Entrepreneurial Key Success Factors

1-Mahmoud Mohamed Mahmoud Ahmed

2-Mohamed Mahmoud Mohamed Mahmoud
3-Mohamed Ahmed Ramadan
4-Mohamed Saied Mohamed Essayed
5-Mona elsaied Atef
6- Mona Ahmed hashem
7-hayam Elsyed Abd Elfadel
8- Alaa Eldean Moahmed Mohamed
Most economists today agree that entrepreneurship is a necessary
component for stimulating economic growth and employment opportunities
in all societies. In the developing world, successful small businesses are the
primary engines of job creation, income growth, and poverty reduction.

Entrepreneur:
To some economists the definition of entrepreneur is the one who is willing to handle the risk of
a new venture if there is a chance for profit.
Others stated that the entrepreneur’s role as an innovator who markets his/her innovation.

Entrepreneurship:
Entrepreneurship is a multidimensional concept as researchers look at entrepreneurship from
different perspectives such as economics,
sociology and psychology, that’s why there is no final definition for the term.
Entrepreneurship could be defined as the process of creation of
enterprises by entrepreneurs where it implies an economic
function, as entrepreneurs are responsible for making decisions on
market transactions facing uncertainty in any industry, this could
be done
in individuals or in teams to create new economic opportunities
such as new products or new production methods through adding
innovation and creativity with sound management in a new or
existing organization.
Entrepreneurial Key Success Factors
The most critical and most important key success factors that can make an
entrepreneur become a successful entrepreneur are:
1- Willingness to take action.
This is the first and most important factor for “would be” and current
entrepreneurs. All other entrepreneurial key success factors, are not necessary
if you are a person who afraid to take real action. Actions are something that
can lead you to the success. Without actions, you can’t expect to become a
successful business owner. Sorry, it is a fact!
2- Entrepreneurial knowledge.
Entrepreneurs are persons who must have superior knowledge about
specific business issues for the business that they have started. Your
knowledge will increase your business potential energy and in large
part will contribute to the success of your company.
3- Entrepreneurial creativity.
You must be a creative person if you want to be unique enough and with the
power of continuous improvement in your business. The creativity will
increase
your business potential energy that will bring many possibilities for your company.
4- Entrepreneurial skills.
Each entrepreneur and each business will need different entrepreneurial skills that in
some cases can be crucial to the success of their companies. If you have the
knowledge, but you don’t have skills that can be covered only through
implementation of what you have learned, you can’t expect that you are close to the
success. As you can see, you will have skills if you take action, implementing what
you have learned.
5- Entrepreneurial intelligence.
You must be intelligent to manage all possible situations and solve the hardest
problems that will be the most consistent thing in your business life. Your
intelligence will additionally bring uniqueness to your company because it is
something that can’t be copied from others.
6-Patience.
You must be patient and ready to continue even you lose the first battle. It is important
because the war is still not finished. This is only the beginning of your journey as an
entrepreneur. You need to understand that your 
entrepreneurial journey isn’t an easy journey from A to B.
7-Persistence.
Persistence is simply a refusal to give up for something, or ability to keep your actions
against your personal feelings that you’re not ready for these actions. Feelings and
motivation didn’t produce results. The action is something that will provide the results you
want to achieve. So, remove your feelings that pulled you back, and with the whole power
continue on your journey.
8-The ability for teamwork.
Nobody can achieve anything alone so, this is also true for you as an entrepreneur. You are
not a “Superman.” As an entrepreneur, you must be a team player for your own and your 
business success.
9-Risk taking, but calculated risk.
This is indeed one of the most critical questions: Are entrepreneurs taking enough risk?
Yes, each business startup is at some level risky. However, more important is how a
successful entrepreneur takes a risk? The word calculated risk is the most appropriate word
for this characteristic. You need to use risk management principles if you want to succeed.
10-The self-confidence as a key success factor.
Self-confidence is a significant and key success factor for entrepreneurs. I
think that nobody will become an entrepreneur if he doesn’t have self-
confidence in himself, primarily related to start and manage his own
business.
11-To have enough experience.
Sometimes experience is in a category not so required as a factor, but it is
something that will increase your business potential energy. As an
entrepreneur, you must employ all present and previous experience you
have in the business that you are bilding.
12-Great talent.
Talent is something inborn in an entrepreneur. But, sometimes talent is
something that can be easily replaced with knowledge and skills.
13-Honesty.
Honesty is vital in every case. But sometimes honesty, being real, can be the
most significant enemy of an entrepreneur in some complex conditions.
14-Connections.
More connection means more possibilities for building a successful
business.
15-Luck.
Luck is a psychological factor. Some people can say that they aren’t lucky
persons. And indeed there are some “lucky people” who just accidentally
found the right place at the right time with the right idea. However, it is a
small percentage and cannot be included as a serious factor for success.
The key success factors on this list are sorted according to
their importance to your success as an entrepreneur. So,
the most important key success factor here is your ability
to take action.
Why Taking Action as One of the Key Success Factors is the Most
Important Factor?
First, all key success factors mentioned here without a willingness or ability
to take action are some potential for you. Yes, you have knowledge or skill,
but if you don’t implement them in your daily work, they are only potential
for you.
We talk about your business potential energy stored inside you. This energy
can and should be converted into business kinetic energy. The business
kinetic energy is something which will perform the job or something that
will bring results to your company.
warning
All key success factors are important, but none of these factors will
make you become a successful entrepreneur if you don’t take
appropriate action. For example, the knowledge and creativity
can’t help you to become a successful entrepreneur if you don’t take
the first step to start your business.
I know many people who have the knowledge and creativity, are skillful and
intelligent, and persistent and patient… But these persons are not entrepreneurs. They
are working for some other company or public services. They’re not entrepreneurs not
because they have a lack of knowledge or they are not intelligent. They are not
entrepreneurs, not because they don’t possess other characteristics of the
success. They aren’t entrepreneurs because they don’t take the first step, take action to
become entrepreneurs.
Therefore, in this hierarchical structure of entrepreneurial key success factors as the
first characteristic or as the foundation for the success I put the ability to take
action.
Entrepreneurship factors
1- Regulatory Framework:
This part is related to the regulations and rules governing the entrepreneurship and its
foundation. These subcategories can be divided into administrative burdens,
bankruptcy regulations, product and labor market regulations, court and legal
framework, social and health security, income taxes, business and capital taxes and the
patent system.
2-Market Conditions:
It includes the antitrust laws, competition, access to foreign markets, degree of public
involvement and the private demand.
3-Access to finance:
The third factor that determines the entrepreneurship and its success is the access to
finance that includes sub factors such as access to debit financing, as the supply of
debt capital through traditional credit markets is vital to entrepreneurial activity.
4-Creation and Diffusion of Knowledge:
Entrepreneurs play an important role in commercializing R&D, where countries with
high levels of R&D will produce more possibilities for entrepreneurship than
countries with low levels of R&D, it can be either private and public. This factor
includes the R&D activity, where it is important to know the business and the
government expenditure on R&D and the higher education expenditure on R&D too.
5-Entrepreneurship Culture:
This factor includes the desirability of becoming self-employed, entrepreneurial
intention, entrepreneurial motivation, entrepreneurship among managers,
entrepreneurs as job creators, the fear of failure that prevent starting abusiness.
Where fear of failure would prevent starting a business, the image of entrepreneurs,
the risk of business failure, the wish to own one's own business.
Thank
You

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