what makes a successful entrepreneur essay

• Business Essentials
• Leadership & Management
• Credential of Leadership, Impact, and Management in Business (CLIMB)
• Entrepreneurship & Innovation
• *New* Digital Transformation
• Finance & Accounting
• Business in Society
• For Organizations
• Support Portal
• Media Coverage
• Founding Donors
• Leadership Team

• Harvard Business School →
• HBS Online →
• Business Insights →

Business Insights

Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills.

• Career Development
• Communication
• Decision-Making
• Earning Your MBA
• Negotiation
• News & Events
• Productivity
• Staff Spotlight
• Student Profiles
• Work-Life Balance
• Alternative Investments
• Business Analytics
• Business Strategy
• Business and Climate Change
• Design Thinking and Innovation
• Digital Marketing Strategy
• Disruptive Strategy
• Economics for Managers
• Entrepreneurship Essentials
• Financial Accounting
• Global Business
• Launching Tech Ventures
• Leadership Principles
• Leadership, Ethics, and Corporate Accountability
• Leading with Finance
• Management Essentials
• Negotiation Mastery
• Organizational Leadership
• Power and Influence for Positive Impact
• Strategy Execution
• Sustainable Business Strategy
• Sustainable Investing
• Winning with Digital Platforms

10 Characteristics of Successful Entrepreneurs

• 07 Jul 2020

Multiple factors go into starting a successful business venture, including a strong concept and initial funding. But, perhaps the most important ingredient is the entrepreneur. These are individuals who must transform their ideas into a fully operational business.

If you’re thinking about launching your own venture, you might be wondering if you have what it takes to be an entrepreneur . But first, what’s an entrepreneur, and what do they do?

Access your free e-book today.

What Is Entrepreneurship?

While entrepreneurship is commonly thought of as the process of starting a business, there are several nuances to consider.

In the HBS Online course Entrepreneurship Essentials , entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity can be a myriad of things, but the course describes it as "a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”

Entrepreneurs —either as individuals or in teams—discover opportunities throughout their personal and professional lives. They form hypotheses on ways to deliver value to customers and perform structured tests to validate their ideas. This often involves recruiting teammates through networking and investing funds to determine how they’ll deliver a product or service at an acceptable cost.

Great entrepreneurs come from all walks of life. In Entrepreneurship Essentials, it’s noted that “there’s no single personality profile, and it’s important to pay attention to the entrepreneurial team, rather than focus on the individual.” And while that's true, there are certain characteristics and skills that are particularly important for entrepreneurs to have when starting and leading a venture.

Here are 10 characteristics shared by successful entrepreneurs.

1. Curiosity

Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues.

This is validated in the online course Entrepreneurship Essentials , where entrepreneurship is described as a “process of discovery." Without curiosity, entrepreneurs can’t achieve their main objective: discovering new opportunities.

The drive they have to continuously ask questions and challenge the status quo can lead them to valuable discoveries easily overlooked by other business professionals.

2. Willingness to Experiment

Along with curiosity, entrepreneurs require an understanding of structured experimentation, such as design thinking . With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it and it meets their needs . To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine its potential.

3. Adaptability

Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable.

This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.

4. Decisiveness

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.

Being decisive doesn’t always mean being correct. Entrepreneurs need the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.

Check out our video on the characteristics of successful entrepreneurs below, and subscribe to our YouTube channel for more explainer content!

5. Self-Awareness

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.

In many cases, it’s the entrepreneurial team, rather than an individual, that drives a business venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal.

Related: 10 Tips to Help You Boost Team Performance

6. Risk Tolerance

Entrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it.

While many things can go wrong when launching a new venture, many things can go right. According to Entrepreneurship Essentials , entrepreneurs who actively manage the relationship between risk and reward position their companies to “benefit from the upside.”

Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts; however, their risk tolerance is tightly related to their efforts to mitigate it.

7. Comfort with Failure

In addition to risk-management and calculated decision-making , entrepreneurship requires a certain level of comfort with failure.

“Of startups that have more than one employee, 70 percent survive at least two years, half last at least five years, and a quarter last 15 years,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials . “Even then, only a small fraction of the survivors get to be significant employers.”

The reasons for failure are vast and encompass everything from a lack of business scalability to low product-market fit . While many of these risks can be avoided, some are inevitable.

Despite this, entrepreneurs must prepare themselves for, and be comfortable with, failure. Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward.

8. Persistence

While many successful entrepreneurs are comfortable with the possibility of failing, it doesn’t mean they give up easily. Rather, they see failure as an opportunity to learn and grow.

Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, ask questions, and persist until they reach their goal.

Related: How to Become a More Resilient Leader

9. Innovative Thinking

Innovation often goes hand-in-hand with entrepreneurship. While innovation in business can be defined as an idea that’s both novel and useful, it doesn’t always involve creating an entirely new product or service. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.

Although innovation doesn’t come naturally to every entrepreneur, it’s a type of strategic mindset that can be cultivated. By developing your problem-solving skills , you’ll be well-equipped to spot innovative opportunities and position your venture for success.

10. Long-Term Focus

Most people associate entrepreneurship with starting a business. While the early stages of launching a venture, such as securing funding , are critical to its success, the process doesn’t end once the business is operational.

According to Entrepreneurship Essentials , “it’s easy to start a business, but hard to grow a sustainable and substantial one. Some of the greatest opportunities in history were discovered well after a venture launched.”

Entrepreneurship is a long-term endeavor, and entrepreneurs must focus on the process from beginning to end to ensure long-term success.

How to Develop the Qualities of an Entrepreneur

There’s no right or wrong way to be an entrepreneur. Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey.

Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on August 14, 2023. It was originally published on July 7, 2020.

About the Author

• View programs
• Take our program quiz
• Online BBA Degree Program
• > Specialization in Artificial Intelligence
• > Specialization in Business Analytics
• > Specialization in Digital Marketing
• > Specialization in Digital Transformation
• > Specialization in Entrepreneurship
• > Specialization in International Business
• > Specialization in Product Management
• > Specialization in Supply Chain Management
• Online BBA Top-Up Program
• Associate of Applied Science in Business (AAS)
• Online MS Degree Programs
• > MS in Data Analytics
• > MS in Digital Transformation
• > MS in Entrepreneurship
• Online MBA Degree Program
• > Specialization in Cybersecurity
• > Specialization in E-Commerce
• > Specialization in Fintech & Blockchain
• > Specialization in Sustainability
• Undergraduate certificates
• Graduate certificates
• Undergraduate courses
• Graduate courses
• > Data Analytics
• > Data Science
• > Software Development
• Transfer credits
• Scholarships
• For organizations
• Career Coalition
• Accreditation
• Our faculty
• Career services
• Academic model
• Learner stories
• The Global Grid
• Book consultation
• Careers - we're hiring!

10 Traits & Characteristics of Successful Entrepreneurs 2024

Entrepreneurship is a popular and exciting topic, especially for those who dream of starting their own business or have already taken the first steps. But what makes a successful entrepreneur? 

While there is no exact formula, there are certain traits and characteristics that successful entrepreneurs share. In this article, we'll explore the key characteristics that make an entrepreneur successful, from passion and hard work to adaptability and risk-taking. 

We'll also delve into the habits and skills that support entrepreneurial success, and highlight some famous entrepreneurs who exemplify these traits. 

Whether you're an aspiring entrepreneur or a seasoned business owner, this article will provide valuable insights into the characteristics of an entrepreneur, and what it takes to succeed in the dynamic world of entrepreneurship.

What Is Entrepreneurship?

Entrepreneurship is the process of starting and managing a new business venture with the aim of making a profit. The concept of entrepreneurship involves identifying a business opportunity, developing a business plan, securing the necessary resources to launch the business and then starting a successful business.

Successful entrepreneurship requires a unique set of skills, traits, and characteristics. The best entrepreneurs obtain and refine these skills over time, because they realise these are the habits that support long-term success.

The 4 Types of Entrepreneurs

There are different types of entrepreneurs , each with its own unique set of characteristics. Here are four of the most common types of entrepreneurs:

The Inventor : These entrepreneurs are creative problem-solvers who have a knack for coming up with new and innovative products or services. They are often driven by a desire to solve a particular problem or meet an unfulfilled need in the market.

The Small Business Owner: These entrepreneurs typically start and operate a small business, often in a specific niche or industry. They tend to focus on developing a loyal customer base and providing high-quality products or services.

The Online Entrepreneur : These entrepreneurs operate businesses entirely online, using the internet to reach a global audience. They often leverage digital marketing strategies and e-commerce platforms to sell their products or services.

The Home Business Owner : These entrepreneurs operate a business from their home. They may start a business that provides services or products directly to customers, or they may operate an online business from their home.

Within the next section, we'll be discussing the top traits of successful entrepreneurs, so you can work to adopt these and not only run a successful and sustainable business, but also strive towards new opportunities as they come into your path.

10 Characteristics of Successful Entrepreneurs

Every successful entrepreneur has traits and qualities which have enabled them to get to their position. If you want to accomplish something similar, and create a successful business, you must adopt these same attributes and entrepreneur characteristics.

Curiosity : Successful entrepreneurs are naturally curious individuals who are always seeking new opportunities and insights. They are constantly learning and seeking ways to improve their businesses.

Structured Experimentation : Entrepreneurs are often faced with uncertainty and risk. Successful entrepreneurs are skilled at experimenting with new ideas and testing their assumptions in a structured and systematic way.

Adaptability : Successful entrepreneurs are able to adapt to changing circumstances and market conditions. They are flexible and open-minded, willing to pivot their business strategies as needed.

Decisiveness : Entrepreneurs must make many decisions on a daily basis, often with limited information. Successful entrepreneurs are decisive and able to make tough decisions quickly and confidently.

Team Building : No entrepreneur can succeed alone. Successful entrepreneurs are able to build and manage effective teams, delegate tasks, and empower their employees to succeed.

Risk Tolerance : Entrepreneurship involves taking calculated risks. Successful entrepreneurs are willing to take risks and embrace uncertainty in order to achieve their goals.

Comfortable with Failure : Failure is an inevitable part of entrepreneurship. Successful entrepreneurs are comfortable with failure and view it as an opportunity to learn and grow.

Persistence : Entrepreneurship requires persistence and a willingness to keep going in the face of obstacles and setbacks. Successful entrepreneurs are tenacious and resilient.

Innovation : Successful entrepreneurs are able to identify new and innovative ways to solve problems and meet customer needs. They are creative and always looking for ways to improve their products or services.

Long-Term Focus : Entrepreneurship is a long-term game. Successful entrepreneurs have a clear vision of where they want to go and are willing to invest the time and resources needed to achieve their goals.

5 Common Mistakes to Avoid as an Entrepreneur

Starting a new venture, business or startup is challenging and requires a lot of effort, and even the most successful entrepreneurs have made mistakes along the way. Here are five common mistakes to avoid as an entrepreneur:

Not sticking to your budget : Many entrepreneurs make the mistake of overspending and not sticking to their budget. This can be detrimental to a business, especially in the early stages when funds are limited. It's essential to create a budget and stick to it, no matter what.

