Can you help me to answer the questions using a concise narrative?
1. Briefly explain new-venture creation versus corporate renewal.
2. Diagram and explain the entrepreneurial process.
3. Provide an outline of the table of contents of a typical business plan.
4. Under what conditions are corporate new ventures most likely to succeed?
5. Discuss some of the requirements for successful strategic change.
Simply use a common memo format and answer the questions using a concise narrative
STRATEGIC MANAGEMENT AND ENTREPRENURIAL ISSUES
New-venture creation versus corporate renewal
New business creation and corporate renewal basically differ in terms of the objective or motivations of the owner, the investor, or the manager himself. According to Kuratko and Hodgetts (2004), the reasons for entrepreneurs for starting up new ventures are numerous -the need for independence, need for personal development, welfare or philanthropic considerations, tax reduction, to follow role models, and to take advantage of an opportunity. Basically these motivations may be categorized as the personal characteristics of the entrepreneur, the environment, and the venture itself.
Major difficulties of starting a new venture is that of predicting new performance and undergoing all the needed start-up activities to formally and legally put up a new venture, with due consideration of financial capabilities. Kuratko further noted that the real challenge for a new venture is for the firm to survive and grow. He further suggested that to address this challenge, an entrepreneur must have a clear understanding of the critical factors for selecting ventures, the known reasons of business failures, and the process of evaluating new ventures.
On the other hand, business renewal is considered as a growth strategy which often involves re-invention in terms of business models, strategies, products and services, operations, business processes, systems, and human resources. As an online source noted, it is an anti-stagnation immunization shot as well as a creative ...