Last Updated Mar 14, The first thing I find I have to do is to dispel the persistent myth that entrepreneurial success is all about innovative thinking and breakthrough ideas.
Entrepreneurial efforts are like biological experiments in nature: Many variations are tried, but only a small percentage of those go on to thrive. You, however, have an advantage over nature. As an entrepreneur, you can set up your experiment with forethought. Entrepreneurs work under the constraints of their environment -- the political economy.
Five factors will be key to entrepreneurial success: Creativity Do not be dissuaded by the challenge to be creative. You need not be the original wheel creator to improve upon a stone cylinder.
By standing on the shoulders of giants, you can take existing ideas and make small improvements upon them.
Your best ideas may come to you as you are falling asleep or while you are taking a shower. Recognize when you have a fresh idea and do not let them get away from you. Not every idea has to be a home run.
By accumulating your ideas, you will be able to distill the great ones from the rest and be ready to run with the best. Risk Tolerance Rewards rarely come without risk. Your ability to take advantage of an opportunity will depend, in part, on your tolerance for risk.
As the founder of a start-up, investors will expect you to have a vested interest in your business. If you will not bet on your idea, why should anybody else? If you cannot afford the risk, financially or emotionally, then you might make decisions that are too tepid to be successful.
To do well, an entrepreneur needs the strong sense of self-efficacy to believe the risk will be surmountable. Responsiveness Opportunity can leave quickly. With the internet, the spread of information and ideas has led to deeper, faster competition to be the first mover.
The ability to respond to the market and new business opportunities can be the difference between a successful entrepreneur and a failed business model. To be responsive, an entrepreneur must have the flexibility of mind and resources necessary to see and take advantage of new and upcoming possibilities.
Learning from your mistakes and those of others to implement change can keep businesses afloat. Calcifying rigidity, on the other hand, can turn a start-up into dust. Leadership It is up to the entrepreneur to marshal assets. Leaders are challenged with taking possibilities and turning them into inspiring visions for others.
You will inevitably have to sell either your idea or your product to begin your entrepreneurship. It will be up to the entrepreneur to take the idea and turn it into actions and products to capitalize on the opportunity. Leadership can come in many forms, but it is nevertheless essential to entrepreneurship.
You must take the lead for your ideas to come to fruition. Rights Intellectual property laws can provide you with exclusive business rights to your ideas. If you do not protect your ideas, they may be copied -- cheaply.
Once an idea is in the public domain, it may no longer be possible to use that idea as a competitive advantage. Society values ideas being shared.Let us address to the larger question what factors motivate entrepreneurs to start enterprises.
Many researchers have tried to understand and answer this question by conducting research studies to identify the factors that motivate people to take all the risk and start a business enterprise (Kamraj and Muralidaran , Manimala and Pearson , Maslow , Mitchell , Saxena , Khanka .
Entrepreneurship tends to focus on identifying and fulfilling consumer needs in specific niche markets, but all businesses can be affected by large-scale economic trends.
Accounting for trends in the overall economy can help business managers make better decisions. Economic factors that commonly. Entrepreneurs need to make decision regarding a lot of factors.
The body of research on entrepreneurial decision making is rich and according to it entrepreneurs are prone to decision . There are many factors that determine someone's decision on becoming an entrepreneur, mainly social and industrial.
Business owners are usually married, and have a basis of financial support. Current Employment also plays a huge role in whether or not someone will be an emergent entrepreneu. Dec 26, · Factors affecting Entrepreneurship Development.
Capital is one of the most important factors of production for the establishment of an enterprise. Increase in capital investment in viable projects results in increase in profits which help in accelerating the process of capital formation.
Very few decisions are made with. Being an entrepreneur will always mean having to make hard decisions, and these are just a handful of the ones you’ll inevitably face as your business grows.