New venture creation model

There are several new venture creation models that have been proposed and studied in the literature. Here are some of the most well-known ones:

  1. The Entrepreneurial Process Model: This model, proposed by Timmons (1994), consists of three stages: opportunity recognition, planning, and execution. It emphasizes the importance of entrepreneurial skills and the role of the entrepreneur in creating a new venture.
  2. The Business Plan Model: This model, popularized by Drucker (1985), involves creating a written plan that outlines the venture's goals, strategies, and financial projections. It emphasizes the importance of planning and preparation in the venture creation process.
  3. The Lean Startup Model: This model, popularized by Ries (2011), emphasizes the importance of rapid experimentation and iteration in the venture creation process. It involves creating a minimum viable product (MVP) and testing it with customers to gather feedback and improve the product.
  4. The Design Thinking Model: This model, popularized by Brown (2008), emphasizes the importance of empathy and understanding the needs of customers in the venture creation process. It involves creating prototypes and testing them with customers to gather feedback and improve the product.
  5. The Stage-Gate Model: This model, proposed by Cooper (1990), involves a series of stages and gates that a venture must pass through to achieve success. Each stage involves a different set of activities, such as market research, product development, and financial planning.
  6. The Entrepreneurial Orientation Model: This model, proposed by Covin and Slevin (1989), emphasizes the importance of entrepreneurial orientation, which includes factors such as innovation, risk-taking, and proactiveness.
  7. The Resource-Based View Model: This model, proposed by Barney (1991), emphasizes the importance of a venture's resources, such as human capital, financial capital, and physical capital, in determining its success.
  8. The Network Model: This model, proposed by Aldrich and Fiol (1994), emphasizes the importance of social networks and relationships in the venture creation process. It involves building relationships with customers, suppliers, and partners to gather resources and support.
  9. The Ecosystem Model: This model, proposed by Porter (1998), emphasizes the importance of the entrepreneurial ecosystem, which includes factors such as government policies, education, and infrastructure. It involves creating a supportive environment that fosters entrepreneurship and innovation.
  10. The Hybrid Model: This model, proposed by Autio et al. (2018), combines elements of different models, such as the lean startup model and the design thinking model, to create a more comprehensive approach to venture creation.

These are just a few examples of the many new venture creation models that have been proposed and studied in the literature. Each model has its own strengths and weaknesses, and the best approach will depend on the specific context and circumstances of the venture.