Making illogical, spur of the moment hiring decisions : Hiring the wrong employees can be costly and time-consuming. It's important to take the time to hire the right people who share your vision and are committed to the success of your business.

Setting unattainable goals : Setting unrealistic goals can lead to disappointment and frustration. It's important to set achievable goals that are challenging but attainable.

Not delegating : Many entrepreneurs try to do everything themselves, which can lead to burnout and decreased productivity. It's important to delegate tasks to others, so you can focus on the big picture.

Making decisions out of fear : Fear can hold entrepreneurs back and prevent them from taking calculated risks that could lead to success. It's important to make decisions based on logic and research, not fear.

Do you have the skills to be a successful entrepreneur?

Take our free quiz to measure your entrepreneurial skills and see if you have what it takes to run your own successful business.

Your results will help you identify key skill gaps you may have! Up for the challenge?

How to Develop the Qualities of an Entrepreneur

If you're thinking about becoming an entrepreneur or want to improve your entrepreneurial skills, here are some tips to help you develop the top characteristics, personality traits and qualities needed of a successful entrepreneur:

Be curious : Successful entrepreneurs are curious and always looking for new opportunities. Develop a habit of asking questions and seeking out new information. Entrepreneurs ask challenging questions, as they realise that gaining the answers to these questions will set them apart from their competition.

Practice structured experimentation : Entrepreneurs need to be willing to experiment and try new things. However, it's important to do so in a structured manner, so you can learn from your experiments and adjust your approach accordingly.

Be adaptable : The business world is constantly changing, and successful entrepreneurs need to be able to adapt to new circumstances. Develop a mindset that is open to change and willing to pivot when necessary.

Be decisive : Successful entrepreneurs need to be able to make decisions quickly and confidently. Practice making decisions based on logic and research.

Build a strong team : Entrepreneurship is a team sport, and successful entrepreneurs need to build strong teams around them. Hire people who share your vision and are committed to the success of your business.

Develop risk tolerance : Entrepreneurship involves taking risks, and successful entrepreneurs need to be comfortable with risk-taking. Start small and gradually build your risk tolerance over time.

Be comfortable with failure : Failure is a natural part of entrepreneurship, and successful entrepreneurs need to be comfortable with it. Learn from your failures and use them as opportunities for growth.

Cultivate persistence : Entrepreneurship requires persistence and a willingness to keep going, even when things get tough. Develop a mindset of persistence and keep pushing forward.

Foster innovation : Successful entrepreneurs are always looking for new and innovative ways to solve problems. Develop a mindset of innovation and embrace new ideas and technologies.

Focus on the long-term : Entrepreneurship is a marathon, not a sprint. Develop a long-term focus and prioritize sustainability over short-term gains.

Conclusion - Characteristics of Entrepreneurship

In conclusion, becoming a successful entrepreneur requires a unique combination of traits, skills, and habits. While some entrepreneurs are born with natural talent, others develop these qualities over time through hard work, determination, and a willingness to take risks. By focusing on cultivating key characteristics of an entrepreneur, like passion, adaptability, and a positive attitude, aspiring entrepreneurs can set themselves up for long-term success.

And if you're interested in pursuing entrepreneurship further, here at Nexford University , why not consider our excellent selection of BBA , MBA and MS degrees , including our BBA in Entrepreneurship and our MS in Entrepreneurship .

Download our brand new free report on how you can acquire the most important skills for creating a widely successful business.

Remember , with the right entrepreneurial mindset, skillset, and education, anyone can make their mark in the exciting world of business.

What are the key characteristics of successful entrepreneurs?

Successful entrepreneurs possess a combination of various traits and characteristics such as passion, persistence, creativity, adaptability, risk-taking, problem-solving skills, leadership, and a positive attitude.

What is the difference between a successful entrepreneur and a business owner?

A successful entrepreneur is someone who has started a business venture and has achieved long-term success through innovative ideas, calculated risks, and a variety of other characteristics. A business owner is someone who owns a business, but may not necessarily have the entrepreneurial spirit or skills that successful entrepreneurs possess.

What is the role of passion in entrepreneurial success?

Passion is a crucial factor in entrepreneurial success. Great entrepreneurs often have a deep passion for their business idea and are motivated to turn their idea into a reality. Passion also helps entrepreneurs stay committed to their business venture during challenging times.

Is having a business plan essential for any successful entrepreneur?

Yes, having a business plan is essential for any successful entrepreneur. A business plan outlines the goals, strategies, and tactics that entrepreneurs need to follow to achieve success. It also helps entrepreneurs to stay focused and make calculated decisions along the way.

What are some common mistakes that entrepreneurs make?

Some common mistakes that entrepreneurs make include failing to conduct market research, not having a solid business plan, underestimating the importance of cash flow management, and not being adaptable to changes in the market.

What is the defining characteristic of an entrepreneur?

The defining characteristic of an entrepreneur is the willingness to take calculated risks. Successful entrepreneurs are not afraid to take risks and are willing to make difficult decisions that may lead to failure, but also have the potential for significant success.

What role does adaptability play in entrepreneurial success?

Adaptability is essential for any successful entrepreneur. The business world is constantly changing, and entrepreneurs who are adaptable can quickly pivot their business strategies and products to meet new demands and opportunities.

What is the importance of market research for entrepreneurs?

Market research is crucial for entrepreneurs to understand their target audience and their needs. It helps entrepreneurs to create products and services that are tailored to their customers' needs and preferences, which is essential for long-term business success.

What is the role of risk-taking in entrepreneurial success?

Risk-taking is a critical factor in entrepreneurial success. Successful entrepreneurs are willing to take calculated risks and make bold decisions to achieve their business goals. However, risk-taking should be balanced with careful planning and analysis to avoid excessive risk that may lead to business failure.

What is the importance of a positive attitude in entrepreneurial success?

A positive attitude is essential for any successful entrepreneur. Entrepreneurs who have a positive outlook and believe in their abilities are more likely to overcome challenges and stay committed to their goals. A positive attitude also helps entrepreneurs to build strong relationships with employees, customers, and partners, which is crucial for long-term business success.

Join our newsletter and be the first to receive news about our programs, events and articles.

• SUGGESTED TOPICS
• The Magazine
• Newsletters
• Managing Yourself
• Managing Teams
• Work-life Balance
• The Big Idea
• Data & Visuals
• Reading Lists
• Case Selections
• HBR Learning
• Topic Feeds
• Account Settings
• Email Preferences

So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

Partner Center

• Starting a Business
• Growing a Business
• Small Business Guide
• Business News
• Science & Technology
• Money & Finance
• For Subscribers
• Write for Entrepreneur
• Entrepreneur Store
• United States
• Asia Pacific
• Middle East
• South Africa

Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC

What Makes a Successful Entrepreneur? Perseverance. Entrepreneurship is about being the last man standing. It's about having the determination, the discipline, and the cash to see it through.

By Steve Tobak • Jan 25, 2016

Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurship is not the glamorous career path it's been made out to be. It's not about big ideas and ideals. It's not about hopes and dreams. It's not about guts and glory. It's not even about invention and innovation. And it's certainly not about a search for fame and fortune.

More than anything, entrepreneurship is a game of attrition. It's about having the determination, the discipline, and the cash to see it through. It's about not giving up and being the last man or woman standing when everyone else has fallen by the wayside.

Don't get me wrong. Having the vision to see what others don't, the passion to motivate yourself and others, the savvy to build and grow a business, and the guts to make good decisions, are all part of the mix. But what binds those ingredients together is the tenacity to stick with it, day in, day out, year after year.

Make no mistake, successful companies have no endpoint. That's right, they don't. The goal is to keep overcoming obstacles, growing sales, and making money, ad infinitum . If reading that sends a cold chill down your spine, you're not alone. The prospect of having to keep all those balls up in the air and grow a business indefinitely is daunting to most.

Related: Learn to Write, for God's Sake

The few that find the notion intoxicating to the point where they can't wait to get up every morning, get to work, and deal with the chaos of their chosen path in life are the true entrepreneurs of the world. Here are a few real examples to drive home the importance of perseverance in startup success:

Nobody got Google at first

I bet you didn't know that Larry Page and Sergey Brin pitched their idea for a standalone search-engine company all over Silicon Valley before Sun co-founder Andy Bechtolsheim finally wrote them a check for $100,000. And in 1999, Google was ranked seventh with just 7.8 percent of the search-engine market. It took years before the startup hit critical mass, came to dominate the market, and became a popular verb all over the world.

Jeff Bezos' "purposeful Darwinism"

Jeff Bezos may have gotten a jump on ecommerce when he founded Amazon in 1994, but it wasn't some grand vision that enabled the Seattle-based company to survive the nuclear fallout of the dot-com era and thrive through the Great Recession. It was the tenacity of a highly competitive, results-driven culture built on a version of survival of the fittest Bezos calls "purposeful Darwinism."

Jobs: Perseverance distinguishes successful entrepreneurs

In a 1995 interview, Steve Jobs said , "I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance. It is so hard and you pour so much of your life into this thing, there are such rough moments in time that most people give up. And I don't blame them, it's really tough." Indeed, Apple has persevered; the company was nearly bankrupt when Jobs returned as CEO in 1997.

Interestingly enough, Apple has only played a role in creating one market, the personal computer. MP3 players, smartphones, and tablets had all been around for many years when the tech giant entered those markets with a superior product painstakingly designed with the highest standards in mind. The Cupertino company as always taken the long view – and taken its time to be the best at what it does.

Related: Want to Save the World? First Save Yourself.

VC: One of the things I admire most is tenacity

In a recent blog post appropriately titled " Tenacity ," VC Fred Wilson said that's one of the qualities he admires most in leaders. "Every successful company I have been involved in has gone through periods where things didn't work, where something important took too long and the doubts start to creep in," he said. "Employees start to lose faith, the media turns cruel, and you've got to hold it all together."

Wilson should know. His firm's notable investments include Twitter, Zynga, Etsy, Tumblr, Feedburner, and Foursquare, several of which have come under harsh scrutiny as public companies.

He also said it took years for SoundCloud to ink licensing deals with the music industry. And although Foursquare recently announced a down round of funding and that its founder, Dennis Crowley, would be stepping down as CEO, Wilson said the location awareness company has "survived and thrived" due to its and Crowley's tenacity.

Lastly, Wilson said, "It gets harder, not easier, as the years pile up. That is where tenacity and believing in yourself and your team and your business is required."

Indeed. Just as with life, successful businesses are marathons, not sprints, except there is no finish line. It's just a way of life, so live it up.

Related: Want Big Things Out of Life? Expect Big Things of Yourself.

