Business Venture Willams Assignment Example | Topics and Well Written Essays - 5000 words

Business Venture Willams - Assignment Example The entrepreneurs have the ability to overcome the obstacles very easily as problems are defined as new opportunities (Thompson and Bolton, 2007) Berglund and Johansson (2007) had proposed that â€Å"there is some of mystification regarding the assumptions that can be attached to the concept of entrepreneurship† (Berglund and Johansson, 2007). There are many researches, which highlights the critical issues experienced by the entrepreneurs during the start-up of the business. Likewise, Black et al (2010) had reported that the personality of the entrepreneurs is different from the general people. The entrepreneurs have the capability to take risk for establishing a new venture. DeNoble, Jung and Ehrlich, (1999) had continuously tried to identify the specific skills that are required for being a successful entrepreneur. Nevertheless, the attempt had turned futile as entrepreneurs have separate capabilities, which help them to become successful in building up their innovative ideas (Berglund and Johansson, 2007). The entrepreneurs have the urge to start a new business venture, which needs both business and financial plans. The ventures fulfil the demand of the common mass and aims at serving them for their own benefit. The entrepreneurs have to take into account a number of factors before they plan for setting a business. This are related to internal and external factors that can affect the operation of the business or they can also harm the success of the same (DeNoble, Jung and Ehrlich, 1999). The entrepreneurs have to make huge investment in order to set up the new venture. Moreover, the new venture also requires work force and the assets, which are essential for the operation for the business. It is observed that most of the new venture lack financial resources during the course of the establishment that results in failure (Katila, 2005). The new business venture does not have credibility with the investors during its set up. The financial resources for the