Anchal Saxena S3262189

Anchal Saxena S3262189

New Venture Creation Parsimonious Planning

New Venture Creation

Winning entrepreneurial approaches

Parsimonious Planning

Sufficient plan, research and quick

response

Careful utilization of resources and assets

Quintessence of SpunSugar

Conclusion

Topic Of Discussion

“New venture creation is the organizing of new organizations” (GARTNER 2005)

Limited resources

Passionate

Quick research

Creative innovative ideas

Transforming Ideas into

real New Venture Creations

New Venture

Creation

Winning Entrepreneurial Approaches

Screen opportunities quickly

Parsimonious planning and analysis

-Research & focus on few important issues.

Integrate action and analysis.

Parsimonious Planning “By the time an opportunity is investigated fully, it

may no longer exist” ( Bhide 1994)

.

Parsimonious : Unwilling to spend

Planning : A process of outlining ways

To accomplish goals

Parsimonious Planning Sufficient plan, research and quick response

have enough important data that can be analyzed and

implemented in new venture creation

Careful utilization of resources and assets

The idea for new venture creation is to expend on imagination

before spending money.

Quintessence of SpunSugar Story of successful Sri Lankan Entrepreneur

Quintessence of SpunSugar’sKey to success

Parsimonious – Frugal and stingy

Only Sufficient planning & Analysis

Avoided research that they could not act on

First mover advantage

Quick and spontaneous response

Ready to take risk

Time taken to start a company

Conclusion

Their Story – Parsimonious Planning

Thank You

Bhide, A. 1994, ‘How Entrepreneurs Craft Strategies That Work’, Education resources information center, 72:2, pp. 150-161Castrogiovanni, G. J. 2009, ‘Pre – Startup Planning and the survival of new small businesses: Theoretical Linkages’, Journal of Management, 22:6, pp. 801-822Gartner, W.B. 2005, ‘Entrepreneurship and smaal Business reseasrch’, viewed on 1st November 2010.www.e-award.org/BinaryLoader.axd?OwnerID=ba52318c-fcb0-4717-b850-c07e66ef4098&>. John, A & Holcomb, R,B 2006, ‘Golden Rules of New Venture Creation’, Journal of Extension, 44: 2 <http://www.joe.org/joe/2006april/iw2.php>McGrath, R.G., MacMillian, I. 2000, ‘ The Entrepreneurial Mindset’, Havard Business Press, MassachusettsMcGrath, R.G. 2009, ‘ The merits of Parsimony’, Viewed 31 October 2010.<http://roomfordebate.blogs.nytimes.com/2009/03/13/why-bad-times-nurture-new-inventions/>.McGrath, R.G., MacMillian, I. 2009, ‘ Discovery – driven growth: a breakthrough process to reduce risk and seize opportunity’, Havard Business Press, MassachusettsMoney Biz 2010, ‘ Starting a Biz – The big Dillemma’, viewed 30th October 2010, <http://www.moneybiz.co.za/my_business/biz_start.asp>

References

Sahalman, W.A., Stevenson, H.H., Roberts, MJ., A. 1999. ‘The Entrepreneurial Venture, Second Edition, Havard Business Press, Massachusetts Timmons, J.A., Spinelli, S.2003, ‘New venture creation: entrepreneurship for the 21st century’, Sixth Edition, McGraw-Hill, IrwinUniversity of Virginia 2006, ‘New Venture Performance’, Viewed 2nd November 2010< http://www.effectuation.org/ftp/New%20Venture%20Performance%20Note.pdf>.Wadhwa, V., Aggarwal, R., Holly, K., & Salkever, A., 2009, ‘The Anatomy of an Entrepreneur – Family Background and motivation’, Viewed 1st November 2010,< http://www.kauffman.org/uploadedFiles/successful_women_entrepreneurs_5-10.pdf>.Wickremeratne, T., 2010, The Sunday times, ‘The story of Quintessence of SpunSugar’, viewed 2nd November 2010, <http://sundaytimes.lk/100516/Magazine/sundaytimesmagazine_04.html>. Websolvant 2010, ‘Dhirubhai Ambani – Founder of Reliance Industries’ , viewed 29th October 2010, <http://www.4to40.com/legends/print.asp?p=Dhirubhai_Ambani>.

 

References