Author of Real Leaders Don't Follow

S teve Tobak  is a management consultant, columnist, former senior executive, and author of  Real Leaders Don’t Follow: Being Extraordinary in the Age of the Entrepreneur  (Entrepreneur Press, October 2015). Tobak runs Silicon Valley-based  Invisor Consulting  and blogs at  stevetobak.com , where you can  contact him  and learn more.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick Red Arrow

• This 103-Year-Old Doctor Opened Her Medical Practice Before Women Could Have Bank Accounts — Here Are Her 6 Secrets to a Healthy, Successful Life
• Lock 5 Ways You Might Be Cheating on Your Taxes — And Why You Will Get Caught
• I've Had a Secret Side Hustle for Decades. It Keeps Tens of Thousands of Dollars in My Pocket — and Gets Me Into Places I Wouldn't Go Otherwise .
• Lock Here's How Steve Jobs Dealt With Negative Press and Avoided Brand Disasters
• One Factor Is Helping This Entrepreneur Tackle Business Ownership Later in Life. Now, She's Jumping Into a $20 Billion Industry .
• Lock Narcissism Can Help You Be Successful — Here's How to Harness It Without Going Too Far, According to an Ivy League-Trained Psychotherapist

Most Popular Red Arrow

This dad started a side hustle to save for his daughter's college fund — then it earned $1 million and caught apple's attention.

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Get an Extra 20% Off the Price of Microsoft Office for Mac or Windows Through April 16

Boost your productivity with special pricing on these proven products.

The Best Communicators Follow These 3 Rules When Talking to Those in Authority

Here's to turn a communication mishap into a powerful communication framework.When you are clear about the kind of communication you need, it's easier for people to say the right things and take the right actions.

X Is Suddenly Prohibiting Users From Hiding Their Blue Checkmarks

Earlier this month, X gave blue checkmarks to accounts with over 2,500 verified users — regardless of whether or not they opted in.

Bantam Bagels' Founder Fell Into a Mindset Trap 'People Don't Talk About' After Selling the Now-Defunct Business for $34 Million — Here's What Happened

Elyse Oleksak and her husband Nick founded their mini bagel business in 2013 — and it was an instant hit.

Successfully copied link

Skills and Behaviors that Make Entrepreneurs Successful

What makes a successful entrepreneurial leader?

Is it the technical brilliance of Bill Gates? The obsessive focus on user experience of Steve Jobs? The vision, passion, and strong execution of Care.com’s Sheila Lirio Marcelo? Or maybe it’s about previous experience, education, or life circumstances that increase confidence in a person’s entrepreneurial abilities.

Like the conviction of Marla Malcolm Beck and husband Barry Beck that high-end beauty retail stores and spas, tightly coupled with online stores, was the business model of the future, while other entrepreneurs—and the investors who financed them—declared such brick-and-mortar businesses were dinosaurs on their way to extinction. The success of Bluemercury proved the critics wrong.

“We’ve always had a hard time being able to identify the skills and behaviors of entrepreneurial leaders”

Despite much research into explaining what makes entrepreneurial leaders tick, the answers are far from clear. In fact, most studies present conflicting findings. Entrepreneurs, it seems, are still very much a black box waiting to be opened.

A Harvard Business School research team is hoping that a new approach will enable better understanding of the entrepreneurial leader. The program combines self-assessments of their skills and behaviors by entrepreneurs themselves with evaluations of them by peers, friends, and employees.

Along the way the data is also allowing scholars to study attributes of entrepreneurs by gender, as well compare serial entrepreneurs versus first-time founders.

“We’ve always had a hard time being able to identify the skills and behaviors of entrepreneurial leaders,” says HBS Professor Lynda Applegate, who has spent 20 years studying leadership approaches and behaviors of successful entrepreneurs. “Part of the problem is that people usually focus on an entrepreneurial ‘personality’ rather than identifying the unique skills and behaviors of entrepreneurs who launch and grow their own firms.”

Complicating this understanding are the many types of entrepreneurial ventures that exist, says Applegate. These can include small “lifestyle” businesses, multi-generational family businesses, high-growth, venture funded technology businesses, and new ventures designed to commercialize breakthrough discoveries in life sciences, clean tech, and other scientific fields.

“These types of ventures seem to both appeal to and require different types of entrepreneurial leaders and we are hoping that our research will help us understand those differences—if they exist,” says Applegate, the Sarofim-Rock Professor of Business Administration at HBS and Chair of the HBS Executive Education Portfolio for Business Owners & Entrepreneurs.

The answers are already starting to come in, thanks to initial results from a pilot test of “The Entrepreneurial Leader: Self Assessment” survey taken by 1,300 HBS alumni. Results allowed the researchers to refine the self-assessment and to create a second survey, “The Entrepreneurial Leader: Peer Assessment.” Both are being prepared for launch in summer 2016.

The team included Applegate; Janet Kraus , entrepreneur-in-residence; and Tim Butler, Senior Fellow and Senior Advisor to Career and Professional Development at HBS and Chief Scientist and co-founder of Career Leader.

Dimensions of entrepreneurial leadership

A literature review combined with interviews of successful entrepreneurs helped the team define key factors that formed the foundation for the self-assessment. These dimensions were further refined based on statistical analysis of the pilot test responses to create a new survey instrument that defines 11 factors and associated survey questions that will be used to understand the level of comfort and self-confidence that founders and non-founders have with various dimensions of entrepreneurial leadership.

These 11 dimensions are:

• Identification of Opportunities. Measures skills and behaviors associated with the ability to identify and seek out high-potential business opportunities.
• Vision and Influence. Measures skills and behaviors associated with the ability to influence all internal and external stakeholders that must work together to execute a business vision and strategy.
• Comfort with Uncertainty. Measures skills and behaviors associated with being able to move a business agenda forward in the face of uncertain and ambiguous circumstances.
• Assembling and Motivating a Business Team. Measures skills and behaviors required to select the right members of a team and motivate that team to accomplish business goals.
• Efficient Decision Making. Measures skills and behaviors associated with the ability to make effective and efficient business decisions, even in the face of insufficient information.
• Building Networks. Measures skills and behaviors associated with the ability to assemble necessary resources and to create the professional and business networks necessary for establishing and growing a business venture.
• Collaboration and Team Orientation. Measures skills and behaviors associated with being a strong team player who is able to subordinate a personal agenda to ensure the success of the business.
• Management of Operations. Measures skills and behaviors associated with the ability to successfully manage the ongoing operations of a business.
• Finance and Financial Management. Measures skills and behaviors associated with the successful management of all financial aspects of a business venture.
• Sales. Measures skills and behaviors needed to build an effective sales organization and sales channel that can successfully acquire, retain, and serve customers, while promoting strong customer relationships and engagement.
• Preference for Established Structure. Measures preference for operating in more established and structured business environments rather than a preference for building new ventures where the structure must adapt to an uncertain and rapidly changing business context and strategy.

While the 11 factors provided some level of discrimination between founders and non-founders, five factors showed statistically significant differences. For example, founders scored significantly higher than non-founders on “comfort with uncertainty,” “identification of opportunities,” “vision and influence,” “building networks,” and “finance and financial management.” Founders also had significantly lower ratings on their “preference for established structure” dimension.

Entrepreneurial leadership differences between founders and non-founders

Although some of the factors—like comfort with uncertainty and the ability to identify opportunities—seemed like obvious markers for entrepreneurial success, the study built a statistically reliable and valid tool that can be used to deepen understanding, not only of founders versus non-founders, but also of differences and similarities among founders who start and grow different types of businesses, between male and female founders, serial founders and first-time founders and founders from different countries.

In addition, a deeper examination of the individual questions that make up each factor provides richer descriptions of specific behaviors and skills that account for the differences in the profile of entrepreneurs who are launching different types of ventures and from many different backgrounds.

Take vision and influence, for example. Although it is a long-standing belief that great leaders have vision and influence, the researchers found that entrepreneurial leaders have more confidence of their abilities than the average leader on this dimension—and that leaders working within established firms actually rated themselves much lower.

Financial management and governance turned out to be another non-obvious differentiator.

“Financial management is a skill that all of our HBS alumni should feel confident in applying,” Kraus says. “Yet among the alumni surveyed in the pilot, those who had chosen to be founders rated themselves as much more confident in their financial management skills—especially those related to managing cash flow, raising capital, and board governance—than did non-founder alumni.”

Self-confidence in financial management and raising capital was especially strong for male entrepreneurs, she says. “Our future research will broaden our sample beyond HBS alumni to enable us to differentiate between those who graduated with and without an MBA, and to assess confidence in raising capital and financial management and a wide variety of other skills by different types of founders and non-founders.”

Efficient management of operations was another crucial, yet less obvious, factor. “While we often think that employees within established organizations would be more confident in their ability to efficiently manage operations, we were surprised to see that it is a distinguishing and differentiating attribute of entrepreneurs,” says Kraus. “All entrepreneurs know that they must do more with less—which means that they must work faster and with fewer resources.”

Differentiating male and female entrepreneurs

The pilot study allowed researchers to examine gender differences. While men and women rated themselves similarly on many dimensions, women were more confident in their ability to “efficiently manage operations” and in their “vision and influence,” while men expressed greater confidence in their “comfort with uncertainty” and “finance and financial management."

Entrepreneurial leadership differences between male and female founders

These differences rang true for Kraus, herself a serial entrepreneur who founded and grew three successful entrepreneurial ventures.

“Successful women entrepreneurs that I know have lots of great ideas, and are super skilled at creating a compelling vision that moves people to action,” she says. “They are also extremely capable of getting lots done with very little resources so are great at efficient management of operations. That said, these same women are often more conservative when forecasting financial goals and with raising significant rounds of capital. And, even if they have a big vision, they are less confident in declaring at the outset that their goal is to become a billion-dollar business.”

Indeed, research confirms observations that women start more companies than men, but rarely grow them as large.

Based on his earlier research, these results also resonated with Tim Butler: “When it comes to self-rating on finance skills, women are more likely than men to rate themselves lower than ratings given them by objective observers. There are definitely implications for educators when lower self-confidence in skills associated with entrepreneurial careers becomes a significant obstacle for talented would-be entrepreneurs.”

The researchers hope to deepen their understanding of male and female entrepreneurial leaders as they collect more data.

Differentiating serial founders and first-time founders

Not all founders are cut from the same cloth, the study underscores. Analysis of the pilot data also revealed important differences between first-time founders and serial founders—those who launch and grow a number of new ventures, such as Elon Musk (PayPal, Tesla Motors, SpaceX) and research team member Kraus (Circles, Spire; peach).

One key difference the research team discovered: serial founders appear more comfortable with managing uncertainty and risk. That doesn’t mean they enjoy taking risks, Kraus says, “but they appear to be confident that they are adept and capable of knowing how to ‘de-risk’ their venture and manage uncertainty from the very beginning."

Entrepreneurial leadership differences between serial founders and non-serial founders

While the data are not yet robust enough to say so with certainty, Kraus believes that serial entrepreneurs often enjoy launching businesses where the risk is highest because of confidence in their ability to manage uncertainty, and perhaps because they enjoy the process of creating clarity from uncertainty.

Other factors that set serial entrepreneurs apart from one-timers include confidence in their skills at building networks, securing financing and financial management, and generating creative ways to identify and meet market opportunities.

FUTURE OPPORTUNITIES

As more people take the assessment and HBS develops a richer data set, scholars, educators, entrepreneurs and those who support them will be able to develop insights that will have a number of payoffs.

