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New venture development with the guidance of a mentor - Essay Example

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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…
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New venture development with the guidance of a mentor

Download file to see previous pages... 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. Politis (399-424) argued that social capital theory and learning model can be used to understand lived experience of an entrepreneur while starting new venture. Politis (399-424) stated that enthusiasm level of entrepreneurs remains high while starting the new venture and it has been fuelled by the dream to grab the opportunity but in most of the cases, these entrepreneurs lack the social learning which can guide them to do the business. There can be four types of learning modes such as accommodator, diverge, converge and assimilator. Armstrong (527) argued that the four learning platform should be integrated in single frame in order to increase the risk taking capacity of entrepreneurs. Armstrong (527) stated that in most of the cases, a novice entrepreneur lacks the strategic thinking capability, business knowledge, lack of idea regarding life cycle of the startup venture, business experience but such incompetence can be addressed by taking guide of an experienced individual. It is evident from the research works of Armstrong (527) and Politis (399-424) that ability to take calculated risk is essential for a novice entrepreneur to become successful. But, presence of a social group or mentor can help a novice entrepreneur to take calculated risk by transferring knowledge about risk management, enterprise establishment, metamorphosis from different stages of enterprise life cycle etc. Although, there are examples of entrepreneurs who established successful enterprise without having mentor but in other cases, novice entrepreneurs lacks all four kinds of learning phase such as accommodating, diverging, converging and assimilating necessary knowledge to establish a successful enterprise (Politis, 399-424). Hence, the researcher has found that Social cognitive learning theory (SCLT) can be successfully used to understand the need of mentor in the life of a new entrepreneur while the theory should be further elaborated in order to frame the metamorphosis of a novice entrepreneur into a successful one. Question 2 Singh, Bains and Vinnicombe (389-405) defined mentoring as the asymmetric relationship between a more experienced and knowledgeable individual and protege. A mentor takes the protege under his/her ...Download file to see next pagesRead More
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