business, certain aspects need to be considered. There are numerous factors that are directly related to this issue and can be categorised as economic, legal, political, environmental and social. Economic factors have the power to positively or negatively influence the availability of space to young people who consider investing in a business. Competition levels mostly depend on the economic situation of a particular society. When there is an economic ‘boom’, more co-working space would be available for entrepreneurs and competition would decrease due to the financial nourishment experienced. When the 2008 financial crisis took place, Australia’s economy has been impacted by the recession and hence unemployment rates increased and less ‘space’ has become available for new businesses to launch. “That said, the local economy and financial markets have not been immune....