“The entrepreneurial leaders we know are constantly searching for tools that can help them become more self-aware so they can be more effective,” Kraus explains. “This tool is going to be uniquely useful in that it was specifically developed to help entrepreneurs gain a deeper understanding of the skills and behaviors that they need to be successful.”

In addition, researchers will be able to examine the data by age, gender, country, industry, size of company, pace of growth, and type of venture “to understand the full range of entrepreneurial leadership skills and behaviors, and how different types of entrepreneurs are similar and different,” Applegate says. “These insights will enable us to do a better job of educating entrepreneurs, designing apprenticeships and providing the mentorship needed.”

The data will also be useful in identifying skills and behaviors needed to jumpstart entrepreneurial leadership in established firms, and in understanding how an entrepreneurial leader continues to lead innovation throughout the lifecycle of a business—from startup through scale-up.

“Today, I often see that the creativity and innovation that was so prevalent in the early days of an entrepreneurial venture gets squeezed out as the company grows and starts to scale,” says Applegate. “But, rather than replace entrepreneurs with professional managers, we need to ensure that we have entrepreneurial leadership and creativity in all organizations and at levels in organizations. We hope that our research will help clarify the behavior and skills needed and, over time, will help us track the entrepreneurial leadership behaviors and skills of companies of all size, in all industries, and around the world.”

Given the critical importance of entrepreneurial leaders in driving the economy and improving society, shockingly little is understood about them. The data and analysis emerging from HBS will provide important insights that can help answer the questions, “What makes a successful entrepreneurial leader and how can I become a successful entrepreneurial leader?”

Related Reading:

Social Networks, Ethnicity, and Entrepreneurship Government’s Positive Role in Kick-Starting Entrepreneurship Don’t Just Survive—Thrive: Leading Innovation in Good Times and Bad

• 09 Apr 2024

Why Work Rituals Bring Teams Together and Create More Meaning

• 24 Jan 2024

Why Boeing’s Problems with the 737 MAX Began More Than 25 Years Ago

• 02 Apr 2024
• What Do You Think?

What's Enough to Make Us Happy?

• 25 Feb 2019
• Research & Ideas

How Gender Stereotypes Kill a Woman’s Self-Confidence

• 25 Jan 2022

More Proof That Money Can Buy Happiness (or a Life with Less Stress)

• Entrepreneurship

Sign up for our weekly newsletter

Entrepreneurship Essay: Topics & Samples about Entrepreneurship

In the course of your studies for management, marketing, or finance degree, you can be asked to write an entrepreneurship essay. Those who tried it know how challenging it is to compose a convincing and fact-based paper about business.

An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon.

Entrepreneurship is about calculating one’s chances for success. It aims to establish a business opportunity and avail of it. In most cases, it involves product or process innovation. Thus, the goal of an entrepreneurship essay is to train your business thinking. It develops a habit of using subject-specific terminology and theories.

This article is your way to a perfect essay about entrepreneurship. Our team has prepared a guide and a list of topics where you can find an excellent sample essay about entrepreneurship. Yet, we know that the most challenging thing for many students is to come up with specific questions.

You can rely on the following steps while working on your paper:

• Pick or create a topic. The best essays focus on a narrow problem. Pick an idea that offers solutions or specifies how the reader can relate. Convey it all in your topic.
• Research thoroughly. Good preliminary research will prevent you from discussing stale news. Look for currently topical issues that many people face.
• Write an introduction. It is the most “selling” part of your entrepreneurship essay. Provide background information about the problem you are going to explore. Why did it arise, and who was affected?
• Work out a thesis statement. This sentence contains the central message of your writing. Specify your position on the narrow topic. For example, “Employee turnover is not always a negative thing.”
• Develop an argumentation. Make a list of all arguments that support your position and a few counterarguments. You will refine it when writing the main body. Include only the vital ideas and examples in your essay on entrepreneurship.
• Think of a conclusion. Mind that your readers will remember this paragraph most of all. What were the central ideas of your work? Summarize your arguments and restate your thesis with a development.
• Come up with an engaging title. It should make the readers want to keep on reading your text. An entrepreneurship essay title should reveal the problem you are going to discuss.

15 Entrepreneurship Essay Topics

To write a successful essay, you’ll need engaging topics on entrepreneurship. A good idea inspires you and gives a substantial reason for discussion.

Here we have collected the best entrepreneurship topics for your essay:

• Is becoming a successful entrepreneur an inborn quality or a developed skill?
• Is it efficient to unite researchers and entrepreneurs into one organization?
• Is contemporary entrepreneurship possible without online marketing?
• How can creativity make your business more identifiable?
• Does a model of economic development help entrepreneurs to achieve their goals, or does it limit their imagination?
• What are the psychological causes that urge entrepreneurs to seek profit?
• What are the reasons that spur the growing expertise of individuals in business issues?
• Which factors can bring entrepreneurship to bankruptcy?
• How could governments incentivize individuals to become sole entrepreneurs?
• What are the leadership characteristics of successful entrepreneurial management?
• Does gender influence a person’s skills in entrepreneurship as a career?
• Is it better to have a small enterprise or work for a large corporation, provided that the salary is the same?
• Compare the approaches entrepreneurs who start only one business and those who invest in multiple enterprises.
• How can MBA help you to become an entrepreneur?
• Analyze the path of a successful entrepreneur and suggest what could be improved.

5 Entrepreneurship Essay Questions

Your college or school professors can give you detailed essay questions. They direct your thought to make sure you do not diverge from the central idea.

Here you can check a list of entrepreneurship essay questions:

• In your opinion, is there a moment when an entrepreneur should stop expanding their business? Small business is easier to manage, but it provides less revenue. Big enterprises earn more but bring their investors to more serious risks and more significant expenses. Substantiate your point of view.
• What makes a successful business plan? Is it more important to calculate the economic feasibility of the future enterprise or predict the reaction of the target audience? Give examples of both approaches.
• Explain the concept of entrepreneurship. The essay should synthesize different formulations of prominent economists and sociologists. Make up your explanation of the term based on your synthesis.
• What can be done to avoid cutting the expenses of an enterprise? Staff reduction, renting smaller premises, and cutting salaries usually have negative aftermath. Are there any universal ways to make your business survive a recession?
• Imagine you are looking for a business partner. Which questions would you ask the candidates during the interview? Are there any traits you would look for? What kind of behavior would immediately tell you it is the wrong person?

Thanks for reading the article! Below you can find sample essays about entrepreneurship illustrating the structure that we have described above.

425 Best Sample Essays about Entrepreneurship

The definition of entrepreneurship.

• Words: 1654

Starting a Business: Advantages and Disadvantages

• Words: 1730

A Clothing Boutique as a Business Idea

• Words: 1227

Entrepreneurship: Interview with Small Business Owner

• Words: 1643

Concept of an Entrepreneur in Business

• Words: 2037

Business Failures: Reasons and Recommendations

Small business: features and development, entrepreneurs’ strengths and weaknesses, case study analysis: opening a coffee shop.

• Words: 1783

Entrepreneurship: History, Reasons and Roles

“drinkworks: home bar” by keurig, working for someone vs. owning a business, starting a business vs. working for an employer, independent entrepreneurship, intrapreneurship, and social entrepreneurship.

• Words: 1531

Natural Hair Care Products as a Business Idea

The definition of entrepreneurship and entrepreneurial behavior.

• Words: 2683

Entrepreneurship: Making a Business Plan

Steve jobs as a successful entrepreneur, kirzner’s theory of opportunity.

• Words: 2450

The Concept of Enterprise “Push” and “Pull” in a Business

• Words: 2024

Chinese and Japanese Business Systems Comparison

• Words: 3387

Entrepreneurship, Intrapreneurship, and Formulated Marketing

Eco-friendly packaging for food and beverage industry.

• Words: 2749

Entrepreneurship Journey Case Study

• Words: 2941

3M Corporation’s Innovation Engine Case

Entrepreneurship development in the uae.

• Words: 3180

The Doctrine of Insurable Interest

• Words: 2412

UAE Governmental Programs for Small Businesses

• Words: 2367

Women in Entrepreneurship

• Words: 3172

Entrepreneurship vs. Working as an Employee

Amazon and tesco: corporate entrepreneurship, concepts of customer data dynamics and sub-concepts, “how to change the world” by d. bornstein.

• Words: 1389

Entrepreneur Interview: Local Business Store

• Words: 1111

Governmental Role for Business

Women entrepreneurs, strategic entrepreneurship: creating values.

• Words: 2626

Social Entrepreneurship and Social Change

Entrepreneurship: amara online shoe shop.

• Words: 7379

Entrepreneurs and the Entrepreneurship Process

• Words: 1233

Sources of Capital for Entrepreneurs

Owning & operating a family business, critical success factors for entrepreneurs.

• Words: 3872

Entrepreneurs and Opportunity Recognition

• Words: 2804

The Microeconomics and Macroeconomics Factors in a Startup Café

Entrepreneurship: reducing unemployment.

• Words: 1410

Entrepreneurship: Advantages and Disadvantages

• Words: 1297

Franchise Agreement: Term Definition

Katie’s custom engraving logos.

• Words: 1669

Entrepreneurial Leadership Characteristics and Types

Free enterprise systems.

• Words: 1434

Enterprise Architecture and Outsourcing Strategy Organization

Entrepreneurship: business planning and characteristics.

• Words: 3246

Kier Group Plc: The Impacts of COVID-19

• Words: 4343

Innovation and Creativity in Entrepreneurship

The incubation of a business idea, entrepreneurship and its peculiarities.

• Words: 1567

Social entrepreneurship: What Everyone Needs to Know by Bornstein and Davis

Entrepreneurship: who is entrepreneur, traditional and modern forms of transacting business, franchising and its advantages, trait (or personality characterisitcs) approach to explaining enterpreneurship.

• Words: 1972

«Shine: The Entrepreneur’s Journey» by Niko Alexopoulos

Starting a small business in the united states.

• Words: 1668

Freeplay Radio as a Social Entrepreneurship

Innovation and entrepreneurship at uber technologies, inc., discussion: being an entrepreneur, elizabeth hobbs keckley as a woman in american business, digital transformation for small businesses in indonesia.

• Words: 3052

Entrepreneurship and Business Ethics

• Words: 1683

Entrepreneurship and Leadership in Freelance and Real Estate

• Words: 2321

Employee vs. Entrepreneur: Benefits and Drawbacks

New enterprise start-up plan: on-demand courier service to deliver medicine.

• Words: 15616

Frank Zamboni, an Entrepreneur and Inventor

Sole proprietorship and internal control.

• Words: 1285

The African American Entrepreneurship Development Program Evaluation

• Words: 1467

The African American Entrepreneurship Development Program

The dopeplus social entrepreneurship.

• Words: 1166

Luxury Linens: Review of an Interview With an Entrepreneur

• Words: 1104

Entrepreneurship by Young People

Sole proprietorship: advantages and disadvantages, capability: business model innovation in mergers, characteristics of writing a business plan, entrepreneurial activity: the key aspects, entrepreneurial personality and decision to start a business, the determinants of self-employment for artists, a study of ooredoo’s practices in the context of schumpeter’s theory, home depot’s entrepreneurship and value creation, entrepreneurial action module for modular business model.

