Essay Sample on Final Project Research: Understanding Startups in Poland

Introduction

When having thoughts about the topic of my final project, I will be looking for something that I will find fascinating and have a useful contribution to businesses in Poland. The timing of the research will be an interesting one judging by the many economic challenges that the country will be undergoing. The startup businesses will continue to have an exceptional role in an economy; hence it is crucial to understand the manner they function. Each day, the local culture will be supportive of entrepreneurship. This will continue to make Poland a great avenue to research new business potentials. The inclination for internationalization will be another feature of global economic relations that will be relevant to Poland businesses.

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Management will continue to be perceived as a tool for supporting growth and fostering value to start-up businesses. It will be reasonable to conclude that this startup growth is backed up by management that commonly plays a role in established corporations. The startups will continue to have a distinct business cycle compared to established companies. The performance outcomes of startups is due to the implementation of non-traditional business deeds. There will be no proven research that management is required to back up the outstanding performance of startups. Therefore, a curious problematic emanates: what role does management play in the establishment and growth of a startup business? Does it play a strategic role? Does it play any role in between?

The overall aim of this thesis will be to allow the audience to understand which role management plays in the establishment and thriving of a startup business-strategic or non-strategic. The broad objective will be divided into more specific ones. The motive of the exploration is to assess the role of management in the establishment and growth of a start-up business. This study strives to assess how managers and workers of start-up corporations use management practices in their work, understand the significance of management in start-up firms, and disclose whether are any specific elements of start-ups that reap benefits from the management of top officials in the start-up business.

The research question was formulated to be typical and inclusive as possible to satisfy the requirements of a qualitative and explorative study that strives to take into account the pieces of relevant information. The research question will appear ' What is the importance of management on the establishing and flourishing of a start-up business?'One motive of the thesis will be to understand what will be the mission of management in start-ups. Management will have a strategic mission, implying that it will have to support organizational performance. Also, this thesis will seek to explain if the mission of management will be different or not across startup businesses and the arguments behind it. Another motive of the thesis will be to recognize what management practices will be implemented in startups and if they will differ or not across corporations. The reasons behind such deduction will be explored. Ultimately, the dissertation will strive to grasp if there is a difference or not between the perceptions of the workers and founders on the implemented management in startups.

According to the formulated research objectives aforementioned, the research questions will be:

• What is the mission of management in start-ups?
• Is the mission of management distinct across start-ups?
• What are the human resource practices implemented in start-ups?
• Are enforced management practices distinct across start-ups?
• Is the adopted management perceived distinctly by founders and employees?

Literature Review

Management

Human Resource Management (HRM) has evolved over the past three decades from a largely administrative, operational function to an area of management often viewed as central to organizational viability and sustained competitive advantage (Wright & McMahan, 1992). Since HRM has been progressing as a business function, it has also become a broader concept subject to many interpretations and definitions.

According to Ruwan (2007), HRM describes organizational areas concerned with recruiting and selecting, job designing, training and developing, appraising and rewarding, directing, motivating, and controlling workers. But according to Huselid (1995), HRM refers to the policies, practices, and systems that influence employees' behavior, attitudes, and performance. This definition overlaps with Ruwan's, but it also considers employee relations a crucial HRM activity. A broader definition is provided by Boxall and Purcell (2000), stating that HRM includes anything and everything associated with the management of employment relationships in the firm. This definition implies that these authors do not associate HRM with a specific high-commitment model of labor-management or with any other particular ideology or management style.

In the context of this dissertation, HRM will be considered as a loose philosophy of people management rather than a focused methodology. Since HRM derives from many different strands of thought, it is best to be considered as a broad concept. Therefore, HRM will represent all policies, practices, and cultural techniques used in people management.

Start-Up

The terminology 'start-up' has been used often since the 1990s to define patchy young ventures, tech corporations, trendy apps, and small businesses in general. Often startups are viewed as small corporations will a comparatively low number of workers, high growth rates that have lately began operations with an immature market greatly related to technology (Robehmed, 2013). Also, there is a lack of a general agreement on the description of the terminology 'start-up.'

