The Basic Requirements For Successful Venture Creation Essay example

The Basic Requirements For Successful Venture Creation Essay example

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The intention to create, knowledge of what is to be created and the confidence in creating and setting up a new venture, are the three basic requirements for successful venture creation. Creating ventures without relevant knowledge can be considered as reckless even when there exist a strong inclination and intention for venture creation. Thus, appropriate entrepreneurship education is a precondition for acquiring the right exposure, knowledge and intention about entrepreneurship (Shane & Venkataraman, 2000). The following attributes operationally define venture creation:
Creation Intention:
The concept of venture creation intention reflects the potential entrepreneur or individual’s intent and desire to start a new enterprise or business. It precedes the identification of opportunities and is often based on a strong sense of self-reliance and self-determination as well as a need for fulfilment. The intention is as a result of a mind-set of consciousness that precedes action but is focused on the objective of creating a new venture or enterprise (Welter & Smallbone, 2011). The concept of intent is the first and most predominant as it clearly indicates drive and existing motivation which are imperative bedrocks with respect to entrepreneurship; without such, most individuals, in spite of the benefits and prevailing opportunities most often fold from the pressure associated with the satisficing of stakeholders such as the government, host communities, various groups and other environmental factors.
Creation Knowledge:
The creation of a new venture requires knowledge of what, how and why it is to be created. Such knowledge would encapsulate the market trend, similar products and services in the industry, sources of materials, product...

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...a business; hence studies assert that such skills which can be considered as important as a tool in achieving this outcome could be enhanced and further improved upon through training. Recent studies however tend to tie entrepreneurship to thought and behavioural patterns which is relevant to every societal and economic facet, and such a perception of entrepreneurship currently requires a different approach to skill development. Entrepreneurial education today is aimed at developing the individuals’ mind-set, attitude, capabilities and behavioural tendencies; characteristics which can successfully be applied to the creation and addition of value to a wide range of frameworks and contextual settings from the public sector, charities, tertiary institutions and social enterprises to corporate organisations and new venture creations (Shane, 2000; Akpa, 2007; Holt, 2000).

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