Managing A New Venture Essay

The main aim of this assignment is to discuss and critically analyze the purpose of creating and managing a new venture. This will include discussing and critically analyzing various disputes concerning subjects such as, the entrepreneur, the business idea, the opportunity innovation, pre start up and post start up. Following on from this it is therefore also imperative to discuss some of the challenges that arise with new start up businesses in relation to business growth and discuss ways in which to overcome some of these challenges to allow for them to continue to be successful start up businesses and continue to thrive avoiding failure.

Entrepreneurs generally show certain characteristics and behaviors, (Timmons 2004) labels the entrepreneur

“At the age of 17 he left school with only 6 O levels to start his new venture the magazine student. He had a talent for connecting with people. After the success of Virgin Music he sold the company in 1992 to concentrate on his airline Virgin Atlantic. He has been involved in ventures as diverse as radio, video games, insurance and space travel. He has also experienced failure for example movies produced by Virgin Visions and the sinking of his powerboat, Challenger 1. As well as his success he is known for his personal exploits for his business ventures”. Stokes & Wilson (2010). Branson has shown entrepreneurial characteristics such as the ability to innovate and follows Druker (1986) cited in Stokes & Wilson (2010). “Through organised searches for new

It is often implied entrepreneurship is a new venture creation and that new venture creations are a process. There are numerous definitions of entrepreneurship that are shared by researchers. These included the following: - ‘Entrepreneurship is the act of forming a new organization of value’ (Bateman & Snell 1996), cited in Uk essays (2010). ‘Entrepreneurship is the seemingly discontinuous process of combining resources to produce new goods or services’ (Stoner et al 1995, Venter Urban Rwigemam, 2008), ‘The creation of an innovative economic organization (or network of organizations) for the purpose of gain under conditions of risk and uncertainty’ (Dollinger 1995, Venter Urban Rwigemam, 2008), ‘the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence’ (Hisrich & Peters 1998, cited in Dalglish et al, 2006). These definitions are all very similar to each other in that they all have the same significance, that the entrepreneur is a person who has the capability to create, shape and develop ones own new business venture from scratch. (Timmons 1994). These businesses are usually SMEs (small/medium