10 factors which influence entrepreneurial success

Entrepreneurial success

Entrepreneurship has existed throughout the history. But in the recent years, probably due to the economic, social and cultural situation, the significance of entrepreneurship has been increasing. It’s getting more and more common to start an own business to gain economic independence.

The way we think of a business, market or consumers is changing, the vision of success has been evolving as well. For some, this change will continue to be purely an economic factor. For others, however, it will go to another level. This will be a higher level in which a success is not equal to financial compensation but rather self-fulfillment and satisfaction.

What factors influence entrepreneurial success?

MIT Technology Review has conducted studies on entrepreneurial success in Spain, interviewing their participants. In the studies, a list of key factors has been determined

10 key factors influencing entrepreneurial success:

1. Determination: the ability to keep working on our projects, even when working environment and the circumstances are not suitable.
2. Passion: it is necessary to feel a true passion for your projects, ideas, dreams and goals we want to achieve.
3. Analysis: ability to make decisions and to establish realistic goals.
4. Vision: ability to identify and apply an adequate strategy which will lead to the best possible outcome.
5. Flexibility: know how to react and adapt to the changes that occur in the market, consumer and environment.
6. Creativity: talent, inspiration and creativity to be able to come up with new ideas.
7. Sociability: ability to be sociable and communicative while meeting new people to be able to create networks. Networking is essential when getting to know other entrepreneurs and making new contacts and connections.
8. Communication: knowing how to express ourselves properly at any time, no matter when the situation is good or bad.
9. Education: it is not essential but often very helpful to have some training and theoretical knowledge.
10. Work team: although it does not always depend on the entrepreneur, it is essential to have an adequate work team that understands and shares our vision and helps to execute the idea and projects.

Apart from aforementioned 10 internal factors, there exist other external factors which affect entrepreneurs as well, such as economic, cultural and social situation.

Source: MIT Technology Review in Spanish, “Barómetro de emprendimiento de éxito en España”