Entrepreneurs are not always motivated by profit but regard it as a standard for measuring achievement or success. An entrepreneur greatly values self-reliance and strives for distinction through excellence. They are highly optimistic (otherwise nothing would be undertaken), and they always favor challenges of medium risk that is neither too easy, nor ruinous.
Given below are some factors that contribute to the success of an entrepreneur. The factors are −
● Self-confidence − Before convincing others to trust us, it is important to trust our self. The determination or the courage and belief one has on self to achieve the goal is known as self-confidence.
● Experience − It’s not always necessary to be experienced for starting a business, but yes, having some experience will definitely help save time and effort.
● Profit − Opting for a business that has a demand in the market, is always a better choice. However, it is always good to think of a steady income rather than just profit.
● Brand − Everybody opts for or at least wishes to opt for branded products or services. The reason varies, some see it as a standard of living, for some it’s the quality. Keeping this in mind, it is very important to create a signature mark of your product.
● Market share − It adds to an individual’s, groups, or firm’s contribution in the market when by contributing their company product in the market. A company designs a product with respect to the demand of the mass.
Some other factors like consumer relation, social support, government support also contribute as important factors in entrepreneurial achievement.