The owners and entrepreneurs have been contending in the previous years that the definition of a start-up should not be grounded on the number of workers as there is a lack of a proper size standard. Some startups are technology-enabled, which allows great productivity levels, whereas others might not be demanding a large labor force. This benchmark would enable the restaurants, thrift shops, and other equivalent businesses to be taken into account as start-ups because of the size of staff. Some individuals support that the definition should concentrate more on the size of revenues instead of staff, although this criterion might be reliant on the industry itself. The academicians fascinated in the subject recommend that it is easier to describe which corporations are not startups than the opposite. For instance, a reputable, justified, and scalable business model that is not raising venture capital should not qualify as a start-up (Blank, 2014).

Some academicians and ventures have been working on less scientific descriptions, more inclusive of the start-up organizational spirit and growth model grounded on future planning instead of the previous perpetuation. Ries (2011) defines a start-up as a human institution destined to develop a new product or service under new conditions of extreme hesitation whereas the founder and co-CEO of Warby Parker, Neil Blumenthal, perceives that a start-up is a corporation working to solve an issue where the solution is not apparent, and success is not certain. Furthermore, Adora Cheung, co-founder, and chief executive officer of Homejoy, defines a start-up as a state of mind.

There are no hard and quick regulations on defining a start-up. For the motive of this thesis, the definition of start-up will go beyond one of the small businesses getting off the ladder. A start-up is a corporation that was designed from the start to have high growth potential and act as a large market, selling untried business concept mountable in the future.

Importance of Startups

Start-ups have been playing a significant role in world economic growth in the last few years. Even though small companies represent them, they create jobs, spur innovation, and generate competition. Overall, they substantially contribute to economic dynamism and value creation in society. Besides boosting the economy, start-ups have become money-making engines, benefiting owners, employees, and investors. On average, successful start-ups, running the business for three years, have been growing revenues at 60% per year (Girardi, 2016), while private-companies, in general, have been growing revenues at about 5-10% per year in the USA (Biery, 2014). Some start-ups even turn out to become giant multinational corporations. For example, Facebook started as a small coding project in 2004, and it is 12 years later worth more than $350 billion (Carlson, 2010; La Monica, 2016). The same business escalation is observable in companies like Google, Apple, Amazon, Netflix, Airbnb, Tesla, and Uber (Di Quinzio, 2015). There are many reasons behind this strident growth that vary widely across start-ups. Every start-up has its unique model of growth that is vulnerable to changes over time. Nevertheless, in general, start-up growth is said to be supported by at least one of the following factors or by a larger combination of the - market opportunity (timing), organizational culture, fundraising skills, product/service idea, and business model innovation. At the same time, Human Resource Management is today increasingly relevant in companies. The business world is becoming more competitive, requiring companies to focus on organizational effectiveness and strategic decision-making. Some observers have been arguing that these differentiation factors can only be achieved if Human Resource Management issues are addressed at the highest level in the organization and are considered strategic for the company.

The importance of management has been recognized in the modern, sophisticated business environment, and quite a few studies show that effective management is crucial for the flourishment and establishment of startup companies. In the management literature, multinational firms have tended to be subject to research. Conversely, start-up firms have elicited little to no attention (Coggburn et al., 2017). It has been recognized that entrepreneurs and start-up firms are significant for economic development.

Start-ups, particularly young high growth companies, have a substantial impact on the creation of wealth via employment and turnover. New start-ups bring the creation of wealth by increasing competition in the market, and many start-ups are very thriving and experience fast growth. Those firms contribute disproportionately more to economic development compared to other organizations (Opengart et al., 2019). The young companies act as life jackets as they assist corporations out of economic recession.

Management Practices

In the latest times, there has been a rising interest in the likely benefits that might be accrued to start-up firms that make good use of management practices. Motivated by a significant body of proof which reports persistent heterogeneity in the organizational performance even within the narrowly-described industry, the literature has concentrated on the degree at which such heterogeneity might be illuminated by observable differences in companies that use the management and human capital (Brynjolfsson & McElheran, 2016). Whereas the proposition that management is relevant, the development of datasets that associate information on management practices, which accounts for the form of data on organizational performance, has enabled this element of the organization to be subject to a greater extent of formal scrutiny.

Strategic Role of Human Resource Management

Human resource management has a rising significance due to the need to grasp the personal and organizational norm to assist the persona...