MGMT11109 Introduction to Business

Thinking differences among the two giants can create a situation of chaos especially on the people who are directly connected to it. Here the chaotic situation has been created by Facebook and the government of Australia which ended leaving a lot of discussions (Gardner et al., 2019).

Facebook and the Australian Government have finally agreed on the issue of content sharing and viewing. The tech giant will now restore back all the news sight and pages which were earlier blocked by the American company. Significantly, on the 17th of February for showing disagreement with the new Media Bargaining law proposed by the Australian Government, Facebook announced that the company will restrict sharing and viewing of Australian news content along with the international news from the media houses, publishers, and local Australian users. The tech giant said that the new law is surely misunderstanding the relationship of sharing and viewing content between their platform and the publishers (Barba & Atienza, 2018). 

Now, Facebook and the Australian government have agreed to resolve the issue and now the two have moved ahead to make some constructive decisions. It is confirmed that the government is ready to make some suggested changes in the newly proposed law. By this going, Facebook is now looking to back work for the public interest journalism. This is critically a strategic win for a company like Facebook. That’s what EIS does in the business strategy (Sengers et al., 2019). EIS stands for.

These are not new terms in the field of business. Let’s define what is Entrepreneurship. Entrepreneurship is to a large degree a mindset, always striving to do new things in an innovative and better way. Well, before starting a business, a person has to be an entrepreneur with innovative ideas which sustain for a long. Without EIS no one can think of starting its own business. Taking the case of Facebook started by mainly Mark Zuckerberg and his friends. At first, they had thought of an idea that was looking innovative at that time and they turned their ideas to become entrepreneurs. They backed their ideas because they knew they would prove themselves worthy and sustainable. With the help of proper strategy and knowledge, Facebook was opened and now it is one of the most popular social media applications in the World. As an entrepreneur, he needs to understand that his idea is practical and useful in the context of the changing world. That’s what Zuckerberg and his group did. The structure of the business also depends on these three factors.

The ideas matter a lot in changing and defining the structure of the company or the operation being done by that company. Being an entrepreneur, he needs to understand people’s perspectives about his idea (Sieger et al., 2018). He needs to be prepared with proper plans and strategies to tackle the worst consequences. A proper structure with proper planning should be implemented based on farsightedness. Seeing the example of Facebook, it was thought that it would be useful for the users as they would be able to share things with their close friends. They can chat with each other even sitting far. This idea of connecting the world was widely accepted by the people.

That’s why it is important to think about the impacts of the ideas you are going to implement on a large scale. If a person is thinking of creating and supply free weapons around the globe so that anyone can buy a weapon sitting at any corner of the world. This won’t be called a good initiative and won’t be accepted by a large group of people because the consequences are heavily destructive and dangerous. Thus, EIS impacts a lot on the people, and the business strategy.  

Now, thinking about society EIS comes out with a lot of solutions faced by society. Addressing ecological and social concerns can create business opportunities that benefit both the economy and society. Sustainable businesses can help address society’s concerns while providing profit-making opportunities for business owners (Elmqvist et al., 2019).

The organization of people depends upon the type of company. It involves designing the structure of the company based on the idea. For an instance take the example of Facebook, which comes under the IT sector so more engineers are required. Thus, the company will look for better engineers. Moreover, the company needs professional hackers who can ensure the safety of the application as the whole world shares their data which needs to be protected. Seeing the need the company designs its own structure (Nambisan et al., 2018). Now coming to the business operations, it is obvious that the company will perform the operations based on the idea which it is working on.

A company like Facebook will perform operations like proving a chat interface for the users to connect themselves. It will perform various sharing operations. In this way, it can be concluded that the company relies on its idea even after becoming successful. In Australia’s case, Facebook felt the need of opposing the new proposed law which would surely affect the mechanism Facebook works on which is, directly and indirectly, related to Data. Thus, EIS comes into existence to understand the basic fundamental of every problem a company is facing.

