Reference no: EM131548639

Question: First, and foremost adequate financing is the most significant way entrepreneurs can enhance the growth of their business venture (Kuratco, 2014). Further, The American Psychological Association (APA) defines venture capital or money as an enabling factor that allows a practice to begin or to grow (APA, 1996). Additionally, a study by Baum, & Locke, (2004) identified certain traits or characteristics, that impact venture growth among them (New Resource Skill) which is defined as the ability to acquire and systematize the operating resources needed to start and grow a business (Baum, & Locke, 2004).

Secondly, based on research or scientific evidence, some of the significant internal and external factors that influence venture growth are: management skills or financial understanding, passion, vision, perseverance, goals, a desire for autonomy, and risk taking, aggressiveness, intuitiveness, self-efficacy, confidence, a willingness to make personal financial commitment, experience in the proposed venture (e.g. technical or service) and, the ability to handle fear (Kuratco, 2014). Thirdly, the significance of strategic planning in the evaluation process of a business has two purposes (1) is to encapsulate the strategic development of the project in a comprehensive document for venture capitalist to read and understand. (2) a strategic business-plan is the entrepreneurs' road-map that shows him or her where they are and where they want to go and is a catalyst for a successful business Kuratco, F., D. (2014).