ENTREPRENEURSHIP AND NEW VENTURES

Entrepreneurship has been described as the “capacity and willingness to develop, organize
and manage a business venture along with any of its risks in order to make a profit”. While
definition of entrepreneurship typically focus on the launching and running of businesses have to
close due to “lack of funding, bad business decision, an economic crisis, lack of market demand
or a combination of all of these. Entrepreneurship is process of designing, launching and running
a new business, which is often initially a small business. The people who create these businesses
are called entrepreneurs.

Become an entrepreneur is a matter of pride for a lot of people in the world especially four
young people who can become a success entrepreneur at a young age is something peoples really
want. As example Staff in –young Australian entrepreneurs lead the recruitment market.

Staff in was founded in 1990 by Gemma Kelly, then aged 24 who had vision to create a
recruitment business that stood out from other companies industry. As a measure of its success,
staff it won the award for Australian favorite recruiter at the 2003 SEEK manual recruitment
awards, and the 2002 Australian Achiever awards in the employed service category.

The nature of entrepreneurship

Entrepreneurship is dynamic, risk taking, creative, and growth oriented and behavior. This
term is used to describe strategic thinking and risk taking behavior that the results in the creation
of new opportunities for individuals and/or organizations. Entrepreneurship can often be seen in
small, medium, large, private, public, and government organizations, in other words, it comes in
many shapes forms.

Who are entrepreneur?

An entrepreneur is a risk taking individual who takes action to peruse opportunities other
may fail to recognize or may even view as a problem or threats, in the business context, and
entrepreneur starts in new ventures that bring to life new product or service idea. Entrepreneur in
the world always began me a small business and take a risk to show the business, the entrepreneur
should not worry about fail and take the risk to become a success entrepreneur. When a chance is
fail or we got the risk. In view of some success entrepreneur in the world the key is never give up,
and try to find out the other opportunities and become a risk taking again. This situation may
happen several time. But sometime to become a success entrepreneur we have to fall several time
so when we success we will strong enough become an entrepreneur.

Characteristic of entrepreneur

Usually in a success entrepreneur there are some common pattern characteristic. Obviously
there’s a lot to learn about entrepreneurs and entrepreneurship, starting with individual, however,
indication are the entrepreneurs tend to share certain attitudes and behavioral tendencies. The
general profile is lot of an individual who is very self-confident, determined, resilient, and
adaptable and driven to excel, in addition the following typical characteristic of entrepreneur will
also be evident

 Internal locus of control(control of their own destiny)

 High energy level (hard working and willing to exert extra ordinary efforts to succeed)
 High need for achievement (to accomplish challenging goals)
 Tolerance for ambiguity(tolerate situation with high degrees of uncertainty)
 Self-confidence(believe themselves and willing to make decision)
 Action oriented(they want to get thing done quickly)
 Desire for independence(not work for other)

In entrepreneurship there is also often discriminatory treatment for women, this is

something that must be overcome because being an entrepreneur has no age limit, even gender so
as long as one can take risks and also has the character of an entrepreneur, he has the right to fight
for his business. Besides that support from several parties is also needed as an example of the role
of the government. The role of government is a very important role. Often the government provides
a source of resources for someone to open a business for their community, or open opportunities
and provide assistance. In this case as an entrepreneur, it will simplify its work. As another
example in terms of publications or greater resources through government program programs.
Because smaller businesses tend to fail.
 Small business is often defines as one that has sales of less than $2 million and fewer than
100 employees. Most small business run by one owner who oversees virtually all aspect of the
business, from marketing and hiring staff to budgeting and operations. A growing number of
women are joining the small business ranks, with almost 50 per cent of all small business owned
by women. Entrepreneurship and small business development is a common field of study for
students studying business or who are interested in starting their own business at some point.
Entrepreneurship courses teach how to turn a model or idea into a profitable product or service.
Small business management and operations courses offer greater career flexibility to those
studying business. Those who do not want to carry the responsibilities of founding their own
business, yet still want to act in an executive or managerial capacity, can learn the financial or
employee management skills necessary to manage an office or even an entire company.

Family businesses

A family company is a company owned, controlled, and run by members of a family or

several. However, it does not mean that all workers in the company must be family members.
Many family companies, especially small companies, employ other people to occupy lower
positions, while high positions (top managers) are held by people in the family of the company.

Family participation in the company can strengthen the company because usually family
members are very loyal and dedicated to the family-owned company. However, problems often
arise in managing family companies, especially in terms of leadership changes. Often clashes arise
between family interests and company interests. For example, a company will tend to retain a
family member to work even though he is less competent in his work so that it will endanger the
survival of the company.

New Ventures creation

To pursue the entrepreneurship process and start a new venture, you just need a good idea
and courage to give them a chance. There are questions the entrepreneur ask and answer in the
process of beginning a new venture.

 Life cycles of entrepreneurial organizations

 Writing the business plan
 Choosing the form of ownership
  Financing the new venture

Entrepreneurship and business development

In practice, the term business development and its actor, the business developer, have
evolved into many usages and applications. Today, the applications of business development and
the business developer or marketer tasks across industries and countries, cover everything from
IT-programmers, specialized engineers, advanced marketing or key account management
activities, and sales and relations development for current and prospective customers. For this
reason, it has been difficult to discern the unique features of the business development function
and whether these activities are a source of profits.

The business developer is concerned with the analytical preparation of potential growth
opportunities for the senior management or board of directors as well as the subsequent support and
monitoring of its implementation. Both in the development phase and the implementation phase, the
business developer collaborates and integrates the knowledge and feedback from the organization’s
specialist functions, for example, research and development, production, marketing, and sales to assure
that the organization is capable of implementing the growth opportunity successfully.[3] The business
developers' tools to address the business development tasks are the business model answering "how do
we make money" and its analytical backup and roadmap for implementation, the business plan.

Business development professionals frequently have had earlier experience in sales, financial
services, investment banking or management consulting, and delivery; although some find their
route to this area by climbing the corporate ladder in functions such as operations
management. Skill sets and experience for business-development specialists usually consist of a
mixture of the following (depending on the business requirements):

 Sales
 Finance
 Marketing
 Mergers and acquisitions
 Legal
 Strategic management
 Proposal management or capture management
Conclusion

Entrepreneurship is dynamic, risk taking, creative and growth oriented behavior.

Entrepreneur is willing to persevere in situations other than view as problem or threat. In
my opinion after I read the understanding and story of the story of entrepreneurs in building
a business, the most important thing needed was willing and brave