In the case of the Australia and Facebook coalition, the main problem for the government was the safety of the data of the people of Australia. Facebook is the major social media platform in the Australian subcontinent (Nuruzzaman et al., 2019). That’s why data business is hugely dependent on it. So many businesses and corporates work with user’s data and find effective measures from them. They can deal with Facebook to get the data. It's all upon on Facebook to deal with the company. Firstly, let’s see it from the perspective of Facebook.

The American giant will check the credibility of the company with whom it is sharing the user’s data. After getting the assured feedbacks from the businesses, it decides to confirm the deal based on the profit it is having. Considering that Facebook is the major storehouse of the data of Australia’s population. Thus, the opposite company can offer more profit to Facebook to get the deal done.

Now, seeing it from the perspective of the Government which is concerned about the data and its safety. The Government of Australia can handle the data itself or can force Facebook to not share the data with any other company or corporate other than the government. They can propose such laws which protect the privacy of the people of the country. The major concern for the government and the people of Australia is that Facebook is the only major social media platform in their subcontinent.

Can help to overcome such problems. Several businesses which work on data can take the help of EIS to look after the data security and privacy concerns. Government can promote such measures which enhance the capability of EIS and helps in emerging the opportunities for EIS. This is one of the best ways to approach any business and when companies truly follow EIS strategy they hardly get into any trouble.

The most important factor is Sustainability. Sustainable business is in large part about changing business practices. Successful sustainable businesses are focused on the creation of new products, services, or practices that address or mitigate environmental and social concerns in new ways. Success in implementing sustainable business practices relies on entrepreneurship and innovation. Seeing a problem through a single perspective is wrong. Facebook will likely increase the company’s profit. Thus, people can’t 100% trust it. On the other hand, the government is concerned with data privacy but they don’t have any other alternative so people have to rely on that one social media platform in their nation.

Data privacy and security are some of the biggest concerns among the whole world and need to be addressed properly. Platforms like Facebook, Google, etc. which works on the data of the users must need to win the trust of their users (Aghion et al., 2019). Government should make some laws that protect the privacy of the people but it needs to ensure that it is not controlling privacy. It can be seen in many examples where the government itself tries to involve in public privacy so this must not happen. An individual should have the right to protect their privacy and the government and the corporates should support them. EIS needs to get support to get emerging opportunities. Sustainability should not be taken for granted and must be looked at as an important factor.

References

Aghion, P., Akcigit, U., Bergeaud, A., Blundell, R., & Hémous, D. (2019). Innovation and top income inequality. The Review of Economic Studies, 86(1), 1-45.

Barba-Sánchez, V., & Atienza-Sahuquillo, C. (2018). Entrepreneurial intention among engineering students: The role of entrepreneurship education. European Research on Management and Business Economics, 24(1), 53-61.

Elmqvist, T., Andersson, E., Frantzeskaki, N., McPhearson, T., Olsson, P., Gaffney, O., ... & Folke, C. (2019). Sustainability and resilience for transformation in the urban century. Nature Sustainability, 2(4), 267-273.

Gardner, T. A., Benzie, M., Börner, J., Dawkins, E., Fick, S., Garrett, R., ... & Wolvekamp, P. (2019). Transparency and sustainability in global commodity supply chains. World Development, 121, 163-177.

Nambisan, S., Siegel, D., & Kenney, M. (2018). On open innovation, platforms, and entrepreneurship. Strategic Entrepreneurship Journal, 12(3), 354-368.

Nuruzzaman, N., Gaur, A. S., & Sambharya, R. B. (2019). A microfoundations approach to studying innovation in multinational subsidiaries. Global Strategy Journal, 9(1), 92-116.

Sengers, F., Wieczorek, A. J., & Raven, R. (2019). Experimenting for sustainability transitions: A systematic literature review. Technological Forecasting and Social Change, 145, 153-164.

Sieger, P., Fueglistaller, U., Zellweger, T., & Braun, I. (2018). Global Student Entrepreneurship 2018: Insights From 54 Countries. St. Gallen/Bern: KMU-HSG/IMU. Global GUESSS Report, 3.

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