Briefly explain new-venture creation versus corporate renewal

New-venture creation refers to converting a new idea into a business that can thrive and attract more customers. Various components of a new-venture creation include a remote environment, the close environment, the creator, new value creation, and the creating process. Besides, various factors influencing new-venture creation include leadership, customer loyalty, and social responsibility. On the other hand, Corporate renewal refers to the procedure of making changes to a business for improvement so that the business becomes more successful. Corporate renewal can be done by developing a strategy to re-evaluate the weaknesses and strengths of the business.