New venture development with the guidance of a mentor Essay

New venture development with the guidance of a learn - Essay ExampleCope (473-491) pointed turn up that how it feels like creating a overbold commerce venture without mentors? The question 1 also depicts the same question but in different fashion. Bakker, Curseu and Vermeulen (95-219) stressed on Social cognitive learning theory (SCLT) in order to highlight the fact that first-time entrepreneurs occupy support from an see mentor or suggestion from confederate group in order to be succeeded. Cope (473-491) conducted research on novice entrepreneurs and found that in most of the cases, these entrepreneurs faced challenges while hiting new ventures. For example, genius entrepreneur told that he was completely in dark about the future of the business in next 5 years while one told that she did non have the noesis about how much resource to be allocated at what sector of the venture and other novice entrepreneur told that he broke come out after his first attempt to establish business venture failed. Phenomenological analysis of the problems faced by these novice entrepreneurs reveals the fact that fear has created in the mind of these entrepreneurs collectible to failure of first venture and scope of infusing the social leaning through experienced mentor. Politis (399-424) argued that social capital theory and learning model can be used to understand lived experience of an entrepreneur while starting new venture. Politis (399-424) stated that enthusiasm level of entrepreneurs remains high while starting the new venture and it has been fuelled by the dream to grab the opportunity but in most of the cases, these entrepreneurs lack the social learning which can guide them to do the business. thither can be four types of learning modes such as accommodator, diverge, converge and assimilator. Armstrong (527) argued that the four learning platform should be integrated in single throw in order to increase the risk fetching capacity of entrepreneurs. Armstro ng (527) stated that in most of the cases, a novice entrepreneur lacks the strategic thinking capability, business knowledge, lack of idea regarding life cycle of the startup venture, business experience but such incompetence can be addressed by taking guide of an experienced individual. It is evident from the research works of Armstrong (527) and Politis (399-424) that ability to take calculated risk is essential for a novice entrepreneur to become successful. But, front man of a social group or mentor can help a novice entrepreneur to take calculated risk by transferring knowledge about risk management, enterprise establishment, metabolic process from different stages of enterprise life cycle etc. Although, there are examples of entrepreneurs who established successful enterprise without having mentor but in other cases, novice entrepreneurs lacks all four kinds of learning phase such as accommodating, diverging, converging and assimilating necessary knowledge to establish a succ essful enterprise (Politis, 399-424). Hence, the researcher has found that Social cognitive learning theory (SCLT) can be successfully used to understand the need of mentor in the life of a new entrepreneur while the theory should be further elaborated in order to frame the metamorphosis of a novice entrepreneur into a successful one. Question 2 Singh, Bains and Vinnicombe (389-405) defined mentoring as the asymmetric relationship between a more experienced and knowledgeable individual and protege. A mentor takes the protege under his/her