Successful Entrepreneur Literature Review

“Start-ups pursue opportunity with resources that don’t match the task; although they may have one or two critical ones such as a product idea or access to an experimental customer, they lack all the resources required to win.”

Entrepreneurs are some of the most multi-talented and diverse people out there. A successful entrepreneur puts on many different hats at the same time – he’s a project manager, a risk-taker, an accountant, a marketer, a salesman. An entrepreneur is someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced. A few very important keywords in there, such as ‘exercising initiative’, ‘organize

LITERATURE REVIEW

The Various articles that have been reviewed to come up with this report are mentioned below.

1. 10 Qualities of Highly Successful Entrepreneurs By Kinley McFadden

2. 9 Qualities of Entrepreneurs By DK Sinha

3. 7 Uncommon traits of successful entrepreneurs By John Jantsch

4. What Big Companies Can Learn from Start-ups By Howard Stevenson

ANALYSIS

As per Kinley McFadden, the qualities and characteristics of a highly successful entrepreneurs

Successful entrepreneurs are leaders: successful entrepreneurs are natural leaders, and possess many leadership qualities. They are good at managing all aspects of their professional and personal lives. They have the ability to make big decisions, and the right decisions.

DK Sinha states the following 9 charateristics for successful entrepreneurs.

1. Hard Work: Willingness to work hard distinguishes a successful entrepreneur from unsuccessful one.

2. Desire for High Achievement: The entrepreneurs have a strong desire to achieve high goals in business. This high achievement motive strengthens them to surmount the obstacles, suppress anxieties, repair misfortunes, and devise expedients and set up and run a successful business.

3. Highly Optimistic: The successful entrepreneurs have a positive approach toward things. They do not get disturbed by the present problems faced by them.

4. Independence: One of the common qualities of the successful entrepreneurs has been that they do not like to be guided by others and to follow their rules.

5. Foresight: The entrepreneurs have a good foresight to know about future business environment. In other words, they well visualize the likely changes to take place in market, consumer attitude and taste, technological developments, etc. and take necessary and timely actions