The paper "Starting a Business Venture" is a perfect example of business coursework. Businesses and Entrepreneurs rely on vast information sources and strategies in the process of ensuring their outfits become profitable. The process of developing a business from a conceptual stage or idea into an operational and successful venture depends on a lot of factors. The Australian government has developed a guide and website to guide upcoming entrepreneurs on the steps necessary for the formation of business or setting up an organization within the country. This paper will analyze the roles of businesses, challenges and prerequisites needed in navigating and succeeding in the business world. Entrepreneurship Entrepreneurs can be defined as people or organizations which implement new ideas to current problems and thus turning these ideas into innovation for offering across markets and industries.
As a result, an entrepreneur should ensure that he/she has the capability of prudent leadership, communication and team-building skills to ensure ideas are implemented into innovations that can profit the entrepreneur, society and other stakeholders. Entrepreneurship encompasses a lot of tasks, activities and knowledge that must be utilized in the process of nurturing a business idea or venture.
Entrepreneurs rely on knowledge, skills, innovation and experience which should be researched, sourced and learnt in the process of implementing a business venture. Inception The process of entrepreneurship starts with an idea, thought or a plan to venture into a certain field or develop an innovation that will simplify a challenge leading into a successful business venture. The initial stage of a business is crucial since it determines the likely survival path or success of the business. Data from analysts and policymakers outline that 8% of all start-ups in Australia fail in the 1st year while another 8% of the remaining 92% fail in the 2nd Year.
Most start-ups and businesses take a period of between 5 to 8 years in order to start reaping consistent returns (Department of Commerce 2015). This is compared to 80% of all businesses failing in most global jurisdictions especially in the developing world. As a result, an entrepreneur should relay on the critical skills of knowledge, creativity/innovation and leadership to ensure that the ideas that are implemented are prudent for the future growth of the business (Cheshire 2009, p.
86). Developing an idea into a sound business that is operational requires a lot of planning, skills and knowledge to ensure the idea develops into a well-developed business plan or venture. At the initial stages, an entrepreneur should be keen to ensure that he/she undertakes or undergoes the four inception stages as outlined; Conceptualization: This is the initial step where the idea is formed through existing knowledge or past experiences. Experimentation: At this stage, the entrepreneur engages the idea into active experimentation by trying out on the knowledge of the initial idea. Experience: Implement the idea to the market as a test to look at the reaction of the market and the effect of the idea (Urquhart-Brown 2010). Reflection: this is the stage where you undertake a reflective study on the achievements, failures, mistakes and lessons learnt in the process of implementing the idea within your target market (Merrett 2013).
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