Venture Creation and the Enterprising Individual : A Review and Synthesis

The goal of this review of venture-creation literature is to answer why, when, and how different modes of action are used to exploit entrepreneurial opportunities.Extant research about the role of individuals in entrepreneurship is summarized and critiqued, and directions for future research are suggested. New ventures are the direct outcome of individuals' intentions and consequent actions.New venture-creation comprises: (1) entrepreneurial intention, (2) opportunity search and discovery, (3) decision to exploit the opportunity by new venture creation, and (4) exploitation activities leading to the first sale. Past research into the entrepreneurial profile has been largely unsuccessful. This literature review is limited to individual differences (or characteristics) that influence development of entrepreneurial intentions, opportunity search and discovery, decision process, and subsequent action. Future research should examine the generalizability of findings to other countries.Examining judgments made during venture creation should help understand starting and succeeding in new ventures. Information about venture creation and activities should be based on primary data gathered directly from entrepreneurs (instead of using students as proxies); suggestions are offered on how to gather such data. (TNM)