The Success Factors of an Entrepreneur

Innovation
• One important success factors of entrepreneurs is the ability
to come up with a concept, envision what it looks like and
execute it effectively, according to Intercom article titled
"Successful Entrepreneurs" by Judith L. Glick-Smith in 2000.
This process, called innovation, is essential to any
successful business owner and entrepreneur.
• When coming up with an idea, an entrepreneur must think of
what he enjoys doing, analyze competition, perform market
research to see if there's a demand and figure out how to
make the idea work. This takes talent, initiative and
creativity.

Money Management
• Money is what keeps a business venture afloat. It is an
essential part of buying inventory, paying employees,
marketing the business, buying or repairing business tools
and paying his own salary, according to a 2009 article in
"Entrepreneur" magazine.
• A successful entrepreneur knows how to manage his money.
From the very beginning, it takes dedication and self-control
not to make a wrong financial decision or prematurely spend
company money, especially in a lone venture. In addition, he
knows when to hire help, when he can afford an office space
and pays his bills on time--all while running his company.
Planning
• Starting a business on your own, let alone with someone
else, takes lots of planning. However, the temptation often is
to jump straight into the venture with minimal planning. The
"figure it out along the way" mentality is not one of many
successful entrepreneurs.
• Planning is essential to starting and running a successful
business. From the early stages--market research and
business plan writing--to later stages--hiring, firing and
sustaining--a successful entrepreneur must think ahead,
analyze every single business decision and constantly
compile data.

• Another aspect of planning is setting goals, outlining how to

achieve them and achieving them. Short-term and long-term
goals help motivate and remind entrepreneurs of their
passions and aspirations, according to "Entrepreneur".

Adaptation
• Entrepreneurs must learn how to adapt during the business
planning stages. Throughout the process--whether in market
research, coming up with an idea or writing a business plan--
things change, and an entrepreneur must be able to alter an
idea or plan to fit the circumstances.
• Another form of this factor is adapting technologically to
your industry. With the major emphasis on technology in all
major industries, if you can't keep up, you can't succeed.
Entrepreneurs must constantly research industry standards
so they can keep up with competitors.