A Conceptual Framework for Describing the Phenomenon of New Venture Creation

Abstract

A review of the entrepreneurship literature suggests that differences among entrepreneurs and among their ventures are as great as the variation between entrepreneurs and nonentrepreneurs and between new firms and established firms. A framework for describing new venture creation integrates four major perspectives in entrepreneurship: characteristics of the individual(s) who start the venture, the organization which they create, the environment surrounding the new venture, and the process by which the new venture is started.