Launching New Ventures Dissertation Example | Topics and Well Written Essays - 3250 words - 1

Launching New Ventures - Dissertation Example In order to identify and develop a business opportunity, it is necessary to follow certain processes. These processes are analytically described below. At a first level, it is necessary to choose the approach on which the processes will be based. The effectual approach of decision-making has been chosen under the terms that the future conditions of the market involved cannot be precisely defined in advance – taking into consideration the strong market turbulence because of the global recession. Each of the phases of the processes is justified using relevant literature; additional literature is analytically presented in a separate section. 2.1 Effectual approach The effectual approach of the decision-making process is based on the proposition that since certain elements of the future are known, there are measures that can be taken for controlling it, even if its precise characteristics are not known. In the terms of the business environment, the above approach means that the future performance of business plans can be guaranteed – at an important level - by taking measures which are appropriate in terms of the common market conditions. The above approach is not based on the perspective that the exact future conditions of the market can be known, a perspective accepted in the causal approach of decision making. For this reason, the effectual approach has been chosen as most appropriate for checking a business opportunity, since this approach has the following benefits: a) it does not require accurate decisions but just effective plans; emphasis is given on the construction of the business projects and not on the development of a series of decisions; this fact can help to save time in realizing the projects, b) it does not require precise goals or stable market environment; this fact is an advantage of the effectual approach taking into consideration the turbulence in the global market, c) it does not require extensive market research, a fact that could also save time/ resources in the completion of the business project involved(Doke et al. 2007).