Success or Failure

Many factors combine to determine the ultimate success or failure of a new venture. Identify three factors that support the successful development of a new venture. Although there are numerous factors that support successful development of new ventures, the three most common are passion for the business, being product/customer focused, and having tenacity despite failure (Barringer & Ireland, 2010, p. 10). One cannot understate the power of passion; however, passion alone is not enough to make a venture successful. Passion comes from one belief that their business will add value and change lives. In addition, without a product that customers are willing to buy and without customers passion and a business idea are useless. Thus, one must be focused on customers and the product they are selling. This underscores the importance of customer service. Lastly, many ventures take multiples tries before coming successful that is few succeed the first time. Without tenacity to keep trying, great opportunities could be missed. In addition, customers that see the commitment of individual who keep trying to get the product right gain support and loyalty.

Identify three factors that may serve as barriers to new venture development. Having the important factors that support successful development of a new venture is not enough; one must also understand the barriers to venture development bringing the skills to handle them. Three factors that may serve as barrier to a new venture development are poor business idea, poor financial management, and poor execution. When developing a business idea the key "is to identify a product or service that people need and are willing to buy, not one that an entrepreneur wants to make and sell" (Barringer & Ireland, 2010, p. 43) this is vitally important to the success of a new venture, without customer you have no business.