How government affects value creation
Identify how government affects value creation theories that are critical for entrepreneurs to know.
The principal goal of the centralized government is to tactically position the nation's labor and capital resources to inspire economic growth. Government policy, services, infrastructure, and laws and regulations are the founding principles behind societal actions; as society determines specific government responses and worth, the government vacillates society as a whole by creating value. The understanding of how the individual and the organization influence the government’s antecedence for value creation is imperative for successful entrepreneurship in the 21st century (Lepak, Smith, & Taylor, 2007).
Identify how government affects value creation skills that are critical for entrepreneurs to develop.
As Lepak, Smith, & Taylor ascertained, the government has a central responsibility to deploy the nation's labor and capital resources in a logistical manner to bring about value creation. In a business organizational setting, societal governmental influences determine which skills are pivotal for successful entrepreneurship. The role of business management opportunistically strengthens employees skills and motivates the organization toward the shared goal of value creation. Creativity, innovation, and entrepreneurial skills are critical for success in the 21st century (Lepak, Smith, & Taylor, 2007).
Identify how government affects value creation abilities that are critical for entrepreneurs to develop.
Evolving societal responses dictate governmental decision-making, which in turn affects value creation influences. The ability to recognize value targets, such as owners, employees, consumers is considered a “value capture” ability, and summates to societal value prosperity. The capacity to hydrolyze contesting government interests with the ultimate outcome of value creation is possibly the most indispensable of characteristics essential for successful entrepreneurship in the 21st century (Lepak, Smith, & Taylor, 2007).
Identify how government affects value creation behaviors that are critical for entrepreneurs to develop.
Successful entrepreneurs manifest their behaviors through individual traits, field specializations, fiscal resources, educational achievement, and leadership approaches. Each feature represents an opportunity to create value laden decisions by making ethical choices. Entrepreneurs who operate with superior ethical standards inspire a determined organizational culture which can influence governmental effects upon value creation. According to Payne & Joyner, free-thinking, consistent, respectful, autonomous, anti-autarchist, opportunistic, and accountable individuals exhibit the behaviors deemed successful for entrepreneurs in the 21st century (Payne, & Joyner, 2006)