Ruide Wang Econ 181 Likelihood of A Successful Venture The chance I will complete the semester and meet my goals is at 70%. Recognizing that many factors determine the success or failure of a venture has made me arrive at this decision. For an undertaking not to experience failure, it should not be done at all. Failure is intertwined with success. There are many successful stories of great individuals who had to overcome failure to be successful. However, I have set up clear goals that will ensure that I overcome failure in my activities, noting that the experiences of failure are not always positive or helpful. In this accord, my side project is learning how to cook. I have always been interested in learning this vital aspect of day to day life. To achieve this goal, I have made plans to practice cooking every week. The probability that I will be successful in this venture is seventy percent owing to many inputs. I will strive to ensure that I achieve my goal at the end of the day and that I reduce or avoid instances of failure from occurring. The associated reasons why my side project will be successful are immense- many factors will help me achieve my goals. Making my goals acts as one of the reasons why I take part in these activities. One of the reasons for this is that I practice cooking every day because I do not desire to experience the effects of hunger, therefore, as I cook to overcome hunger I also practice how to prepare food properly. The actual process of cooking to overcome desire also ensures that the food that I cook is plausible. I would not want to cook food that is not edible at the end of the day. I, therefore, strive to cook food that I can eat. I look forward to making each meal worth its taste. Striving to deliver quality products is one of the key reasons why ventures or businesses prosper. Just as I would like to provide quality food on my table, so will I also want to live a good life and provide sufficient services in the case of a business. The second reason for my success is the fact that my girlfriend is a good cook. Having an experienced person around to mentor you increase the probability of success of a venture (Bocken, 2015). My girlfriend's experiences make her the right person to train me on how to cook and finally achieve success at the end of the day. Having a mentor not only makes the people working in an organization more experienced from what they learn from him or her but also makes them more resourceful. Mentors are crucial for the success of any venture that exists. The absence of mentorship and guidelines will leave newbies and new workers at risk. Poor service delivery due to the lack of sufficient support will ultimately lead to the failure of the business. It is thus essential that adequate and well-trained mentors are provided for such as my girlfriend in the case presented. Unavailability of mentors significantly risks the status of the venture. Successful ventures also have organized platforms where experienced people can meet for discussions and views on the way forward in business. The availability of equipment is yet another crucial factor for the success of a venture (Bocken, 2015). In this accord, I have all the items in terms of cooking equipment and tools (which I bought recently) and which can be used to cook. The working environment entails the availability of working equipment. In the absence of enough material, ventures are doomed to fail. Therefore, it is essential that any investment that exists finds ways and means of dealing with its failure rates. Success can only be attained when the sufficient operating equipment is provided for. In the absence of adequate equipment, failure is imminent. Failure in the lack of material is because quality products will not be produced. It is essential, just as presented in my case, for an organization to provide for sufficient welldeveloped equipment so that success is achieved. Ventures are also prone to succeed when one searches for enough knowledge (Bocken, 2015). In this accord, I view many videos online on many platforms that instruct on how to cook correctly. Instructional videos and other methods to increase a workers wealth of knowledge significantly increase the probability of success. As it is well known, the experience is power. For companies to be successful, it is essential to ensure that the employees have ways and means of learning and increasing their knowledge base in the absence of sufficient knowledge, failures moment. The fifth reason for my success is that I am confident. Confidence is paramount to the success of a venture (Bocken, 2015). Possession of the ability have faith in oneself (belief) makes the venture successful regardless of the many negative pressures around. I believe in my skills to make this venture a success. I am not willing to give up on what I think in at any moment. My faith and belief in myself and my abilities will ensure that my venture does not fail. Many business and opportunities of work fail due to the lack of confidence and trust in oneself be successful in a business environment; one has to believe in the market that he or she is undertaking, taking the business as your own. As a result of this faith, one will do more and more to make sure that the venture is a success at the end of the day. However, despite the many reasons why my venture would achieve success, there are also reasons why any investment would fail. As stated earlier, success and failure are intertwined (Hsu, Wiklund & Cotton, 2017). One of the reasons for my failure is a miserable experience. Considering I am a beginner, cooking fifteen different meals would be too much for me, I will need more time to attain the required level of competence to cook all these meals. Additionally, the availability of enough raw material determines the success of a venture (Hsu, Wiklund, & Cotton, 2017). In this accord, the types and kinds of vegetables in the food market are limited and are too little. The limited type of plants hinders the expected experience from the cooking and risks the failure of the venture. Exhaustion and burnout is yet another reason for the failure of a venture (Hsu, Wiklund & Cotton, 2017). I sometimes feel tired of preparing the raw materials before I cook and clean the kitchen. Competition from outside sources, especially those nearby a new venture risk it from failing (Hsu, Wiklund & Cotton, 2017). There is a robust temptation form the outdoor restaurants that make me want to eat outside instead of cooking all by myselfthis possesses a competition to the success of my venture. The fifth reason for the failure of my investment is the lack of optimism and faith from others (Hsu, Wiklund & Cotton, 2017). In this accord, my girlfriend does not believe in me and that I will succeed in completing the project. My girlfriend thinks that I need to change to another thing. I hate that she does not believe in me; her faith would make me stronger to accomplish this project. References Bocken, N. M. (2015). Sustainable venture capital–catalyst for sustainable start-up success?. Journal of Cleaner Production, 108, 647-658. Hsu, D. K., Wiklund, J., & Cotton, R. D. (2017). Success, Failure, and Entrepreneurial Reentry: An Experimental Assessment of the Veracity of Self–Efficacy and Prospect Theory. Entrepreneurship Theory and Practice, 41(1), 19-47. 
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