• Words: 11408

Discussion: Female Entrepreneurship in Asian Countries

Types of business forms and their organisation, entrepreneurship and christian world view.

• Words: 1001

Entrepreneurship as a Powerful Practice

• Words: 2501

The Entrepreneurial Journey of Foods Future Global

• Words: 1385

The Minority Business Development Agency Program

• Words: 1455

Supporting the Innovative Entrepreneurs in Turkish Universities

Starting a business: a restaurant of national cuisine, entrepreneurial education for university students.

• Words: 2656

The Book “Shoe Dog: A Memoir by the Creator of Nike” by Phil Knight

How a business idea becomes an innovative product, family business succession in asian countries.

• Words: 8061

Commercialization and Innovation Best Practices

• Words: 2754

Establishing a Small Business Tourist Agency in the UAE

Investing in an offshore wind power plant in greece.

• Words: 1214

Crowdfunding Project on Kickstarter

• Words: 1010

What Is Business Intelligence?

“the art of the start” by guy kawasaki, the innovation process: successes and failures, elements and infrastructures for technology startups.

• Words: 2585

The Milaha Express Firm’s Possibilities in Qatar

Social enterprise: asian paints.

• Words: 2476

Factors Involved in Creating a Food Business

Plan for trucking career development, paul tasner’s success as an entrepreneur, personal business plan and development of innovation.

• Words: 1828

Sustainable Innovations and Environmental Certification

• Words: 1253

CMR Implementation: Recommendation and Evaluation

• Words: 1000

The Primary Principles of Entrepreneurship and Personal Business Plan

• Words: 1660

Resuscitating the Barbershop Business

• Words: 1837

Richard Branson’s Biographical Sketch

TODAY 9AM US EASTERN Two-Day LIVE Summit With 20+ Ecommerce Trailblazers.

• Skip to primary navigation
• Skip to main content

A magazine for young entrepreneurs

The best advice in entrepreneurship

Subscribe for exclusive access, what is an entrepreneur and what makes a successful entrepreneur.

Written by Graeme Whiles | August 10, 2023

Comments -->

Get real-time frameworks, tools, and inspiration to start and build your business. Subscribe here

Has your mom’s friend been talking about her recent entrepreneurial ventures into selling Herbalife?

I’m afraid we’ve got some bad news for her…

While joining the lower ranks of a pyramid scheme isn’t technically entrepreneurship (or profitable, for that matter), there is something to be said for the freedom of owning your own business.

And it is that mentality, along with several other factors, that attract entrepreneurs to take the leap, invest in themselves, and go after their dreams.

It’s what led Richard Branson to start Virgin, Jeff Bezos to build a little online book shop in his garage, and Mark Zuckerberg to found a dating app in his dorm room.

But what is an entrepreneur? Here, we will touch on just that, as well as highlight common traits that successful entrepreneurs share and the value they bring to society.

So before you sink your savings into a “Formula 1” shake (what’s in that, petrol?!), have a read on, and see if becoming an entrepreneur is right for you.

What Is an Entrepreneur? (And What Isn’t)

In simple terms, an entrepreneur is anyone who creates their own business, taking full ownership of the failures or successes it may produce.

Entrepreneurship, therefore, is one of the most powerful ways to show you back your abilities because you are very much putting your money where your mouth is!

And while there is no one else to blame if the business fails, there is also only one person to take all the glory (and the profits!) when it goes well.

Becoming an entrepreneur brings your career into your hands and leaves you in charge of your workload, hours, and everything else associated with running a business.

And while you may not have to stick to the 9-5 grind anymore, that doesn’t mean you don’t do any work. Quite the opposite.

It doesn’t matter what the online guru is telling you (no, you’re not a failure if you aren’t making 20k a month working from your Yacht in Monaco). You will need to put in the hours to ensure you get the desired results.

But that shouldn’t put off anyone destined for entrepreneurship. Those people have a drive for success, a drive that will ultimately lead to them working the hours necessary for success.

Don’t Skip: 19 Reasons to Start Your Own Business Today

Traits of an Entrepreneur

While entrepreneurs are often full of individuality, a trait that helps them differentiate from the norm and innovate new products or services, they do tend to have traits in common.

While these traits aren’t within every single entrepreneur, they’re certainly present in most.

They think outside the box

If there’s a way to do things, expect an entrepreneur to ignore that completely and see if there’s a better option that is yet to be discovered.

“From the hardware to the contracts to the banking relations to the finance, everything had to be reinvented, which drove us up a wall. But ultimately, it turned into this thing that performed a miracle.” – Jim McKelvey , co-founder of Square

They like freedom

I mean, who doesn’t?

“Having our own clothing is definitely what excites me, just having our name on something that we created from scratch.” – Danny Cozzolino , co-founder of Beaus+Babes

They are ambitious and driven

Entrepreneurs have a hunger for more than what a standard 9-5 job can give them, and it’s this drive that pushes them to start their own business ventures.

“You need a bit of naivety and a bit of willpower to get over it and go, ‘Let’s just take the risk.’” – Ethan Yong , founder of UmamiPapi

They solve problems

Entrepreneurs view obstacles as hurdles to overcome and learn from, rather than barriers to success.

“The product that creates value for the customer is the reason your business exists.” – Mike Evans , founder of GrubHub

They take the initiative

Don’t expect an entrepreneur to wait for the green light to get started. They’re getting a headstart while it’s still on red, and the car is moving by the time it flashes orange.

“Your intuition is the most powerful tool you have, [so] use it and don’t discount it and listen to it,” – Suneera Madhani , founder of Stax

The Value of Successful Entrepreneurs

While some entrepreneurs may only see the value of their entrepreneurship through their eyes (typically, it’s always “me me me” with those guys!), their work can actually have a significant external impact on the world, too.

They create jobs

Entrepreneurship isn’t for everyone. For some, the idea of clocking in at nine, and clocking out at five is the dream, and they have no interest in owning their own business.

All that is well and good, but to get a job, an entrepreneur must first create a successful business. The more successful the business, the more jobs it can provide for those who would rather take part in the 9-5 rat race.

They create change

It’s safe to say that entrepreneurs are dreamers. They think big, and they back themselves to make their dreams come true. It is this mindset that also leads to plenty of change, whether it be through product innovation, problem solving, or exploration.

They innovate

It’s no secret that technological advances have been astronomical in recent years, and almost all of those advancements come from entrepreneurs or small businesses thinking outside the box and challenging the norm that the larger companies have instilled.

Keep Learning: Want to Be Your Own Boss? Here’s How to Make It Happen

Start Your Entrepreneurial Ventures on the Right Foot

Don’t let your entrepreneurship fizzle out before it ever gets started. Check out our free training , and give your business venture the best possible opportunity of succeeding.

Get started if you’ve ever dreamed about becoming your own boss.

About Graeme Whiles

Graeme is a highly experienced copywriter with an extensive Content Marketing and eCommerce background. He has a passion for writing and everything related to eCommerce and marketing. Learn more about his work at his website.

Related Posts

How Reid Hoffman Became a Silicon Valley Icon

Shopping Cart Abandonment: Why It Matters and What to Do for Recovery

How To Develop a Million-Dollar Pitch Deck For Potential Investors

How Shipt Founder Bill Smith Had Three Exits Before 40

What to Sell on eBay: 5 Reliable Product Categories for Your eBay Store

How to Sell on eBay: A Detailed Step-by-Step Guide

Product Testing: It’s Worth Investing

How to Manufacture a Product: A Detailed Breakdown

How to Find USA Suppliers

How to Find Chinese Manufacturers to Bring Your Product to Life

AI Tools For Business: 6 Tools to Start from Scratch With

Business Not Making Money? Here’s the Reason(s) Why

What Is MOQ (Minimum Order Quantity)? Learn How It Impacts Your Business.

What Is a Wholesaler? Everything You Need To Know

What Is ROI? And How Can You Calculate It like a Pro?

FREE TRAINING FROM LEGIT FOUNDERS

Actionable Strategies for Starting & Growing Any Business.

BUILD SOMETHING FOR YOU

Gretta van riel will help create your ecomm brand from scratch..

Home » Essay » Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100 words), essay on entrepreneurship (200 words), essay on entrepreneurship (300 words), the importance of entrepreneurship.

• Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
• Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
• Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
• Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

• Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
• Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
• Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
• Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
• Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

• Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
• Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
• Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
• Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
• Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
• Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

Leave a Comment Cancel reply

Save my name, email, and website in this browser for the next time I comment.

• Skip to primary navigation
• Skip to main content
• Skip to primary sidebar

Student Essays

Essays-Paragraphs-Speeches

7 Inspirational Essays on Entrepreneurship-Meaning & Importance

Leave a Comment

Entrepreneurship is the process, skill, ability to create opportunities, solve problems and contribute into the society. It takes a lot to be an entrepreneur. The following Essay on Entrepreneurship talks about its very concept, meaning & importance in our Lives.

List of Topics

E ssay on Entrepreneurship | Definition, Concept, Importance of Entrepreneurship for a Country

Entrepreneurship is simply the process of designing, launching, and running a new business or enterprise. It can be done by anyone, regardless of their level of experience or education. Many people think that entrepreneurship is all about starting new businesses, but that’s only one aspect of it. You can also be an entrepreneur within an existing organization, by coming up with new ideas and ways of doing things.

Entrepreneurship is not easy. It involves taking risks, making sacrifices, and working hard. But it can be immensely rewarding, both personally and professionally. There are many reasons why people become entrepreneurs. Some want to be their own boss, some want to make a lot of money, and others just enjoy the challenge and excitement of starting something new. Whatever your reasons, there are certain qualities that all successful entrepreneurs share. These include creativity, initiative, risk-taking, determination, and perseverance.

Benefits of Being an Entrepreneur

There are many benefits to being an entrepreneur, including:

1. Freedom and control. As an entrepreneur, you are your own boss and you make your own decisions. This can be a very rewarding experience, both personally and professionally.

2. Opportunity for Growth . As an entrepreneur, you have the opportunity to grow your business and make it as successful as you want it to be. There are no limits to what you can achieve.

3. Pride and Satisfaction. Seeing your business grow and succeed can give you a great sense of pride and satisfaction. Knowing that you built something from scratch and made it successful is an incredible feeling.

4. Financial Rewards. Of course, one of the biggest benefits of being an entrepreneur is the potential for financial rewards. If your business is successful, you can make a lot of money.

These are just a few of the many benefits that come with being an entrepreneur. If you have the drive and determination to succeed, entrepreneurship can be a very rewarding experience.

>>> Related Post:  ” Essay on Effective Disaster Management ”

Qualities of a Successful Entrepreneur

Creativity. Successful entrepreneurs are creative problem-solvers. They think outside the box and come up with innovative solutions to problems. Initiative. Successful entrepreneurs take initiative. They don’t wait for someone else to tell them what to do; they take the initiative to make things happen.

Risk-taking. Successful entrepreneurs are willing to take risks. They know that there is always the potential for failure, but they are willing to take risks anyway. Determination. Successful entrepreneurs are determined to succeed. They never give up, even when things get tough.

