The authors argue that in entrepreneurship and new venture planning,
one needs to consider several things. Starting a new venture is not always
easy and sometimes, new ventures often lead to failure. Therefore, it
becomes important for the entrepreneur to find the right business
opportunity. If one does not possess clear idea of the goals of the
venture, it is unlikely that the venture would be a success. The authors
state that there are some basic things that a person should do before
First, the entrepreneur should be able to answer the question of
whether or not his idea is practical and whether it would fill a need for
the customers (Porter, 1980). The second important thing is that he should
be able to clearly define who would be the customers and who would be
competitors of the venture. Third, he should be able to tell the business
advantages of a new venture over the existing competitors. Finally, he
should be able to illustrate how he can provide a better quality service to
In order to be successful, one is required to do a great deal of
planning and understanding about the market. In this respect, one needs to
be clear about the locations, operations, skills, and financial
requirements that are required for the success of the business. While one
cannot emphasize the needs of business plan, it has been found that very
few people really spend time in clearly writing a business plan. The main
reasons for it is that people believe on their feelings and forget to
understand what it takes for a business to be successful. A business plan
brings together financial estimates and expected future target of the
business and the potential requirements for employees. The authors also
talk about the personal qualities of the entrepreneurs. According to the
authors, the entrepreneurs are highly motivated and risk takers. They are
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