Venture Creation And The

Enterprising Individual: A
Review And Synthesis
An article review by Elina Joshi

This article starts with the fact that individual differences influence the creation of new
venture. Since this article is itself a review of various other works done in this specific
topic therefore it basically analyzes other past works their lagging points, critical reviews
and points out field for future studies bringing improvement in research design. This
article thus is comparative study of all other works based on secondary sources and it
critically analyzes all other works done in this topic.
It starts with defining entrepreneurship and different works done on defining the
individuals role in creating ventures followed by a broad format on how entrepreneurship
develops and how it has an impact upon by the psychological aspect,characteristics and
cognitive aspect of an individual.all the steps in creating entrepreneurship are defined
along with explanation of other works done specifying that point including its theories
developed by the scholars.
As it states the process of venture creation begins with entrepreneurial intentions-a state
of mind that precedes actions and directs attention for establishing business. It is followed
by search of opportunity-the situation in which new goods and services, raw materials,
organizing methods can be introduced and sold for more than cost of production. The
other step is either or not to execute the opportunity. if executed than how, where and
when and finally executing the opportunity search or establishing the new venture. The
psychological variables differentiate entrepreneur from non-entrepreneur on the basis of
factors such as need for achievement, locus of control and risk taking propensity.
Similarly individual differences like attitudes, skills, and abilities also influence the
development of entrepreneurship. Entrepreneurs change their behaviors over time,

although some of the factors determined for new venture creation are like as:
entrepreneurial intent, critique and future directions, and opportunity search and
discovery etc. Entrepreneurial self-efficacy is widely regarded as a moderator of the
relationship between individual perception and the development of entrepreneurial intent.
Personal and social contexts interact with rational and intuitive thinking during the
formation of entrepreneurial intentions, which are defined as venture creation or creating
new value for existing ventures. New venture can intentions be the result of wither
rational, analytical, and cause and effect thinking processes or intuitive, holistic and
contextual thinking. Intentions are driven from perceptions of feasibility and desirability
and a propensity to act up on opportunities. Entrepreneurial potential does not result in
Entrepreneurial intentional until a precipitating event triggers the intentions. Empirical
work on Entrepreneurial intention has focused on individual perception of feasibility,
desirability and social support as determinant of Entrepreneurial intentions.
Entrepreneurial self- efficacy is widely regarded as a moderator of the relationship
between individual perception and the development of Entrepreneurial intention.
Demographic characteristics appear to influence perception of feasibility, desirability and
social support and Entrepreneurial self-efficacy.

Evaluation:
The language is simple and understandable. Although entrepreneurial self-efficacy is
widely considered as a moderator of relationship between individual perception and the
development of entrepreneurial intent. But the research on intend has suffered from both
methodological and theoretical limitations and the research has mostly relies to
theoretical base obtained from students sample. There has been excessive piling of
information and it would have been better if there was primary research conducted rather
than synthesizing others work.