entrepreneurial success!

 

GET SERIOUS!     Stay Focused!

 

 

Predictors of entrepreneurial success

Factors that may predict entrepreneurial success include the following:

Market

  • Business-to-business (B2B) model, not business-to-consumer (B2C)
  • High growth market
  • Target customer's missed by others

Industry

  • Growing industry
  • High technology impact on the industry
  • Low capital intensity
  • Small average incumbent firm size

Team

  • 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

Company

  • 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

Status

  • Wealth
  • 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.

 

Tie