The paper "Process of Development of a New Business Venture" is a perfect example of business coursework. There exist various definitions of an entrepreneur but the most commonly accepted definition is an individual who sees a new idea and takes measures to fulfill the unmet needs of the society. According to various authors, most entrepreneurs have certain common traits which are: ambitious, risk-taker and goal-oriented (Burns & Stalker, 1961). Entrepreneurs are either made or born. The family, environment and upbringing influence one's perception or awareness of being an entrepreneur. Also, the culture of the people that one interacts with makes one be an entrepreneur.
In the current business world owning and operating a business, venture pertains substantial dangers and hard work so as to prevail over the inertia aligned with the formation of a new business venture. The establishment of a new venture necessitates well-directed efforts put forth over some period of time. That is hard work and perseverance over time is key determinants of the success of the business or venture. The formation of a new venture is a multifaceted and multidimensional incident.
Based on the aspects of the motivation theory, a person is motivated into been an entrepreneur or to a certain career and the satisfaction associated with the career is a vital factor in motivating one's behavior (Gartner, bird & Starr, 1992). Therefore the growth and initiation of a new business venture necessitate a substantial level of research and scrupulous preparation so as to make it a success. Creation of a new venture The path towards the starting up of a new venture does not take a common direction and most entrepreneurs may use a different route to achieve the same objective that is the creation of a new business venture (Gartner, 1985).
The creation or generation of a new venture is defined as been a multidimensional event and each variable illustrates a single dimension of the occurrence and none of the elements can exist alone. A new business venture is consequently a blend of multifaceted and several elements that distinguish one entrepreneurial state from the others. Entrepreneurs have significant tasks in generating new businesses that foster growth in most societies around the globe.
Most entrepreneurs apply modernism and technology to promote a constructive impact and action in all aspects of life. Most competent entrepreneur over time learns to recognize, choose, illustrate, and converse the fundamental nature of a business opportunity that is attractive and has great potential of becoming a worthwhile business venture in the future. Entrepreneurs in most cases are able to identify the possible benefits of a new venture and generate a business model design that can bring about competitive advantage. An entrepreneur with a clear and concise strategy is able to effectively introduce a new product in the market. Process of development of a new business venture According to various researchers there exists a wide catalogue of a number of actions that an entrepreneur has to undertake so as to generate a new business venture.
The development of starting a new business enterprise is embodied in the entrepreneurial procedure and it encompasses more than just dilemma resolving. Therefore an entrepreneur must discover, assess and expand an opportunity by defeating the forces that hinder the development of something new.
The process of development of a new business venture has certain dissimilar phases with the common ones being: recognition and assessment of the opportunity, a clear and concise development of the venture business plan, and budget of the required resources and administration of the resultant business. Even though these stages advance increasingly, every stage is solely dependent on each stage other.
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