Entreprenuers success in business: Some critical factors

Abstract

This study analyzed three important questions concerning entrepreneurship success in business that are the factors influence entrepreneurs involvement in business, the levels of profits return and the critical success factors in entrepreneurship. A total number of 70 entrepreneurs were involved in this research. The analysis of the study indicate that the most factors encouraged entrepreneurs in business is the desire to achieve freedom and satisfaction. Other factors are to support the family, to become rich, to fulfill the ambitions, to become self-reliance and disfavor of being salaried workers. Based on the profit returns, majority entrepreneurs are successful by having returns >3 years. Meanwhile, from the mean rank analysis of the study shows that successful factors are attributed by age, good record management and financial control, planning skills, marketing skills and educational levels. The result of the study also indicate that there are four critical success factors in business namely; management experience (r = 0.312, p<0.05), industry experience (r = 0.308, p<0.05), the economic situation (r = 0.265, p<0.05) and planning skills (r = 0.251, p<0.05). The study suggests that these critical success factors need to be addressed in any entrepreneurs training efforts in the future. © Medwell Journals, 2012.