Entrepreneurship and Business Management (III) Essay

Entrepreneurship and Business Management (III) - Essay Example Resources are therefore the engines of growth and they depend heavily on them for nourishment and survival. When they move from survival to growth they need broader and more extensive resources to nourish their needs. The internet has indeed opened up a vast store of knowledge and information. Entrepreneurs and smaller firms usually face a resource constraint not only of capital but that of specified information. There are plenty of networking communities that help their members in getting information on vital aspects of marketing and availability of talent and other resources. These are the places where they can get sustenance and growth information. By nature technological entrepreneurship is looked upon as shaky, unreliable and flimsy. It has no legitimacy on its own and is considered as highly risky and not worth investing into. It is for these reasons that the entrepreneur and the smaller firms that associate with it are forced to look upon other avenues such as the Internet. Often when they show their prowess in the use of the web based business acumen, they attract Venture Capital. Another objective for entering and developing a networking relationship on the net is access to knowledge of markets and to understand and utilise their scarce resource in optimal ways. Most relationships expect and receive strategic advice that is valuable in developing competencies. This is the value-addition that the entrepreneurs look for from their networking communities as their own exposure is limited due to age and inexperience. Indeed strategic advice has been confirmed to be a sought after value addition (McMillan et al 1988). The use of Internet is however risky for entrepreneurs. They are usually new ventures; start-ups with high on idealism and short on knowledge and the Internet is full of out-dated information and untested