SEVERAL ATTRIBUTES OF A SUCCESSFUL AND FAILED ENTREPRENEUR

The success and failure of being an entrepreneur in managing a business are not generally influenced merely by the amount of capital owned or the proximity of discretion, but also can be impacted by the nature of a business itself which can be managed by people who have specific entrepreneurial prowess as long as they know precisely what, why, and how the business should be run and executed in a profitable manner.

The amount of excessive capital and the proximity of discretion of facilities owned by an entrepreneur (particularly, if we look at from the standpoint of sole proprietorship), there is no guarantee to ensure a certain range of figures in which an entrepreneur’s efforts will always turn out to be successfully worked out in a long term. Given the fact that in most developing countries whose many businesses seem to be in a larger scale because of their networking and the facility provisions which are thoroughly supported by the helm of their home country, those entrepreneurs who possess their businesses managed professionally by the running principles of modern managerial philosophies in contrast can be passed down from generation to generation. Owing to this fact, we can also argue that there is no solid reassurance for an entrepreneur to succeed at driving a business who simply relies solely on the pre-existing entrepreneurial traits.

Furthermore, speaking of what causes an entrepreneur to fail is often experienced and arguably occurred due to having an inability to sustain a business either in the short and long term. Failure, by virtue of life experiences, often stems from the result of having incompetency to anticipate uncertainty. Unfortunately, too many of us generally focus on questioning why some entrepreneurs end up being successful, instead of asking what are the mistakes they have committed and learnt hard from their failure.

Below here are several reasons behind why an entrepreneur seems to likely have failed in managing or thriving a business:

1. Lack of knowledge and managerial experience.

2. Poor financial management in a company where the owner is unable to separate between corporate and personal expenses.

3. Inadequate control of a business.

4. Terrible planning business expansion, for example, opening a new business venture outside one's competency or core businesses.

5. Not having the ability to draw up a specific business plan.

6. Lack of business management.

7. Limited access to banking facilities.

8. Limitations on the market aspects.

9. Lack of expertise in technology and information.