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The matrix which follows combines each of these four constructs to indicate the sixteen possible new venture types. The new venturers who possess a higher number of the "C", "W", "A" and "D" profile elements tend to be more "expert" in new venturing. These types are shown in the TARGET ZONE at the center of the matrix. The potential new venturers who possess fewer of these profile elements are shown on the perimeter of the matrix. They tend to be more in the RISK ZONE.
VENTURE "TYPES"
SOME IMPLICATIONS OF THE NEW VENTURE PROFILE™ TYPES A "C" most likely indicates that you are aware or conscious of the common patterns which occur in entrepreneurial activity. Realization that there is a venturing "script" is a key ingredient in overall entrepreneurial expertise. This could come as a result of training, or from a general awareness which comes from experience. A "E" signifies that you probably have a high desire or eagerness to be involved in business venturing, that you are ready to take action to make this a reality. E 's generally have been "primed" to venture, most often from past experiences either good or bad, and from their perception of their ability to succeed in a particular deal or deal environment. They would rather "plunge in" than miss a great opportunity. An "A" probably means that you have resources (cash, technology, contacts etc.) and acumen which makes you able to be a "player" in the new venture arena. Often A's assume that because they are "able", they are "capable", which is not always the case, and results in losses incurred but experience gained. A 's also have, or should understand that some kind of "bargaining advantage" is required for long-term venture success. A "D" most often describes the level of capability you possess to discern whether conditions within and surrounding the venture fit the entrepreneurial success script. D's generally have a significant level of experience in a particular new business domain, and may often recognize more quickly what novices in this domain take a while to see. Often a D can have a larger, more-differentiated knowledge structure, with less biased recall of information relevant to particular new venture problems. An "I" typically is unaware of and may not believe that an "entrepreneurial expert script" is possible. I's usually make their venturing judgments based upon intuition, instinct or their knowledge of human nature. They may be unaware of the expert script which they actually follow when the script is "acquired but unconscious". An "R" means that you are reluctant to venture, perhaps more risk averse or cautious in economic endeavors. R 's would rather not have to worry about venture risk, preferring instead to spend time and resources elsewhere. An R prefers to be thoroughly informed, and would rather get through life financially in one piece, than to "make it big". An "L" probably means that you are somewhat limited in your capability to participate in new venture activity. This may result from lack of sufficient resources, or from personal preferences and sphere of influence which are not as closely associated with the entrepreneurial community. An L may also indicate the lack of a venturing track record or small numbers bargaining advantage in competitive situations. A "G" indicates that some guesswork is a part of your new venture profile. The odds go against
those who attempt a new business in "uncharted waters". Accordingly G's should carefully consider the
risks associated with not "sticking to their knitting" (Peters & Waterman, 1982). Also, a G might
indicate the propensity for you to unwisely consider diversification outside your "target zone" of extraordinary expertise, to be overconfident of your venturing ability, or to be a bit out of touch with
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©Copyright 1998-2003 Ron K. Mitchell under license to Wayne Brown Institute |
