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 ability to innovate and follows Druker (1986) cited in Stokes & Wilson (2010). “Through organised searches for new ideas”.
There are however other researchers and writers who will argue that these qualities are not so significant. (Chell, 2008 cited in Storey and Green, 2010) suggests that researchers have struggled to identify if one single trait or combination of traits to explain the entrepreneurial personality. This argument is supported by Gartner (1988), who questions the value of entrepreneurial trait research. He argues that trait approaches assume that the entrepreneur has a fixed and identifiable personality and this ignores the fact that the enterprise population is very fluid. These theories of the entrepreneur leads to the question are they born or made?
This is an enduring debate. Morrison (1999), states that the early studies of the origins of the entrepreneur, which concentrated almost entirely on emphasizing in-born personalities and motivations, assumed that the entrepreneurial flair was inherent in the individual. Such a trait model of behavior argues that a trait being a persisting characteristic of the personality which differentiates him or her from others. Woods, cited in studymode.com, states...