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The Elements of Success in Entrepreneurship

Essay by   •  May 6, 2018  •  Course Note  •  263 Words (2 Pages)  •  471 Views

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There are few factors that determine the elements of success in entrepreneurship

These include:

  1. Persistence
  2. Commitment
  3. Hard work
  4. Patience
  5. Gaining knowledge and building on experience

Entrepreneurs need to be persistence in terms of dealing with challenges that may arise in their career path including displacement. With persistence comes success.

Also, entrepreneurs should be committed to their work and give in time, hard work and effort in order to succeed. Being dedicated to ones business is crucial factor of success.

Moreover, Entrepreneurs need to be patient. Starting a business may take a long time and reaching success as well. Hence, one should not expect to gain profits or positive cash flows from the beginning.

Patience is a key to any success. Not only in business terms but also in one’s life. Therefore it is essential that an entrepreneur learn to wait and be patience and optimistic towards whatever goals he or she is willing to pursue in life and in business journey.

Last but not least is gaining market knowledge and building on experience. Entrepreneurs need to be aware of existing competitors and their strategies, also they have to be ware of government and economic and legal and political conditions, as this external environment changes dynamically and can affect the success of the venture. Also being aware of any technological changes that is happening is a must as many business are becoming more efficient through technology which may reduce their cost of operation and contribute to higher returns.

To conclude, These elements contribute to entrepreneurial success. Hence entrepreneurs should keep these factors in mind while pursing their career path.

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