Summary |
The theme of this volume is the life cycle of entrepreneurial ventures. The term “life cycle” refers to the sequence of stages in the evolution of new ventures. These stages commence with the intentions and actions of nascent entrepreneurs, and the creation of the venture as a new organization. They are accompanied by the acquisition of necessary financial and nonfinancial resources. As ventures develop, their owners remain instrumental in shaping their performance; and the venture development process culminates in involuntary exit or purposive harvesting by the entrepreneur. These stages furnish a natural framework for organizing the chapter that comprise this volume.
The venture life cycle offers a useful framework within which to analyse entrepreneurship. While it is, of course, not the only standpoint from which to approach the subject, it helps to organize and clarify the varied decisions that entrepreneurs make, the rationale for various organizations and institutions observed around us, and how the conjunction of entrepreneurs and organizations shapes social and economic outcomes.
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