Idea Market Description Essay

2153 Words Oct 13th, 2015 9 Pages
Steve Ugbah
Prepared for:
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
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The purpose of this paper is to prepare the groundwork for becoming a successful entrepreneur. This paper will (1) describe a start-up entrepreneur venture; (2) discuss the attributes (characteristics, skills, knowledge) of a highly effective venture team; (3) discuss the importance of having a strong venture team and advisory board; (4) examine the risk levels of an entrepreneurial venture; and (5) discuss the advantages and limitations of different funding types, with regard to ownership, risk, and control.

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

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