Enterprise in Events Industry - Essay Example

Enterprise in Events Industry Enterprise culture of Events Industry is dependent on the characteristics of event. That is why the event management companies have to rely on flexible instruments and out of box ideas in order to be responsive to the needs of clients and take all contingent measures to make an event a success. Entrepreneurship is not the new mantra anymore, but its importance cannot overrate in event industry. The need of event industry today is to experiment, innovate, out-of-box ideas to sustain today and tomorrow. Entrepreneurship slowly emerged as a new discipline and has taken its own identity. Now it is being taught as a separate curriculum in many universities for event industry. The entrepreneurial theory keeps evolving with the advent of various ideologies and concepts. Event Management Organizations that have existed since long time back have come a long way since their inception. The good news is that the transformation from old to the new ways by the incorporation of the modern technologies and ideas has made things better for these organizations. These massive and dramatic changes have made these existing organizations profitable and also have massively increased their market share and the good will. Now these organizations are exploring tactics to not only survive but to capitalize on more and more profits with exploration of the newer markets in the home as well as in the international countries. The potential of these organizations remains unquestioned and hopefully the entrepreneurial tactics and the embracement of the newer ways will only make things better for these organizations. Traditionally, event management organizations were very production oriented and performance oriented at some later stage. Entrepreneurship makes event organizations profitable and sustainable because of the incorporation of new ideas and discarding conventional ways. Entrepreneurship and risks go hand in hand; a lot of risks are associated with new ideas that have never been used before. These ideas have a lot of support and research to make them practical. Like mentioned before, the theories of entrepreneurship continue to evolve with the new researches. However, in the past theories of entrepreneurship have predominantly focuses of traits of an entrepreneur or recognition of opportunity. The theories of entrepreneurship have come a long way and have been evolving for the past 20 years. Economic theory investigates that when economic conditions of a country are feasible, entrepreneurship can help economic conditions to improve. Sociological theory states that social progress occurs when entrepreneurship is incorporated in search of social causes for example social entrepreneurship focuses of using innovative and out of box ways to further social causes promoted in social events and generate interests of as many people as possible. Physiological theory states that entrepreneurship gets a boost when the society possesses clear vision, foresight and meets standards of excellence. Entrepreneurship innovation theory centers around the concept of innovation and Joseph Schumpeter stated that innovation occurs when an entrepreneurs introduces new product, production method, discovers new niche, finds source of raw material or introduces new company in an existing industry (Andersen, Esben Slot). Theory of high achievement illustrates the importance of risk taking in entrepreneurship and how to cope with the uncertainties for example risks associated with an event managed by event enterprise are many such as costs, labor availability and uncertainties like weather changes on the event day. Event management industry involves lots of risks and all these risks and uncertainties cannot be countered by standard ways of solving or fixing problems. In event management industry entrepreneurship becomes highly critical and important. A relatively successful theory called Kakinda experiment illustrated discarding older ways, incorporating training to make breeding entrepreneurs aware of the innovation and motivation has direct impact on the performance of the individuals. Many theories have existed that have highlighted importance of the entrepreneurship. These technologies related to entrepreneurship continue to evolve and many contradict the traditional theories but nevertheless the importance of entrepreneurship can still not been underestimated. Entrepreneurs are successful in events industry if they incorporate some really helpful traits in their personality and some have these traits inborn in themselves. An entrepreneur in an event management company is always happy go lucky individual, rarely disappointed by setbacks to an extent that he or she stops moving forward. An entrepreneur discards conventional means and even when he or she makes a successful new product, he or she critically analyses to make it even better. An entrepreneur is a risk taker; he or she can control situations under pressure and uncertainties. An entrepreneur appreciates creativity, new ideas, inventions and acts on impulse and gut feeling backed by scientific research. Event industry has so many risks example, rain can occur during a cricket match. An entrepreneur is foresighted he or she is awarded of the risks and uncertainties and accordingly plan contingency plan (Meyer and Heppard). United Kingdom’s event management industry in particular has observed a lot of advantages of entrepreneurship. The credit crunch has prevented a lot of countries to be a major beneficiary of entrepreneurship and United Kingdom economy is not at its peak. Still, the innovation has helped United Kingdom to restore to a large extent its losses and setbacks due to the global recession. Innovation can help any country to sustain their today and tomorrow because the purpose of