Persistence. Successful entrepreneurs are persistent. They keep going, even when others would have given up. These are just a few of the qualities that successful entrepreneurs share. If you want to be a successful entrepreneur, you need to have these qualities in abundance.

Entrepreneurship is not for a faint heart. It takes a lot of hard work, dedication, and determination. But if you have what it takes to be an entrepreneur, the rewards can be great. So if you’re looking for a challenge, and you’re willing to take some risks, entrepreneurship might be for you.

Therefore, Entrepreneurship is an art of creating something new, whether a new business or enterprise. It can be done by anyone, regardless of their level of experience or education. Many people think that entrepreneurship is all about starting new businesses, but that’s only one aspect of it. You can also be an entrepreneur within an existing organization, by coming up with new ideas and ways of doing things. So if you’re ready to take the plunge into entrepreneurship, go for it! There’s no better time than now.

Reflective Essay on Entrepreneurship:

As I sit down to write this reflective essay on entrepreneurship, I can’t help but think about my own journey as an entrepreneur. It has been a rollercoaster ride full of highs and lows, successes and failures, but most importantly, a learning experience like no other.

Being an entrepreneur is not for the faint of heart. It takes guts, determination, resilience, and a whole lot of hard work. You have to be willing to take risks, think outside the box, and constantly adapt and pivot as the business landscape changes.

But why do people become entrepreneurs? Some might say it’s for the freedom and flexibility that comes with being your own boss. Others might say it’s for the potential financial rewards. While these are certainly perks of entrepreneurship, I believe that the true driving force behind becoming an entrepreneur is passion.

Passion is what fuels entrepreneurs to pursue their dreams and turn them into reality. It’s that fire in your belly that keeps you going even when faced with challenges and setbacks. Without passion, it’s difficult to sustain the motivation and drive needed to build a successful business.

But being passionate about your business is just one aspect of entrepreneurship. You also need to have a solid idea, a sound business plan, and the ability to execute on your vision. These are all skills that can be learned and developed over time.

One of the biggest lessons I’ve learned as an entrepreneur is the importance of surrounding yourself with the right people. This includes mentors, advisors, and a strong team. As the saying goes, “you are only as strong as your weakest link.” Having a support system of knowledgeable and experienced individuals can make all the difference in the success of your business.

Another important aspect of entrepreneurship is embracing failure. No one likes to fail, but it’s inevitable in the world of entrepreneurship. What sets successful entrepreneurs apart is their ability to learn from their failures and use them as stepping stones towards success. Failure is not a setback, but rather an opportunity for growth and improvement.

As I reflect on my own journey as an entrepreneur, I am grateful for the experiences and lessons learned along the way. It has been a challenging yet rewarding path, and I wouldn’t change it for anything. Entrepreneurship is not just about building a business, it’s also about personal growth and development.

In conclusion, being an entrepreneur is not just about making money or being your own boss. It’s about pursuing your passion, taking risks, learning from failures, and constantly growing and evolving. It’s a journey that requires dedication, perseverance, and a willingness to learn. But with hard work and determination, the rewards can be endless. So for anyone considering entrepreneurship, my advice is to follow your passion, surround yourself with the right people, and never be afraid of failure because in the end, it’s all part of the journey towards success

Essay on Entrepreneurship in India:

Entrepreneurship in India has been on the rise for the past few decades, with more and more individuals taking the leap to start their own businesses. This trend can be attributed to a combination of factors such as a thriving economy, government policies that support entrepreneurship, and a growing culture of innovation.

One of the main reasons for the growth in entrepreneurship is India’s rapidly growing economy. Over the years, India has emerged as one of the fastest-growing major economies in the world. This economic growth has created a favorable environment for entrepreneurs to launch their ventures and tap into new markets. With a large and diverse population, there is a high demand for goods and services, providing ample opportunities for entrepreneurs to succeed.

Moreover, the Indian government has taken several initiatives to promote and support entrepreneurship in the country. The introduction of policies like Startup India, Standup India and Make in India has provided a conducive environment for new businesses to thrive. These policies have made it easier for entrepreneurs to start their ventures by simplifying procedures, providing financial aid, and offering tax incentives.

In addition, there is a growing culture of innovation in India that is driving the entrepreneurial spirit. Indians have always been known for their creativity and resourcefulness, and this is now being channeled towards entrepreneurship. With advancements in technology, access to information, and a growing network of mentors and investors, aspiring entrepreneurs are able to turn their ideas into successful businesses.

However, while the entrepreneurship landscape in India is promising, there are still challenges that need to be addressed. One major challenge is the lack of access to funding for startups. Despite the government’s efforts, raising capital remains a significant barrier for many entrepreneurs, especially those from underprivileged backgrounds.

Another challenge is the competitive market in India. With a large number of existing businesses and new ones emerging every day, it can be difficult for entrepreneurs to stand out and make their mark. This requires a high level of resilience and adaptability, which are essential qualities for any successful entrepreneur.

>>>> Read Also:  ” Paragraph on Internet & Its Importance “

In conclusion, entrepreneurship in India is a dynamic and ever-evolving landscape. With a strong economy, supportive government policies, and an innovative culture, the potential for growth and success is immense. However, it also requires determination, perseverance, and the ability to navigate challenges. As more and more individuals take the path of entrepreneurship, India is poised to become a hotbed for innovation and economic growth in the years to come.

Benefits of Entrepreneurship Essay:

Entrepreneurship is a hot topic these days, with more and more people opting to start their own businesses instead of working for someone else. And there’s no denying the numerous benefits that come with being an entrepreneur.

Firstly, entrepreneurship allows individuals to pursue their passions and interests. Unlike traditional jobs where you are limited to certain roles and responsibilities, as an entrepreneur, you have the freedom to create and innovate in any field you choose. This not only leads to personal satisfaction but also contributes to the growth of industries and economies.

Secondly, entrepreneurship offers a sense of autonomy and control over one’s own life. Being your own boss means having the freedom to make decisions, set your own schedule, and work towards achieving your goals without external constraints. This can result in a more fulfilling and balanced work-life balance.

Another benefit of entrepreneurship is the potential for financial gain. While starting a business may involve some initial investment, the long-term rewards can be significant. As an entrepreneur, you have the opportunity to build a successful and profitable business that can provide financial stability for yourself and your family.

Moreover, entrepreneurship encourages creativity and problem-solving skills. As an entrepreneur, you are constantly faced with challenges and obstacles that require innovative solutions. This not only helps in personal growth but also contributes to the overall advancement of society.

Lastly, entrepreneurship creates job opportunities for others. As your business grows, you will need to hire employees to assist with various tasks. This not only provides employment opportunities for others but also gives them a sense of purpose and the chance to learn new skills.

In conclusion, entrepreneurship has numerous benefits that go beyond just financial gain. It allows individuals to pursue their passions, have control over their lives, foster creativity, and contribute to society’s growth.

Successful Entrepreneur Essay:

Being a successful entrepreneur is not an easy feat. It requires hard work, dedication, and a unique set of skills. In this essay, we will explore the qualities and traits that make a successful entrepreneur.

Firstly, a successful entrepreneur is someone who has a strong vision and passion for their business. They have a clear understanding of what they want to achieve and are willing to put in the effort and take risks to make it happen. They are not afraid of failure and are persistent in pursuing their goals.

Secondly, an entrepreneur must possess excellent leadership skills. They need to be able to motivate and inspire their team, delegate tasks effectively, and have a clear vision that everyone can work towards. A successful entrepreneur also knows how to handle challenges and adapt to changes in the market.

Furthermore, successful entrepreneurs have excellent communication and networking skills. They know how to build relationships with clients, investors, and other professionals that can help their business grow. They are also great at pitching their ideas and selling their products or services.

In addition to these qualities, a successful entrepreneur is always willing to learn and evolve. They keep up with industry trends and are constantly seeking ways to improve their business. They also know when to seek advice and guidance from mentors or other successful entrepreneurs.

In conclusion, being a successful entrepreneur requires a combination of skills, dedication, and passion. It is not an easy journey, but with the right mindset and determination, anyone can achieve success in the world of entrepreneurship. So if you have a business idea and dream of being your own boss, don’t be afraid to take the leap and become an entrepreneur.

My Favorite Entrepreneur Essay:

As someone who is passionate about entrepreneurship and the power of innovation, there are many successful entrepreneurs that I admire. However, there is one entrepreneur in particular who has always stood out to me as my favorite – Elon Musk.

Elon Musk is a visionary entrepreneur and has been at the forefront of cutting-edge technologies such as electric cars, space exploration, and renewable energy. He is the founder of multiple successful companies including SpaceX, Tesla, Neuralink, and The Boring Company. His relentless drive to push boundaries and revolutionize industries has inspired me in my own entrepreneurial journey.

One of the reasons Elon Musk is my favorite entrepreneur is because he doesn’t just focus on making profits, but also prioritizes creating a positive impact on society. He has a grand vision for a sustainable future and is actively working towards it through his companies. For instance, Tesla’s mission to accelerate the world’s transition to sustainable energy has played a significant role in promoting clean energy solutions.

Another aspect that I admire about Elon Musk is his fearlessness when it comes to taking risks. From investing all his money into SpaceX despite multiple failed launches, to constantly pushing the limits of technology with each new project, he has shown that great success comes with great risk-taking.

Moreover, Elon Musk’s leadership style is also something I look up to. He leads by example and isn’t afraid to get his hands dirty in the day-to-day operations of his companies. He also prioritizes hiring talented individuals and fostering a culture of innovation and collaboration.

In conclusion, Elon Musk’s passion, drive, and fearlessness have made him my favorite entrepreneur. He continues to inspire me to think big and use entrepreneurship as a tool for positive change in the world.

What Make a Good Entrepreneur Essay:

Being an entrepreneur is not an easy task. It requires a combination of skills, traits, and personal characteristics to be successful in this field. In this essay, we will discuss what makes a good entrepreneur and the key factors that contribute to their success.

Firstly, a good entrepreneur must have strong leadership abilities. They should be able to inspire and motivate others towards achieving a common goal. This not only applies to their employees but also to their clients and stakeholders. A good leader knows how to communicate effectively, delegate tasks, and make difficult decisions when necessary.

Secondly, a successful entrepreneur should possess resilience and perseverance. Starting and running a business comes with its fair share of challenges and setbacks. However, a good entrepreneur does not let these obstacles deter them from pursuing their goals. They are determined to overcome any obstacles and learn from their failures.

Next, a good entrepreneur must have a strong passion for what they do. Starting a business requires hard work, dedication, and long hours of commitment. Without passion, an entrepreneur is likely to burn out or give up when faced with challenges. Passion drives them to keep moving forward, even when things get tough.

Moreover, a good entrepreneur must be creative and innovative. In today’s fast-paced world, businesses need to constantly adapt and evolve to stay ahead of the competition. A successful entrepreneur is not afraid to take risks and think outside the box in order to come up with unique solutions or products that meet the needs of their target market.

