The Success Of New Ventures - 1354 Words

I have come across ads, and have seen tag lines such as â€Å"own your own business now† attached to advertisements pushing the sale of franchises or becoming an entrepreneur. It is a fallacy. A franchise owner is not necessarily an entrepreneur. Entrepreneurs are good business people. They are visionaries who take the time to plan, and the time to participate in the day to day activities needed to achieve long term objectives, and who are passionate about an idea; all of these lead to a successful entrepreneur. Research shows the reasons for success in new ventures are attributed to: 1. Positive response to challenges and mistakes, 2. Personal initiative, and 3. Perseverance, all of which a successful entrepreneur embodies. Most necessary is an entrepreneur’s full commitment to his ideas and efforts in order to survive the constant pressures that they face, from the start up stage, to staying alive in business, through the growth stage. Successful entrepreneurs share seven common dominant themes or core attributes that describe their attitudes and ways of thinking and acting. Those attributes are commitment and determination, courage, leadership, opportunity obsession, tolerance of risk, ambiguity, and uncertainty, creativity, self-reliance and adaptability, and the motivation to excel. All of the behaviors inherent in these attributes can be nurtured, learned, and encouraged. Entrepreneurs have moral strength and principles, and they are fearless experimenters. IShow MoreRelatedAmerican Rice Inc. in Vietnam Essay1362 Words   |  6 Pagesallowed ARI to expand internationally and enter new markets. This expansion within the same industry was necessary for ARI in order to achieve an economy of scale. This venture brings ARI a larger customer base, bigger facilities, the first American rice maker in Vietnam, a larger work force, lower cost production, new relationships with suppliers and customers, and tax benefits as a result of the joint venture. ARI’s main input for the joint venture is to set up a management team that will run theRead MoreA Plan For A Business Plan Essay1573 Words   |  7 Pagesthe new venture will undertake in the initial years (Chwolka Raith, 2012). The general belief is that for a company to be successful, it must begin by having a business plan. Published research papers have conflicting results on effects of a business plan for the success of start-up companies. On the one hand, some authors believe that a company that writes a business plan survives the initial five years. On the contrary, other authors believe that there is no link between business success andRead MoreA Plan For A Business Plan Essay1571 Words   |  7 Pagesthe new venture will undertake in the initial years (Chwolka Raith, 2012). The general belief is that for a company to be successful, it must begin by having a business plan. Published research papers have conflicting results on effects of a business plan f or the success of start-up companies. On the one hand, some authors believe that a company that writes a business plan survives the initial five years. On the contrary, other authors believe that there is no link between business success andRead MoreA Plan For A Business Plan Essay1571 Words   |  7 Pagesthe new venture will undertake in the initial years (Chwolka Raith, 2012). The general belief is that for a company to be successful, it must begin by having a business plan. Published research papers have conflicting results on effects of a business plan for the success of start-up companies. On the one hand, some authors believe that a company that writes a business plan survives the initial five years. On the contrary, other authors believe that there is no link between business success andRead MoreSprinkles: Leading a Sweet Trend1647 Words   |  7 Pageshigh degree of uncertainty. This is the case for the Nelson’s. To bring the cupcake concept to L.A. during a time that the United States was deeply influenced by the â€Å"South Beach Diet† a diet that inspired low-carb eating was a major risk to take. Success in the beginning was uncertain yet they quit their jobs and made a go of it. Having a high energy level is critical in any small business. Hard work was something the Nelson’s were used to. They both were obviously college educated and I am sure itRead MorePlanning For Long Term Success1014 Words   |  5 Pages2 Planning for Long-Term Success Planning for Long-Term Success Genia Moses Dr. Paul Frankenhauser Strayer University August 14, 2016 A successful business is like a road map covering all the highways and streets of the organization. The organization must be able to give a complete plan of the necessary task to keep the business moving from stage to stage. There are critical developing task to successfully grow in each stage of the business life term. An organization can start with a strong foundationRead MoreSprinkles: Leading a Sweet Trend1671 Words   |  7 Pageshigh degree of uncertainty. This is the case for the Nelson’s. To bring the cupcake concept to L.A. during a time that the United States was deeply influenced by the â€Å"South Beach Diet† a diet that inspired low-carb eating was a major risk to take. Success in the beginning was uncertain yet they quit their jobs and made a go of it. Having a high energy level is critical in any small business. Hard work was something the Nelson’s were used to. They both were obviously college educated and I am sure itRead MoreConcept of Entrepre neurship1455 Words   |  6 Pages‘entered and took charge’ of royal contracts. It was used widely to describe a person who lead a project which would deliver valuable benefits and bring it to completion, a person who can manage uncertainty and bring success in the face of challenges that would destroy a less well managed venture. In this early 19th century this description was altered by the French economist J. B. Say who instead focused on the business process rather than the practitioner. He said that an entrepreneur shifts economicRead MorePlanning for Long-Term Success of a Business1051 Words   |  4 PagesPlanning for Long-Term Success For business enterprises and entrepreneurs, the first major challenge is usually that of developing and establishing a successful new venture. However, the ability of these entrepreneurs to establish a new venture is dependent on some basic necessary skills. These skills include the ability to identify a market need and the capability to develop a product and/or service that could satisfy the need. When the entrepreneurs successfully conduct these essential thingsRead MoreWhy Do Japanese Companies Go for Joint Ventures in India1230 Words   |  5 Pages:: Secret to success of Indian partnership Why do Japanese companies go for joint ventures in India? IMM Jeong-Seong Senior business analyst at the POSCO Research Institute W development. hen it comes to technology, capital, management expertise, and global business experience, Japanese companies do not lag behind Korean ones. Still, they often seek partnerships with local firms when entering the Indian market. Why? The president of Wipro, one of India’s largest information technology