||This study probes into the process of new venture establishment from the perspective of entrepreneurship, such as discovery of entrepreneurial opportunities to actions taken to maximize the returns from these opportunities. Furthermore, the role of the entrepreneur in the process is also analyzed. The findings are summarized below:|
1.In an ambiguous entrepreneurial environment, opportunities are not always clear from the beginning. Thus, new venture must take the “exploration” action to find new opportunities.
2.After the discovery of new opportunities, it must take the “exploitation” action to maximize return from these opportunities to create wealth, i.e. the gradual accumulation of resources to ultimately form its competitive advantage.
3.Both the “exploration” and “exploitation” actions can be further divided into different tacit strategies: systematic, guerilla, undisciplined, and autonomous tacit strategies. In addition, an entrepreneur has many different roles: chief, mentor, coach, and lord. However, no matter the actions taken, all new ventures must first perform risk assessments, from its internal resources to its external environment, before taking any actions in order to minimize failures.