In conclusion, being a successful entrepreneur requires a combination of skills, determination, and passion. It’s not just about having a great idea, but also about having the drive and ability to turn that idea into a successful business venture. By possessing strong leadership abilities, resilience, passion, and creativity, one can increase their chances of becoming a successful entrepreneur

Speech about Entrepreneurship:

Dear aspiring entrepreneurs,

I am here today to talk to you about entrepreneurship – the art of pursuing your dreams, taking risks and creating something truly remarkable. Now, before I start, let me ask you a question – have you ever thought about starting your own business? Have you ever felt the desire to break free from the 9-5 grind and be your own boss? If your answer is yes, then my friends, you are already on the right path.

Entrepreneurship is not just about making money or being successful. It’s a way of life – a mindset that sets you apart from the crowd. It’s about having the courage to follow your passion and turn it into a reality. It’s about taking control of your own destiny and not being limited by someone else’s expectations.

Now, I know what you’re thinking – entrepreneurship is risky, it’s difficult, it requires a lot of hard work and dedication. And yes, all of that is true. But let me tell you something – nothing worthwhile in life comes easy. If you want to achieve greatness, you have to be willing to push yourself out of your comfort zone, to face challenges head on and to embrace failure as a learning experience.

But the beauty of entrepreneurship is that it’s not just about success or failure – it’s about the journey. It’s about waking up every day with a sense of purpose and passion, knowing that you are working towards something meaningful and fulfilling. It’s about creating something that you can be proud of and leaving a legacy for generations to come.

So my dear friends, don’t let fear or doubts hold you back from chasing your dreams. Don’t let the naysayers discourage you or the setbacks demotivate you. Remember, every successful entrepreneur started with an idea and a dream – and they never gave up on it. So believe in yourself, trust in your abilities and take that leap of faith. Because in the end, it’s not about reaching the destination, it’s about enjoying every step of the journey.

As I wrap up my speech, I urge you to think about what truly excites you, what drives you and what makes you come alive. And then go out there and make it happen. Because the world needs more dreamers who are crazy enough to believe that they can change it for the better. And I have no doubt in my mind that each and every one of you has the potential to do just that.

What is entrepreneurship in your own words essay?

Entrepreneurship is the pursuit of creating, developing, and managing innovative and often risky ventures with the aim of achieving success, typically in the realm of business. It involves identifying opportunities, taking calculated risks, and mobilizing resources to bring new ideas or products to the market.

Who is an entrepreneur (100 words)?

An entrepreneur is a visionary and proactive individual who initiates and organizes a business or venture, assuming significant financial and personal risks in the pursuit of innovation and success. Entrepreneurs are often characterized by their creativity, resilience, and ability to identify opportunities in the market.

They play a pivotal role in driving economic growth, creating jobs, and fostering technological advancements. Entrepreneurs come from diverse backgrounds, but they share the common trait of a willingness to take calculated risks and a relentless drive to turn their ideas into reality.

What are 3 reasons why entrepreneurship is so important?

Entrepreneurship is crucial for economic growth, job creation, and innovation. It promotes:

a. Economic Growth: Entrepreneurs stimulate economic development by creating new businesses and markets, leading to increased production and consumption.

b. Job Creation: New businesses founded by entrepreneurs generate employment opportunities, reducing unemployment rates and enhancing social well-being.

c. Innovation: Entrepreneurs drive innovation by introducing new products, services, and processes that can lead to technological advancements and improved quality of life.

What is entrepreneurship and its importance?

Entrepreneurship is the process of identifying and exploiting opportunities to create and manage new ventures, typically in the business context. Its importance lies in its ability to drive economic growth, create jobs, foster innovation, and adapt to changing market conditions, ultimately contributing to a dynamic and prosperous society

Related Posts:

Reader Interactions

Leave a reply cancel reply.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Essay on Entrepreneurship

Introduction

Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.

A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.

A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.

The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.

Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.

Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.

According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.

Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.

Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.

The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.

Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.

In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.

Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.

Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.

Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.

Blank, S. (2010). What’s A Startup? First Principles.  Steve Blank .

Burns, P. (2016).  Entrepreneurship and small business . Palgrave Macmillan Limited.

Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment

Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization.  California Management Review ,  51 (4), 61-76.

Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In  Seminal Ideas for the Next Twenty-Five Years of Advances  (pp. 5-20). Emerald Publishing Limited.

Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth.  Small business economics ,  13 (1), 27-56.

Cite this page

Similar essay samples.

• Essay on Podcast Viable Income
• A study of leadership and motivation in Starbucks.
• To develop and evaluate the effectiveness of nutrition and physical ed...
• Essay on Organizational Structures
• Essay on Noah the Film
• Essay on Social Media Marketing – Concept, Measures and Platforms

We use cookies to enhance our website for you. Proceed if you agree to this policy or learn more about it.

• Essay Database >
• Essay Examples >
• Essays Topics >
• Essay on Entrepreneurship

How To Be A Successful Entrepreneur Essays Example

Type of paper: Essay

Topic: Entrepreneurship , Bachelor's Degree , Success , Love , Life , Job , Development , Workplace

Published: 03/27/2020

ORDER PAPER LIKE THIS

This work is about successful entrepreneur and some specific characteristics a successful entrepreneur must possess. Today an entrepreneur is one of the spread professions. However not all people know what it represents in particular. From this paper you can find out what a person should do in order to be a successful entrepreneur. Everyone wants to be successful in his life no matter what kind of job he does. In order to be successful in any sphere, first of all, you must be hard-working. You can achieve nothing without hard work in your life. Nothing comes to you like a charm. You must earn it for your labour. All successful entrepreneurs started from little work, they were not born like this. They pass through different phase in their life and achieve their goal. Of course, it is not so easy road, which you must get over. There are ups and downs in any work in life and you should stay strong in order to be a successful entrepreneur. There is great range of people today, who can be the best example of successful entrepreneurs we can learn from. Bill Gates, Michael Dell, Larry Ellison, Ted Turner, Phil Knight, Vince McMahon, Rupert Murdoch and Steve Jobs are one of them, who made the grade and became famous due to their great work. They see any opportunity to make money. We should mind that they are also ordinary people as we are, and any of us could be in their shoes. You should just believe in yourself and never give up. I think that all people are able to do that. I think that first thing that can help us to be a successful entrepreneur is love for your job. It is not only about entrepreneurs, but all jobs in our life. They say “Do what you love or love what you do”. In my opinion, only great desire to work can bring you success. There are a lot of situations in our life everyone face every day, which may be both good and bad. However, none of them must have been a reason for you to stop. You can never know what is in store for you. Whatever happens in your life, you should never quit, if you really love your job. If you fail, just accept your failure as a second chance to fulfill yourself and show that it is not a limit for you stop, and it can only make you stronger. I consider that any failure in our life is the best teacher. It said “do not be afraid to fail, but be afraid not to try”. So just mortgage yourself to a cause. You should remember that anything that's done is done for the best. Secondly, in order to be a successful entrepreneur you must have all characteristics of a leader. This means that first of all you must be ambitious. In case you face any problem during your career path you must have an ambition to solve them easily. Leaders do not stay in one place. They set goal and go ahead to achieve it in any possible ways. Furthermore, you must be patient and be a man of spirit. Never lose your courage and strive for your dream. All famous successful entrepreneurs had kept going to their goals for long time because of their patience. They gathered experience for years and never gave up on their dreams. Moreover, leaders are self-motivated, which is also good step to your goals. They challenge themselves to learn more new things and develop their knowledge constantly. They must be perfect example that other people can set as a role model, who will motivate them and inspire to work hard. Finally, you must be disciplined and well-organized to be a good entrepreneur. You must be ready for any problem you may face in your life career. So you must take your time to plan and organize all your actions and focus on your goals. You must be disciplined enough to achieve your objectives. Evaluate all pros and cons of your job and try to make the right decisions. Do not stuck in one place and develop your abilities and skills. Also value your time and try to spend it to develop your personality.

Allen, K. (1995), Launching New Ventures: An Entrepreneurial Approach, Upstart Bergman, P.T. (2002), The Essential Guide to Web Strategy for Entrepreneurs, Prentice Hall PTR Finley, L. (1994), Entrepreneurial Strategies: Text and Cases, PWS-Kent Publishing

Cite this page

Share with friends using:

Removal Request

Finished papers: 522

This paper is created by writer with

If you want your paper to be:

Well-researched, fact-checked, and accurate

Original, fresh, based on current data

Eloquently written and immaculately formatted

275 words = 1 page double-spaced

Get your papers done by pros!

Other Pages

Dell case studies, surveillance case studies, hate case studies, feature reports, psychosurgery research papers, space program research papers, job application research papers, neural tube research papers, rhinoplasty research papers, medical school admission essays, toast essays, evaporation essays, extremist essays, mime essays, historian essays, patriot essays, keystone essays, survivor essays, notoriety essays, armor essays, thrift essays, silica essays, schacht essays, tomlinson essays, prosper essays, essay on costless clothing company, nick bottom in a midsummer nights dream essay sample, essay on career goals, example of book review on mere christianity lewis clive staples, free research paper on the charter of rights and freedom has greatly improved canada, wit essay example, example of report on barbies body image and its influence on young girls, example of essay on five monolithic theories of myth in relation to biblical and near eastern myths, cyber terrorism essay example, essay on academic writing, rights and freedoms essay examples, research paper on organic farming is more nutritious and able to retain the original flavors than, john quincy adams essay, scholarly article article review, example of learning activity course work, organizational development washington redskins article review examples, secretary appraisal form creative writing examples, research paper on methodology 2.

Password recovery email has been sent to [email protected]

Use your new password to log in

You are not register!

By clicking Register, you agree to our Terms of Service and that you have read our Privacy Policy .

Now you can download documents directly to your device!

Check your email! An email with your password has already been sent to you! Now you can download documents directly to your device.

or Use the QR code to Save this Paper to Your Phone

The sample is NOT original!

Short on a deadline?

Don't waste time. Get help with 11% off using code - GETWOWED

No, thanks! I'm fine with missing my deadline

• Call to +1 844 889-9952

Key Factors That Makes a “Successful Entrepreneur”

Introduction, the benefits of entrepreneurship, drawbacks of entrepreneurship, findings and analysis, conclusion and recommendations.

The exact definition for the term entrepreneur is: an individual who wills to start his/her own business while bearing the risk of new factors involved in success to achieve prosperity and profits. This paper is going to highlight the facts about entrepreneurship and will elaborate to answer the questions: What is entrepreneurship? What are the benefits and drawbacks of being an entrepreneur? What factors can lead to success? Supportive examples are giving for better understanding of the paper along with authentic resources.

Entrepreneurship can be conceptualized as initiating own business. An entrepreneur is one who is prepared to tolerate the risk of a new scheme if there are chances for growth and for profit as well. Economists believe that an entrepreneur is a trendsetter who disseminates his trend. Some believe that entrepreneurs build up new procedures and products that are in current demand and yet short of availability. The concept however was recognized in the 1700s. Since then the meaning of this term has shaped and progressed (Department of State, 2008).

