GET SERIOUS! Stay Focused!
Predictors of entrepreneurial success
Factors that may predict entrepreneurial success include the following:
- Business-to-business (B2B) model, not business-to-consumer (B2C)
- High growth market
- Target customer's missed by others
- Growing industry
- High technology impact on the industry
- Low capital intensity
- Small average incumbent firm size
- Large, diverse venture team, not individual entrepreneurs
- Graduate degrees
- Management experience
- Work experience in the start-up industry
- Employed full-time prior to new venture, as opposed to unemployed
- Prior successful entrepreneurial experience
- Full-time involvement in the new venture
- Motivated by high profits, not independence
- Number and diversity of individual's social ties
- Written business plan
- Activity focused on a single product or service
- Competition based on a dimension other than price
- Early, frequent and intense marketing
- Tight financial controls
- $100,000+ start-up capital
- Corporation, not sole proprietorship
- Dominant Race, Ethnicity, or Gender in a Socially Stratified Culture
Predictors of entrepreneurial failure
Factors that may predict entrepreneurial Failuer include the following:
- Low Business Acumen, failing to add value in consumers’ lives.
- Jack of all Trade, doing what everyone is doing and not doing what one can do the best.
- Short-sightedness, failing to create long lasting solutions for today’s vices.
- Extravagance, satisfying unnecessary wants and misuse of resources at hand.
- Insecurity, not building an efficient team.