Challenges to Growth

Challenges to Growth

Overview

All organizations pass through various stages of organizational development. There are significant differences between an entrepreneurship and a professionally managed organization, and there are important steps to make the transition between these major growth stages. Chapter 3 (p. 65) presents a case study of a company, 99 Cents Only Stores, from its inception as a new venture through its transition to become an entrepreneurially oriented, professionally managed organization.

Instructions

Using the 99 Cents Only Stores case study,

https://iwms.co.za/wp-content/uploads/2018/07/HJ-CS-SCE-99-Cents-Stores-2016.pdf

write a 2 page paper (not including title page), in which you discuss the company transition from Stages I through IV. To do so:

  • Analyze how the needs of the company prompted the transition at each stage.
  • Evaluate how management facilitated the transition between stages.
  • Evaluate how one success and one area of improvement impact each stage of transition.
  • Justify which stage of organizational growth was most challenging with relevant examples.

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

As business owners and entrepreneurs, we are constantly striving to achieve growth in our operations, but this can be a difficult task due to the numerous economic, technological, and regulatory challenges that can stand in our way. In this essay, we will be examining the different types of challenges to business growth, including economic, technological, and regulatory, and exploring the different ways that entrepreneurs can address and overcome these obstacles.
Business growth is an essential element of a functioning economy. However, it is not without its challenges, many of which are of an economic nature. According to M Olbert and C Spengel, in their 2017 article for the World Tax Journal, economic conditions can have a significant impact on the growth of businesses. For example, fluctuations in the exchange rate can lead to increased costs for businesses that have to buy from other countries, and this can cause them to reduce their production. Similarly, changes in the levels of taxation can also affect businesses, making it harder for them to generate a profit. Additionally, economic downturns can lead to reduced demand for goods and services, which can cause businesses to have to scale back their operations and can also lead to decreased levels of employment. In conclusion, economic challenges can have a major impact on business growth, and it is important for businesses to be aware of these challenges and to plan accordingly.
The rise of technology has been a major contributor to global business growth in the 21st century. However, despite its many benefits, there are also a number of challenges that technological developments can bring. According to R Prasanna, J Jayasundara et al (2019), a key challenge to business growth is the potential for technology to become obsolete and out of date very quickly. Companies need to be able to quickly adapt to changing technologies in order to remain competitive and continue to grow. Furthermore, the development of new technologies can create a need for more skilled workers, as well as an increased demand for new skillsets, a challenge that can be difficult to overcome. Moreover, the cost of implementing and maintaining new technologies can be a barrier to businesses seeking to take advantage of technological developments. Therefore, it is necessary for businesses to be proactive in their approach to technology, in order to ensure that they are able to remain competitive and continue to grow.
Regulatory challenges to business growth have been a focus of research for many years. RS Kroszner and PE Strahan examined this issue in their 2011 American Economic Review article. According to them, there are several areas in which regulations have a significant impact on business growth. These areas include entry and exit regulations, capital requirements, and product market restrictions. They note that entry and exit regulations, such as complex licensing requirements, can restrict the ability of new businesses to enter the market and can prevent existing businesses from expanding. Furthermore, capital requirements, such as minimum capital requirements, can limit the amount of investment a business can make in new products or services. Finally, product market restrictions, such as limits on the types of products and services that businesses can offer, can limit the ability of businesses to expand their offerings and remain competitive. Overall, Kroszner and Strahan argue that regulatory challenges to business growth must be addressed in order to ensure a more competitive and efficient market.
Despite the numerous challenges to growth, there are a variety of strategies that can be implemented by businesses, organizations and governments to not only increase growth, but also to foster more sustainable and equitable economic development. The success of such strategies is dependent on the ability of leaders to adjust to changing economic conditions and identify opportunities for growth. Furthermore, it is important that businesses and organizations take a long-term approach and prioritize socio-economic development in order to maximize the potential of growth while minimizing its adverse effects. By addressing the challenges to growth, businesses, organizations and governments can work together to create a more prosperous, equitable and sustainable economy.
Work Cited
R Prasanna., J Jayasundara.”Sustainability of SMEs in the competition: A systemic review on technological challenges and SME performance.”https://www.mdpi.com/594730
PE Strahan.”Financial regulatory reform: Challenges ahead.”https://www.aeaweb.org/articles?id=10.1257/aer.101.3.242
M Olbert., C Spengel.”International taxation in the digital economy: challenge accepted.”https://www.academia.edu/download/54438212/OECD
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