New Venture Creation: Entrepreneurship for the 21st Century

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Finally, from a new point of view—the psychoanalytic perspective—Metallo et al. ( 2020) developed a research study to examine the entrepreneurial process for the generation of new enterprises through a psychoanalytical approach. Based on the existing psychoanalytic literature, the manuscript proposes a model to explain the entrepreneurial process that results in people developing ideas and, consequently, moving toward new venture creation. The structure of the model consists of a set of interconnected processes that describe entrepreneurial behavior through the analysis of three stages: dream, business idea, and creation of the new company. The innovation of this study lies in its emphasis on the unconscious mechanisms that encourage new business ventures. The proposed model gives a complete overview of the behavior of entrepreneurs and offers new possibilities for understanding the evolution of the entrepreneurial process. This study follows the estimation procedure developed by Hair et al. ( 1999) for statistical analysis using structural equation models for a correct sampling. Although there is no correct sample size, these authors state it should be between 100 and 200; this size is the critical sample size. They also suggest increasing the size when misspecification is suspected, the model is too large or complex, the data exhibit non-normal characteristics, or an alternative estimation procedure is used. In this study, venture creation acts as a dependent variable, directly associated with the constructs of social capital, entrepreneurial self-efficacy, and person-entrepreneurship fit. Entrepreneurial self-efficacy (ESE)

Based on social cognitive theory, Bandura ( 1982) developed the theory of self-efficacy to explain the variability of individuals in goal attainment. Individuals with different levels of self-efficacy beliefs are expected to differ systematically in the amount of effort they expend on goal-directed tasks, the extent to which they engage in coping activities to overcome impediments, and the degree to which they persistently pursue goals despite obstacles.Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. Journal of Law & Economics, 26(2), 327–349. Whatever your goals, the Venture Creation programme is all about building the people who build businesses, matching great ideas with exciting talent, and providing a springboard for you and your team to work towards a high impact and scalable new venture. It will also give you access to a community of like-minded individuals offering their support and shared experiences.

Adler, P., & Kwon, S. W. (2002). Social capital: Prospects for a new concept. Academy of Management Review, 27, 17–40. https://doi.org/10.5465/AMR.2002.5922314 Along the same lines, McGee et al. ( 2009) define entrepreneurial self-efficacy as “a construct that measures a person's belief in their ability to launch an entrepreneurial venture successfully.” Casas, C., & González-Ramírez, A. X. (2016). Productivity measures for the colombian manufacturing industry. Borradores de Economía; No. 947. https://doi.org/10.32468/be.947The intention to become an entrepreneur is a question of individual personality and the individual’s interaction with the social environment (Chuluunbaatar et al., 2011). In this respect, social capital as an external factor is a determinant for entrepreneurs to transition toward creating new businesses (Capelleras et al., 2010; De Carolis et al., 2009; Eriksson & Rataj, 2019; Kannadhasan et al., 2018; Kee & Khin, 2019; Klyver & Schenkel, 2013; Kreiser et al., 2013; Myint et al., 2005; Vila et al., 2013; Westlund et al., 2014; Xu, 2011, 2016). Starting a new business is challenging due to multiple internal and external limiting factors (Weiss et al., 2019), or as Kannadhasan ( 2018) argues, new venture creation is the result of the interaction between the entrepreneurs’ external environments and internal factors. Understanding those factors in the gestation phase enabling entrepreneurs to move toward the founding of their companies, makes it possible to strengthen the state of the art in this business cycle phase. Demonstrate knowledge and understanding of HIV/AIDS in a workplace, and its effects on a business sub-sector, own organisation and a specific workplace Internal and external clients of the new venture are communicated with using the most appropriate mode of communication for the client and the context.