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25Practicability - COLES KENNESAW STATE COLLEGE OF BUSINESS...

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1 New Venture Creation in the Realm of Practicable Choice by Robert Desman Kennesaw State University COLES COLLEGE OF B U S I N E S S K E N N E S A W S T A T E U N I V E R S I T Y Entrepreneurship An economic institution in which some individuals are induced to hazard uncertainty and create value for the promise of handsome personal gains (Cantillon, 1755) Entrepreneurship (post-1960) • Creates incremental wealth • On-going process • Focus — Enterprise Welfare • Strategic emphasis New Venture Literature • Creates new business entity • Terminal process • Focus — Founder Welfare • Economic emphasis Entrepreneurial Process Entrepreneurial Event Entrepreneurial Behavior Percipient Opportunity Assessment Action It is a Decision Process Question: Do the decisions generally re fl ect objectively sound judgment? Are they practicable ?
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