New ventures and entrepreneurship Essay Example | Topics and Well Written Essays - 3500 words

New ventures and entrepreneurship - Essay Example Formulating a vision is, indeed, a business challenge because sometimes entrepreneurs should transform themselves into magicians. Majority of people are receptive to the current entrepreneurial approaches, but it is an entrepreneur’s responsibility to visualise and predict the future. An entrepreneur should always remain a couple of steps ahead of development to avoid becoming irrelevant (Birley & Muzyka, 2000:45). It is also the responsibility of an entrepreneur to fit futuristic plans and ideas into the present, and to create solutions for others’ problems. Most innovative, entrepreneurial ventures in the last four decades were envisioned long before they became realities. For example, for Apple CEO Steve Jobs wanted every to have a PC while Bill Gates wanted to develop user-friendly software for personal computers. These visions allowed Gates to become the richest individual in the world while Jobs became the most recognisable business personality of the 21st century .Sourcing CapitalHaving developed a sound business proposal, the next challenge involves raising capital in order to support the creation of the new venture. Only entrepreneurs have an excellent understanding of business ideas. Attempting to rope investors into ideas that are only good on paper is a very big challenge for all entrepreneurs. Attempting to convince them that they are capable of actualising the idea and being trustworthy is extremely challenging, especially in new ventures (Chandra, 2013:34).