Success Factors of Startups in Research Literature within the Entrepreneurial Ecosystem

Abstract

What are the most important factors for the success of a startup? This study aims to shed light on this issue through the statistical analysis of a bibliographical sample of 60 recent articles. Through a detailed study of the selected literature, but from the perspective of business experience, we have identified the comparative relevance of those factors that recent research has highlighted as the main drivers of start-up success. Our analysis allows us to define a core of seven practical business success factors supported by the academic literature (Core-7 SF). This core makes it possible to identify the intersection between success in business practice and academic research. Our Core-7 SF shows that the most important variable to predict the success of a start-up is the Idea, followed by the CEO’s Leadership, the Business Model, the Marketing approach, and the Entrepreneurial Team. In addition, we found some differences between the geographic areas of affiliation of the authors, suggesting that cultural characteristics influence the weight given to the various reasons for success.