entrepreneurship is not short lived, it utilizes current resources to achieve maximum outcome. The strategic role of organizations today overall the world is to resort to innovation and this is particularly important in event management industry. Singapore, particularly, is one country that has always pressed the importance of the entrepreneurship. About 9.0% of the businessmen in are entrepreneurs in Singapore in the world entrepreneurial activity (Global Entrepreneurship Monitor). The innovation is not only experienced in making products but also in providing services. The newer paradigm of entrepreneurship in event management industry pay less heed to the older paradigm, it is more flexible, encourages participation of the employees, staff and even involves customers. Event management industry has taken a huge advantage of the entrepreneurship. The entrepreneurs do a lot of brain storming. The concept of entrepreneurship can easily become part of the organization by incorporating a relaxed atmosphere where a lot of tasks entrusted to employees are not monotonous, they encourage out of box thinking. The risks however are many but can be reduced, the initial cost of incorporation especially for a completely traditional event management organization will be a lot but the benefits that it will yield in coming years will outweigh the risks, disappointments, and losses suffered at the start. An entrepreneurial organization has a complete different ideology, it is always zealous and looking for new ideas, it does not rely on old ideas and sustain it. It keeps brainstorming and keeps looking for ways to make things better than their last outputs. The change does not happen over night or is it abrupt; the change is a gradual process with incremental improvements. Entrepreneurship which was totally ignored before had suddenly became a matter of survival for these event management organizations , so if we say that out of box thinking is the new paradigm , it would not be wrong . The entrepreneurship needs at start usually a lot of funding in events enterprise. But that is true for any enterprise, but an entrepreneurial enterprise that’s the funding to reach avenues beyond the reach of a traditional enterprise. The funding nowadays has a lot of outlets. The venture capitalists are particularly interested in entrepreneurial firms. The breeding entrepreneurs with great ideas but fewer resources to materialize their ideas also can approach venture capitalists and other potential donors who are interested in their ideas and their entrepreneurial business. Established event management companies are looking for ideas. A true entrepreneur knows how to materialize his or her idea into reality (Bangs, Brenner). Entrepreneurship has dealt with ethical problems successfully in the event management organization. Entrepreneurship has the effect of empowerment for event enterprises’ members as they go through their tasks. Entrepreneurship is precisely out of box thinking, to make conventional means more effective by incorporating new technologies and ways. No one department works in isolation, it requires inputs of many employees with varied amount of skills and together they contribute towards the solution for a problem faced by organizations. The problems to be addressed by teams working under the philosophy of the entrepreneurship have an enterprise wide scope and they are real organizational problems where every member is engrossed in role of problem solving. However, as a subject entrepreneurship can be a bit misleading because in theory entrepreneurship is by solving problems by innovative ideas but 90% of the entrepreneurial ideas do not survive because the risks associated with entrepreneurship are many (Karen E. Spaeder). Entrepreneurs are always on the go, the setbacks should not upset them because they are natural. Event businesses can only flourish with some patience let the idea prove itself worthwhile. Entrepreneurship as a discipline integrates a lot of tactics. It includes: scientific research (to find the nature of any obscure, vague problem), learning (to get to the bottom of what is known, action (to finally implement solution to the problem, team work). This entire activity helps organizations better to adapt to the changing environment. Many event management organizations are increasingly implementing these tactics to solve problems that are real and they are faced with. The firms or companies in an event industry that do realize importance of the need to change their orientation with changing environment survive and do well in the market. Many event companies have capitalized on their return over by meeting the requirements of the employees, making technology incorporation and also keeping their customers happy. The entire event management company today is geared towards capitalizing of the satisfaction of their customers and also incorporating latest technology and means to produce the products. The prime way the company manufactures its products is by being innovative and discarding conventional means of producing. Sources: Andersen, Esben Sloth. "Review of Schumpeter: A Biography". Journal of Economic Literature. Bangs, D. H., Jr. (1998). The business planning guide: Creating a plan for success in your own business. (8th Edition). Chicago: Upstart Publishing. Brenner, G., Ewan, J., & Custer, H. (1990). The complete handbook for the entrepreneur. Global Entrepreneurial Activity (2008): GEM 2001-2003 APS DATA [http://www.gemconsortium.org/document.aspx?id=663] Karen E. Spaeder (2003) Urban Legend: do 90 percent of start-ups really fail to make it past their first year? [http://findarticles.com/p/articles/mi_m0DTI/is_8_31/ai_105710803/] Meyer and Heppard (2000) Oden, H. W. (1997). Managing corporate culture, innovation, and intrapreneurship. Westport, CT: Quorum Books. Read More