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New venture development with the guidance of a mentor - Essay Example
Pages 8 (2008 words)
New Venture Development Name of the Student: Name of Professor: Course: Question 1 Individuals must possess prior knowledge and the cognitive properties necessary to value such knowledge in order to identify new opportunities - Corbett (473) The above statement is reflecting nature of this paper and also representing the core research problems of the paper…
Cope (473-491) pointed out that how it feels like creating a new business venture without mentors? The question 1 also depicts the same question but in different fashion. Bakker, Curseu and Vermeulen (95-219) stressed on Social cognitive learning theory (SCLT) in order to highlight the fact that first-time entrepreneurs need support from an experienced mentor or suggestion from peer group in order to be succeeded. Cope (473-491) conducted research on novice entrepreneurs and found that in most of the cases, these entrepreneurs faced challenges while establishing new ventures. For example, one entrepreneur told that he was completely in dark about the future of the business in next 5 years while one told that she did not have the knowledge about how much resource to be allocated at what sector of the venture and other novice entrepreneur told that he broke down after his first attempt to establish business venture failed. Phenomenological analysis of the problems faced by these novice entrepreneurs reveals the fact that fear has created in the mind of these entrepreneurs due to failure of first venture and scope of infusing the social leaning through experienced mentor. ...
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