Idea Market Description Essay
School of Business & Technology
Entrepreneurship has significantly contributed to society’s climb from underdevelopment to affluence. This has been accomplished through the introduction of new products and technologies to better satisfy consumer wants and raise productivity. An entrepreneur, therefore, is a person who organizes and manages a business, assuming the risk for the sake of potential return (Mariotti & Glackin, 2012). The entrepreneur is an innovator who brings about change through the introduction of new technological processes or products, and thus, through innovation, the entrepreneur is a “deliberate wrecker of equilibrium.” Successful …show more content…
The attributes (characteristics, skills, knowledge) of a highly effective venture team.
The upper echelon perspective of effective management posits that the success or failure of a firm or venture is a ‘‘reflection’’ of the characteristics and actions of a small group of managers at the top of the organization (Finkelstein & Hambrick, 1996; Hambrick & Mason, 1984). Therefore, choosing partners that will constitute the venture team is one of the most critical tasks of an entrepreneur (Allen, 2006). Research has shown that team heterogeneity is a significant predictor of long-term performance (Murray, 1989), and that heterogeneous teams tend to handle the complexity of new ventures better than homogeneous teams (Kamm, Shuman, Seeger, & Nurick, 1990). Reuf, Aldrich, and Carter (2003) suggest that the structure of