Entrepreneurial Success: An Exploratory Study among Entrepreneurs

Abstract

The main objective of the study is to investigate the relationship between entrepreneurial factors and entrepreneurial success. Using a simple random sampling technique, 163 entrepreneurs with at least three years of business operations were selected as our respondents. Data were gathered through a self-monitored questionnaire survey. Multiple regression analysis was used to test the relationship between the entrepreneurial factors and entrepreneurial success. Based on the means analyses, religious duty/honesty factor is perceived as the most significant factor affecting entrepreneurial success, followed by communication skills and strong will of the entrepreneurs. This study confirmed that several entrepreneurial factors are significantly related to the entrepreneur's success. These factors include the ability of entrepreneurs to access information, their leadership styles, and their support from others. Nevertheless, entrepreneurs' ability to seize relevant information is found to be the most significant factor contributing to their success.

Rural Women Entrepreneurs in Malaysia: What Drives Their Success?

“…Among them are the internal and external environment (Delmar & Wiklund, 2008), financial efficiency, management, location, investment in technology, production costs and network (Cassar, 2004). The success of a business or enterprise is also depending on the owners including honesty, friendliness (Benzing, Chu & Kara, 2009;Makhbul & Hasun, 2011;Benzing, Chu & Bove, 2005;Benzing, Chu & Callanan, 2005;Pollit, 2004;Kriger & Hanson, 1999;Machan, 1999), creativity, perseverance, courage, confidence, humility, willingness to learn, strategic thinking, focused, strong determination and openness to new information (Elenurm & Alas, 2009;Raffele, 2011). In addition, Ashraf and Qureshi (2010) develop a model by listing eight characteristics that drives the entrepreneurs' success in business including risk taking, confidence and determination, willingness and initiative, ability to explore, strategic thinking, creativity and innovative, vision and social networking.…”

The Effect of Entrepreneurship Education on Entrepreneurial Intention of University Students by Adopting Linan Model

“…On the contrary, it will be easy to convince the futility of the efforts, when obstacles come to them if those conditions are low (Bandura, 2012). Researches on self-efficacy are increasingly offering many important findings for the sustainable entrepreneurship (Makhbul & Hasun, 2011). For example, researchers have shown positive effects of self-efficacy on following aspects; effort, perseverance, goal setting, and performance as described by Salanova, Llorens, and Schaufeli (2011).…”

“…Wright and Stigliani (2013) revealed that experience of the entrepreneurs from starting until steadily running w ould have a better ability in information processing, decision making and other cognitive capabilities than a nascent entrepreneur. This means that entrepreneurial success is a process (Makhbul & Hasun, 2011). According to Obschonka, Silbereisen, and SchmittRodermund (2010), it was because the function of time and experience helped to achieve more positive results in the future, and success was the result of the efforts.…”

“…It refers to the faith that someone can succeed. If it is involved in planned behavior to achieve specific objectives, then the outcome is largely formed by successful practices occurred in the past (Makhbul & Hasun, 2011). There are possible conditions of self-efficacy in self-individuals.…”

A Cross-cultural Assessment of the Competency Needs of Women Operating in the Context of SMMEs in South Africa

“…Other researchers have depicted successful leaders as individuals "with a great need for achievement", an "internal locus of control", and a high propensity for "risk taking" (Lee and Tsang 2001;Pearson and Chatterjee 2001). Even though Cunningham and Lischeron (1991) and Makhbul and Hasun (2011) describe the trait approach as a simple, common-sense approach, Andreas Rauch and Frese (2007a) are quick to point out that there are limits its usefulness and caution that the results of using this approach can be inconsistent, as shown in various literature.…”