Joseph Schumpeter, an economist of the 20 th century critically focused on the changes and turmoil brought by the creativity of an entrepreneur. He acknowledged and demonstrated entrepreneurship as “creative destruction”. This is due to the change that intervenes; the entrepreneur brings out certain strategies that are comparatively new to the previously followed ones. Thus, making these strategies superseded, recognized methods of doing business are demolished by the involvement of innovative and enhanced ways (Backhaus &Schumpeter, 2003).

The thought was further promoted by Peter Drucker, a business expert, who described entrepreneurship as the method of hunting modifications, responding them, and take advantage of such as a new prospect. A glance at transformations in communication – from telegrams and letters to cell phones and emails – demonstrates such ideas (Drucker, 1985).

Entrepreneurship is a vital element for inspiring monetary expansion and employment openings in all cultures hence reducing poverty. Dominant small businesses are one of the chief sources that yield jobs, income raise and reduction of jobless individuals. Hence governmental support for entrepreneurship is a decisive policy for profitable progress.

“Policies to foster entrepreneurship are essential to job creation and economic growth.” Government authorities can offer incentives that motivate entrepreneurs to take risk in endeavoring innovative business enterprises. Among these are regulations to mandate property privileges and to motivate a competitive market system (BIAC, 2003).

The ethnicity of a society also may manipulate how much private enterprises are there contained by it. Diverse ranks of entrepreneurship may curtail from cultural divergence that make entrepreneurship more or less pleasing in person. A society that settles the peak position to those at the peak of hierarchical institutes or individuals with specialized proficiency may deject entrepreneurship. A civilization or strategy that deals with high status to the “self-made” entity is more expected to persuade entrepreneurship (Casson, 2003).

The primary benefits entrepreneurs enjoy include the opportunity to:

Create their own destiny:  Entrepreneurs know what they want. It is easier for them to have a vision in mind and setting a target. Entrepreneurs, since looking after every aspect, can analyze and determine their own destiny. If they know the procedures that can lead towards growth and prosperity of business, they can leap towards success more efficiently, developing their future consisting comfort, thus creating destiny.

Make a difference:  Entrepreneurs are said to be the creators of business. They offer new ideas, products and schemes that can revolutionize existing business procedures. Such qualities can differentiate an entrepreneur in the market enabling them achieving business opportunities on a higher rate.

Reach their full potential:  Since the role of an entrepreneur in business is like a CEO to a company, decisions can be taken in full confidence and restrictions on skill and talent is conquered. An entrepreneur can work with peak potential input to ensure maximum output without any interference.

Generate impressive profits:  Working with devotion and authority can produce impeccable results. Profits are likely to increase impressively if decisions are made properly and no lagging is entertained from any department. Success is the result of consistency, Profits will definitely boost upwards if the amount of true work goes high as well.

Contribute to society and be recognized for their efforts:  An entrepreneur gets famous and known if he succeeds in business. The business gains maturity and earns respect in the market. Sometime defeated competitors offer a merger to expand businesses. Contribution towards welfare and society helps in gaining more respect and recognition. Sponsoring charity and causes for the good flourish the deference and differentiates the entrepreneur from other competitive candidates.

Do what they enjoy and have fun at it: It’s a simple phenomenon, that since they are interested in working on the specific business, they start it practically. And when this business earns those profits and respect, they tend to believe in it with even more faith and passion. Entrepreneurs enjoy what they do, since the initiative is taken under their own decision (Zimmerer, Wilson, & Scarborough, 2007).

The most crucial drawbacks to business ownership are:

Uncertainty of income:  One of the major drawbacks that an entrepreneur faces is the ambiguity in terms of income. Profits and losses cannot be indomitable prior to the procedures. Sometimes business can grow and earn unlimitedly profiting to unforeseen heights but competition and economic crisis impacts may hinder the growth and productivity lessens, giving loss. Thus income cannot be determined.

Risk of losing invested capital:  To start a business, entrepreneurs invest a wholesome amount of money as the capital. Every aspect that needs fulfillment requires money to be spent. If the invested amount is not monitored correctly and the business doesn’t seem to expand or return any good profits, the chances are high of losing the capital since necessary care is required with strict compliance.

Long hours and hard work:  Entrepreneurship is one hectic phase of a job. Since output and profits of the business is completely dependent over the entrepreneur himself, there is no such time as 9 to 5 working hours, instead, business which are pre-mature require long hours of dedicated hard-work that become fruitful at the end.

Quality of life until the business gets established:  When the business is pre-mature and in the early stages, entrepreneurs are forced to work harder with utmost dedication to nurture the business. The quality of life decreases such as social activities, family get-togethers, ceremonies are forcefully ignored and work has the priority until the time reaches to a point where business gets fully established and working for a committed 8 hour situation is essential enough.

High levels of stress:  Health is often affected due to the stress taken over. Working for long hours with concentration and thinking strategies to grow in a critical manner stresses the mind. In order to achieve the much awaited goals, the requirements of the business create anxiety and worry, thus stress to fulfill it is higher.

Complete responsibility:  Entrepreneurs are responsible for every aspect of their business. There is a higher level of responsibility since every part of work has to be looked after by the same person. Unlike the nature of a designated job, where one person is assigned to work over one feature only, entrepreneurs have to watch everything carefully with strict compliance and management (Zimmerer, Wilson, & Scarborough, 2007).

The objectives of a successful entrepreneur are based upon planning initially. A significant element of arranging the trade causes knowing the means that can demonstrate achievement. Success factors are short term targets that gauge the company’s success and assist establishing the wellness of progress towards the goals. Exclusion of decisive success factors, there is a risk involved requiring formulating costly changes. An entrepreneur should first jot it down what is required to make business succeed.

A business plan is first of all, created to attract investors if the capital is insufficient. In order to know the feasibility and requirement, it is necessary to pre-plan all the costs before investing the capital. Then marketing and publicizing the product plays an important part. The more publicity of the products takes place, the number of customer increases.

Normally, marketing the product needs appropriate attention and planning. An entrepreneur is required to manage all the aspects at the same time thus management plays another key role. Planning how to manage various features is very essential. Management of inventory as well as human resources is critical. Man power should be executed appropriately. Thus evaluation of every factor reduces the tendency of collapsing due to ignorance (Reyna, 2009).

Furthermore, products should be estimated that whether they are sold profitably or not. If not, strategies that can increase profit should be identified, whether by cost reduction or increase in sale price. Reduction of operating cost should be lowered down continuously. Cutting down the cost in irrelevant requirements and reducing reliance on outsourcing are good aspects to reduce this.

Maintenance of standard is a necessity of every business. If the quality of the product decreases, number of customers decrease too. It is necessary to maintain the high quality of existing products as well as developing new product upon the same standards. Customer feedbacks can help in evaluating the quality as well as knowing the needs of the customer. Customer satisfaction is a vital aspect that helps in achieving success. Retention of valued customer base is important. To do so, high levels of customer satisfaction are required. Giving customers, ‘the extra effort’ increases the chances of their return.

A good customer is like to spread and publicize about the entrepreneur’s product, thus assisting in achieving the targets. Success factors must cover all the chief parts of the trade in order to move further. As a small business owner, entrepreneurs should have adequate understanding about the steps that lead to success significantly (Reyna, 2009).

One of the best examples of entrepreneurship is Bill Gates, who is presently the richest entrepreneur of the world. The life and skills of his, demonstrate the ability of taking risk with confidence. Bill is the co-founder and chair person of Microsoft. He is set to be the most successful entrepreneur since the company he is leading has shadowed its competitors. It can be analyzed by his life that an entrepreneur at initial stages should have a persuasive approach and superior communication skills (Ferriss, 2009).

Another successful example is the second richest person of the world, Warren Buffett. Once again risk taking is involved over here. Warren purchased the company named Berkshire Hathaway, a known company in the textile industry, when it was suffering consecutive losses. The purchase was criticized but Warren’s ambitions took it high again. Today, the company is once again, one of the largest holding companies, making Buffett one of the most successful entrepreneurs of today. He is famous for his biggest charity donation of about $30 billion to the Bill & Melinda Gates Foundation. (Dipendalal, 2009).

It can be analyzed thoroughly that entrepreneurship requires a persuasive and devoted sort of approach to fulfill all the expectations. It can be concluded in such a manner that entrepreneurship may fear people at the initial levels but taking risk is a part of life. The scary initial part has to be carefully harnessed, further it harnesses itself and success becomes the output of it. Entrepreneurship is not rocket science, yet it requires exceptionally developed skills to control and grow businesses. A successful entrepreneur is, who moves in the above defined criteria.

Backhaus, J., & Schumpeter, J. (2003). Joseph Alois Schumpeter: entrepreneurship, style, and vision. Dordrecht: Kluwer Academic Publishers.

BIAC. (2003). Growth and Employment: The Future of an Active Society in a Changing World. Stuttgart: BIAC.

Casson, M. (2003). The entrepreneur: an economic theory. Cheltenham: Edward Elgar Publishing Limited.

Department of State, U.S.A. (2008). What is Entrepreneurship . Web.

Dipendalal. (2009). Success Story Warren Buffet . Web.

Drucker, P. (1985). Innovation and entrepreneurship: practice and principles. Oxford: Elsevier Ltd.

Ferriss, T. (2009). Do You Really Know Bill Gates? The Myth of Entrepreneur as Risk Taker . Web.

Reyna, S. (2009). Key Success Factors of Your Small Business . Web.

Zimmerer, T., Wilson, D., & Scarborough, N. (2007). Essentials of Entrepreneurship and Small Business Management 5th Edition. Upper Saddle River, NJ: Prentice Hall.

Cite this paper

Select style

• Chicago (A-D)
• Chicago (N-B)

BusinessEssay. (2022, December 8). Key Factors That Makes a “Successful Entrepreneur”. https://business-essay.com/key-factors-that-makes-a-successful-entrepreneur/

"Key Factors That Makes a “Successful Entrepreneur”." BusinessEssay , 8 Dec. 2022, business-essay.com/key-factors-that-makes-a-successful-entrepreneur/.

BusinessEssay . (2022) 'Key Factors That Makes a “Successful Entrepreneur”'. 8 December.

BusinessEssay . 2022. "Key Factors That Makes a “Successful Entrepreneur”." December 8, 2022. https://business-essay.com/key-factors-that-makes-a-successful-entrepreneur/.

1. BusinessEssay . "Key Factors That Makes a “Successful Entrepreneur”." December 8, 2022. https://business-essay.com/key-factors-that-makes-a-successful-entrepreneur/.

Bibliography

BusinessEssay . "Key Factors That Makes a “Successful Entrepreneur”." December 8, 2022. https://business-essay.com/key-factors-that-makes-a-successful-entrepreneur/.

• Chain Attributes and Customer Experience Impact on Coffee Shop Patronage
• Business Innovation – Entrepreneurship
• Charity Begins at Home: Non-Profit Management
• Small Business in Saudi Arabia
• Entrepreneurship and Innovation in Food Business
• Business Concept for Small Business
• Business Planning Process From Idea to Finances
• Women and Entrepreneurship in Saudi Arabia
• Small Business and Economy in Canada and Brazil
• Innovation & Success of Entrepreneurial Activities