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New venture management requires all the skills obtained within the typical MBA programme, and more. New ventures are often launched into highly dynamic environments characterized by rapid technological change, inherent unpredictability and an uncertain cash flow. Such ventures often require rapid growth to succeed. While new ventures offer those who initiate them a high degree of independence, excitement, and potential for great reward, they also bring high risk, stress and greater potential for failure. Thus, it takes a special set of skills, techniques, and temperament to succeed. These skills, along with the potential risks and rewards and environmental settings and characteristics, are explored in the Encyclopedia of New Venture Management.