Essay on Creating and Managing a New Business Venture

Essay on Creating and Managing a New Business Venture

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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 with the following traits: - Commitment & determination, opportunity obsession, calculated risk taker, lack of fear of failure, motivation to excel and leadership. ‘Entrepreneurs Find opportunities that others either miss or perceive as Unattainable’, Thornbury (2003 p. 332)
Richard Branson is one particular example of a successful 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 ab...


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...d 9 Nov 2013.

Timmons, Jeffry A & Spinelli, Stephen 2004, New venture creation : entrepreneurship for the 21st century, 6th ed, McGraw-Hill, Boston, Mass

Tommy Høyvarde Clausen. (2006). Who identifies & exploits entrepreneurial opportunities?. Available: http://www.ccsr.ac.uk/methods/festival/programme/18QM/documents/PaperTommyClausen2_000.pdf. Last accessed 1st Nov 2013.

UKEssays. (2010). Literature Review On Entrepreneurs And Changes In Globalization Read more: http://www.ukessays.com/dissertation/abstract/entrepreneurs-and-changes-in-globalization.php#ixzz2k8uPnt2x. Available: http://www.ukessays.com/dissertation/abstract/entrepreneurs-and-changes-in-globalization.php. Last accessed 9 Nov 2013.

Venter Urban Rwigemam. (2008). Model of the Entrepreneurship Process . Available: http://www.oxford.co.za/files/lookinside/9780195983548.pdf. Last accessed 9 Nov 2013.

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