Success Factors of Entrepreneurs.
Not all people who start up their own businesses become successfull, if it was so we were all going to be successfull in life. There are certain factors that contribute to the success of an Entrepreneur no matter where they go, irrespective of what kind of business they are involved in they always find their way out. Nieuwehuizen and Oosthuizen( 2012:53) have identified these factors as MOTIVATION, a motivated entreprenuer set high standerds and very challenging objectives then he uses this as a tool to actually strive for success.
The ABILITY TO IDENTIFY OPPORTUNIYIES is a second success factor identified by this two authers, this means that an entrepreneur is aways out there in search of what might be missing in the market, always in search of loopholes in the market. Furthermore, it is a success factor of entrepreneur to be as CREATIVE and INNOVATIVE as possible, Nieuwehuzen and Oosthuizen say that a business man may show this by introducing new products or by changing things in the organisation which lead to the success of the organisation. The third factor that they identified is WILLINGNESS TO TAKE CALCULATED RISK, almost all entrepreneurs who start up their businesses take a risk, risk refers to any uncertainty or situation where the outcome is not known ( Berndt A and Bronkhost, S et al (2012 : 53).
In addition to the above mentioned factors the authers add another factor of LEARDERSHIP, the leadership style that the entrepreneur uses affect the organisation in all ways, two most recent leadership approuches which are conciderd to be most effective are: Transformational leadership aprouch and instructional leadership approuch ( Bush : 2003). A leader may use any of the two to effectively engage with the surbodinates even though there are many other leadership styles. Some factors include persevirance, intrapessonal skills and personal commitment and involvement in the business. Most businesses that are successfull today are able to adapt to the above mentioned success factors into their business.
The ABILITY TO IDENTIFY OPPORTUNIYIES is a second success factor identified by this two authers, this means that an entrepreneur is aways out there in search of what might be missing in the market, always in search of loopholes in the market. Furthermore, it is a success factor of entrepreneur to be as CREATIVE and INNOVATIVE as possible, Nieuwehuzen and Oosthuizen say that a business man may show this by introducing new products or by changing things in the organisation which lead to the success of the organisation. The third factor that they identified is WILLINGNESS TO TAKE CALCULATED RISK, almost all entrepreneurs who start up their businesses take a risk, risk refers to any uncertainty or situation where the outcome is not known ( Berndt A and Bronkhost, S et al (2012 : 53).
In addition to the above mentioned factors the authers add another factor of LEARDERSHIP, the leadership style that the entrepreneur uses affect the organisation in all ways, two most recent leadership approuches which are conciderd to be most effective are: Transformational leadership aprouch and instructional leadership approuch ( Bush : 2003). A leader may use any of the two to effectively engage with the surbodinates even though there are many other leadership styles. Some factors include persevirance, intrapessonal skills and personal commitment and involvement in the business. Most businesses that are successfull today are able to adapt to the above mentioned success factors into their business.
Read the following story about some of the successfull Entrepreneurs in South Africa Petrice Motsepe
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