Essay: Launching New Ventures: Risk-Taking & Job Market Challenges

Introduction

Launching new ventures refers to the creation of new businesses, to create employment as well as make profits. The main goal of every business is profit-making. But, in some instances, losses occur and the owner of the business will be forced to enjoy the losses too. Hence investors who create their jobs should have the character of being risk-takers. Additionally, in this era, we have many graduates who are in the job market. Therefore, securing a good job remains to be a thing of the past. Most graduates are thinking about how they can launch new ventures, to gain some income.

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Before launching the new ventures, the graduates will have to draw a business plan. The business plan will act as a map for the new ventures created. The business plan has the following steps: Determining the amount required to start the business, determining the skills and the numbers of employees who are required, the method that will be used to market the products, how to design and differentiate the products and services that will be offered and how to analyze the market. Analyzing the markets helps find where there is a gap to fill in the market.

Reasons for Launching New Business Ventures

Firstly, new ventures are created, to fill the existing gaps in the market. Business-oriented individuals will notice an existing gap in society, and then take advantage of the situation by launching new ventures to supply what the society needs (La Rocca, Snehota, & Ciabuschi, 2019). Additionally, some individuals may find it boring to be employed. Therefore creating their on jobs. Because individuals need to enjoy things like flexibility and independence. Being your boss has very many advantages and disadvantages.

Causes for Launching New Business Venture

By starting a new business venture, and you are the boss, you are likely to make more income than when you are employed (Cosenz & Noto, 2018). When employed, individuals' income is limited to the salary which is ever fixed. No matter how hard you work, the salary remains to be the same. But if you are a self-boss, you are likely to earn more and more. Individuals who are launching new ventures may be following their passion. Anything done by following your passion is likely to be very successful. Because, you do it with all your heart, with all your soul, and with all your spirit.

Existing individual talents. Talented people may launch their businesses as a result of their talents. Talents lead to great innovations and creativity. New products are likely to be produced by highly talented individuals. And hence, talented individuals will attract more customers and therefore, make more profits than the employed.

Effects of Launching New Business Ventures

There will be the creation of employment. And as a result of being employed, people's way of life will change significantly. Thus, society's lifestyle will be changed (Chavez, 2016). The human capacity will increase in the area where the new venture is located. people tend to relocate and move to areas near to where they are working.

Conclusion

The public should be informed that there are many graduates out there in the name of searching for jobs. For years, they have not secured any job. Hence, the graduates should be, encouraged to launch new ventures to start earning. Apart from earning, the graduates will create employment for many more others. Additionally, the government can offer loans and training programs to inform the graduates of the importance and benefits of the creation of new ventures.

References

Cosenz, F., & Noto, G. (2018). A dynamic business modeling approach to design and experiment with new business venture strategies. Long Range Planning, 51(1), 127-140. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0024630116301819

Chavez, J. (2016). The personality characteristics of an entrepreneur and their effects on the performance of a new business venture. Retrieved from: https://www.theseus.fi/handle/10024/112781

La Rocca, A., Perna, A., Snehota, I., & Ciabuschi, F. (2019). The role of supplier relationships in the development of new business ventures. Industrial Marketing Management, 80, 149-159. Retrieved from: https://www.sciencedirect.com/science/article/pii/S001985011730915X