Factors of Entrepreneurial Success
The word “entrepreneur” derives from the French entreprend meaning “to undertake”. Entrepreneurs are individuals who take on the risk of starting a new enterprise, typically in the hope of earning a profit. Successful entrepreneurs are those who have achieved success in turning their ideas into profitable enterprises. The idea for a successful entrepreneurial venture demands creativity and initiative for problem solving. Here are factors of entrepreneurial success.
Vision
A clear vision is needed to make shubhodeep prasanta das plans and to guide a business. Vision is a mental image of the future, sometimes directly visualized, as in the case of entrepreneurs who build model planes and other machines. Vision gives direction and focus to the entrepreneur’s activities. Vision is a product of the imagination, which allows the entrepreneur to think imaginatively about how the market might be improved and their own role in meeting those needs. Entrepreneurship cannot take place without a vision of a better future.
Commitment
The commitment of the entrepreneur is to their belief that a new business can be successful. Commitment also means to have no desire or interest in quitting. The commitment of an entrepreneur can be tested by the passage of time. How long does the business idea continue to generate new ideas and enthusiasm? A commitment without a desire to keep it going eventually weakens, which results in the entrepreneur’s decision to quit–the birth of a new venture or the end of an old one.
Risk
Entrepreneurs commonly take on the risk of starting a new business enterprise. The entrepreneur does not know if their idea is going to be a success or failure. They are uncertain about how much time and money will be required to make the business idea successful. They do not know whether customers will emerge or respond favorably to potential products and services offered by the business. An entrepreneur accepts uncertainty, but they do so because they have confidence that they will succeed in making their business idea work out well.