Identifying important success factors in new venture creation

Gordon, Scott R. & Davidsson, Per (2013) Identifying important success factors in new venture creation. Business Creation in Australia, 08. Queensland University of Technology Business School, Brisbane, QLD.

Abstract

This paper seeks to uncover the factors that lead to a successful entrepreneurial experience and or venture. Findings of interest in this paper include:

• A venture’s initial aspirations are a double edged sword. Ambition may lead to improved performance by striving to reach harder goals. Harder goals are more difficult therefore this may lead to some dissatisfaction, and possibly abandonment of the venture.

• Venture legitimacy is important to establish where possible. Firms that formalize their legal form are more successful, as are those set up a shop-front in order to makes sales.

• Increased use of technology and higher levels of novelty does not guarantee success early on. Firms of this nature have longer processes, and attempting to create brand new markets is difficult to achieve. At the same time developing your own technology and securing this intellectual property is important for success.

• Having goals to work towards and business planning may be useful, but only if the plan is actively revised. Just having a business plan does not matter. Business plans are more useful as a thinking tool than as a blueprint for action. It is the process of thinking through while reviewing the plan that provides the benefit, not following its instruction to the letter.

Impact and interest:

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ID Code: 62938
Item Type: Report
Refereed: No
Additional Information: Prepared for the Department of Industry
Keywords: Entrepreneurship, Nascent Entrepreneurship, Business Start-Up, New Venture Creation, Business Creation in Australia, Australian Entrepreneurship, Entrepreneur Statistics, Business Performance, Business Survival, Employment Creation, Business Satisfaction, Entrepreneurial Exit, Business Environment, Venture Characteristics, Resources, Human Capital, Social Capital, Venture Creation Process, Business Success Factors, Comprehensive Australian Study of Entrepreneurial Emergence, CAUSEE, Per Davidsson, Scott Gordon, ACE report
ISBN: 9781921897924
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > Entrepreneurship (150304)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > Small Business Management (150314)
Divisions: Current > Research Centres > Australian Centre for Entrepreneurship
Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Management
Funding:
Copyright Owner: Copyright 2013 The author(s)
Deposited On: 18 Nov 2013 00:53
Last Modified: 02 Jun 2015 04:16

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