It is not always easy to define the term “Entrepreneurship”, but in the strictest term, it is about innovation and the quest for new and better ways of doing things or products. In a recent research that was conducted, the result showed that for entrepreneurs to be successful, they need to have certain characteristics or meet certain criteria. These critical factors may have different weights, but are as follows;
Entrepreneurs must have relevant training or educational qualifications in the areas in which they want to specialise in. This makes sense in that to lead in a sector or an industry, knowledge is important. Such entrepreneurs must be ready to assess and then be willing to take risks, hence entrepreneurs to break new grounds they must be comfortable with risk taking.
Another element is about savings as a percentage of the overall capital requirement for the project, the more an entrepreneur is ready to invest in a project, the more the personal belief. The research also showed that entrepreneurs who gave up their paid employment to start a business show commitment and are therefore more likely to succeed, especially if previously employed in the field they are going into.
The research also shows that technological dependent businesses are more likely to be successful, just as important is the entrepreneurs belief in innovation and continuing educational development.
The other two critical factors relate to the belief that there is a gap in the market that the entrepreneur is trying to fill. This is called ‘opportunism’ and this type of people are called ‘opportunistic entrepreneurs’. These are the ones more likely to succeed as the high demand for their products will lead to continuous, systemic and high annual growth rates, the last of the major criteria for entrepreneurial success.
The above just tries to gather the important elements that can form an entrepreneurship equation of success.