New Business Venture Essay Example | Topics and Well Written Essays - 6000 words

New Business Venture - Essay Example The development of such mindset is considered as essential for the overall development of an entrepreneurial personality so that the opportunities can be taken and transformed into successful businesses. Q#1 One of the critical aspects of entrepreneurs is their ability to take risk and most of the literature on the subject of entrepreneurship focused on making a distinction between those who are risk averse and who were risk lovers. This approach therefore highlighted entrepreneurs as someone with the ability to take on excessive risk as compared to the others. (Schwartz & Teach, 2000). This also suggested that the internal motivation, high energy as well as the higher tendency to take the risk as the main individual characteristic traits of the entrepreneurs which make them different from others. A closer analysis of the evolution of the research over the period of time would suggest that the entrepreneurs were typically characterized with the words such as risk bearing, innovation, initiative, source of formal authority, local of control as well as the tolerance for ambiguity. These characteristics therefore may indicate that the entrepreneurs are born rather than are being made. (Welsch, 2003). ... This question will therefore argue whether the entrepreneurs are made or born and why it is so or not. Entrepreneurship defined Before discussing and arguing whether entrepreneurs are born or developed, it is important to discuss what entrepreneurship is and how it emerges. It is critical to discuss that historically there has been confusion over the definition of entrepreneurship. This is also critical due to the fact that traditionally researchers argued that in order to discuss the subject it is critical that it must have a precise definition. Despite such emphasis on the definition, entrepreneurship is often viewed from different perspectives and including diverse range of subjects and themes. Themes such as social entrepreneurship, the relationship between women and entrepreneurship, immigrants and their new zeal for setting up the businesses have been extensively discussed by the researchers. (Berglund & Johansson, 2007). In its traditional sense, entrepreneurship is often conn ected with the idea of starting the new businesses and running them successfully. However, over the period of time, entrepreneurship has also emerged in the form of social as well as political frameworks. It is also now been discussed within the perspective of the large corporations when they spinoff their businesses and treat them as new and separate businesses. Thus today, entrepreneurships are not just limited to the new start up businesses but they encompass a variety of existing and new business ideas which are manifested into the reality through the careful application of the concepts of the entrepreneurship. Thus the entrepreneurship is