Business Essay Example: Components of a New Venture

In the contemporary business world, to enhance prosperity whether, in public-service or enterprises, the string of success is entrepreneurial management or being entrepreneurial. However, for a new venture, the stirring force is the management. This is one of the components which makes a new venture a new venture. There also exist other fundamental elements which makes it a new venture. For instance, a new venture has an idea. This is the primary reason for which the new venture has been established. It may be either a product or even a service (Drucker, 1986). Additionally, a new venture may also have sales which in many circumstances may be of substantial volume. Furthermore, there has costs, incomes, and even profit obtained from sales. On the other hand, there are things that a new venture does not have such as a business. This is a viable, functioning, organized current present in which individuals acknowledge the direction they are going and what they are required to do as well as the possible outcomes they should expect. This is a significant component in which a new venture should establish to transform it into a new business and ensure it is being managed (Bjornskov & Foss, 2013). A new venture will not survive even with the most fundamental components which makes it a new venture. It may have a brilliant entrepreneurial concept, attract adequate money in terms of profits, have good products and services, and have a great demand for such commodities and still fail (Drucker, 1986). Therefore, a new venture must incorporate a business to make it complete, viable, and operational.

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Entrepreneurship in the Social and Service Realm

Entrepreneurship in the recent times has been involved in a social realm which has led to the term social entrepreneurship. Social entrepreneurship is undertaken by a social entrepreneur who refers to an individual or a small cluster of people who are makes or directs a firm or business to participate in the social realm (Kuratko, 2016). Social entrepreneurship is associated with various activities which are characterized by various features. For instance, acknowledgment and persistent pursuit of various opportunities for the purpose of social value, mission adoption to develop and maintain social value, and participation in persistent learning and innovation. Various publications have introduced entrepreneurship in the social realm in a broader recognition. For instance, recently, the Harvard Business Review, Forbes, the Economist, and the New York Times have published articles which concentrate on entrepreneurship in the social realm. It finds its path in the vocabulary of academics, journalists, and policymakers as well as the general public. The world is experiencing various significant social issues, and the flourishing of entrepreneurship in the social realm is the answer to address the daunting social challenges (Kuratko, 2016). Therefore, social entrepreneurship is of certain importance to every entrepreneur.

Entrepreneurship in the service realm such as in public-service institution as presented by Drucker (1986), is an essential, integral, and inseparable from this sector. This has been proven by the integral employee services in organizations that are public-services institutions which are within business enterprises. They are managed by entrepreneurs who are through various operations and shown their ability to achieve even in the presence of competitive markets. Although entrepreneurship has proven to be significant in-service realm such as public-service institutions, there are various obstacles to innovation which makes it impossible to perform efficiently. For instance, public-service organizations are centered on the budget instead of receiving finances because of their outcome (Drucker, 1986). Therefore, any efforts to improve activities diminishes these institutions hence entrepreneurship in the service realm is not commonly utilized because of such obstacles.

Conclusion

Entrepreneurship has become prominent and essential in the current competitive business environment. This has been discovered even in the case of a new venture which is required to entrepreneurial to incorporate a business component to make it a complete venture. In the social realm, entrepreneurship is an essential answer in solving different societal challenges. Additionally, in the service realm, it is significant in managing integral employee services even in the face of various obstacles. Therefore, if different individuals, enterprises, or public service institutions desire to be successful in their operations, being entrepreneurial is the key factor they should adopt.

References

Bjornskov, C., & Foss, N. (2013). How Strategic Entrepreneurship and The Institutional Context Drive Economic Growth. Strategic Entrepreneurship Journal, 7(1), 50-69. doi: 10.1002/sej.1148

Drucker, P. (1986). Innovation and Entrepreneurship. (1st ed., p. 286). Harper &Row, Publishers, Inc.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.