Relation between Entrepreneur and New Venture Essay

Relation between Entrepreneur and New Venture - Essay Example The researcher states that there is no agreed definition of the entrepreneur, but entrepreneurship is related to new business ventures. An entrepreneur is an individual who establishes new business ventures for profit-making purposes. In the entrepreneurship sphere, a creation of a new venture is a separate and distinct phenomenon, which includes business formation, acquisition and mergers, and advancing the business. The creation of a new venture is a complex, crucial, and multidimensional process that involves interaction between an individual and his socio-economic environment. The process is critical because it designs the future ventures building blocks; principally, it comprises the activities, ideas, actions, and techniques displayed by entrepreneurs towards materializing their visions and concepts into an operating business. This clearly shows that in order for an entrepreneur to be successful, he or she must possess a high level of mental hardness to assist him or she persev ere and make operational strategic decisions. The stages of creating a new venture occur in the mind of entrepreneurs through interaction with the society and on the computer while the real venture activities have not been started. The major viewpoints introduced in the process of creating a new venture include the following: 1) recognition of a type of prospects; notions to be executed as future business. 2) Vision; different activities and strategies that are normally applied in the initial stages of the new venture. 3) Groundwork is an important factor that enables materialization of the concept into the real business. 4) The intention of financing the future ventures 5) The sense of planning and ensuing impacts on the entrepreneur and the venture 6) Quality of the entrepreneurial profile of persons showing a new business formation process 7) Environment, which is a major contributor to the process.