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Definition of Entrepreneurship

Entrepreneurship is a global phenomenon as sighted by Lu and Beamish (2001). There is no single agreed definition of entrepreneurship. According to Krueger (2003), an entrepreneur is one who thinks differently, in many ways.  Shane and Venkataraman (2000) define entrepreneurship as a field of business, in a quest to identify the opportunities and how to create something new.

Another study by Baron, Scott and Shane (2005) suggest that entrepreneurship is a process that unfolds over time and that moves through distinct but strongly interconnected phases. The entrepreneurial cannot be divided or easily illustrious stages but typically it involves the creation of new products or services and discovery of an opportunity, assembling the resources. The entrepreneurial process are normally influence by the group, individual or the societal factors.

Critical Success Factors of Entrepreneurship

Being an entrepreneur is not an easy task. Not everyone can become a successful in entrepreneurship. It is not like working for somebody's business, whereby a person is committed to work from 9.00am to 5.00pm. And when the person goes home, the entire office work is forgotten until the person clock in the office the next morning and start the same routine.

To be a successful entrepreneur, one has to acquire many skills in order to maintain or sustain the entire lifespan of the business as success factors.

Important Success Factors must have:

1. Need to be persistent, Tenacious and Resilient

According to some research by (Cahill, 1994), most projects fail due to entrepreneurs just do not keep up persistently at their projects because they just simply gave up for some reasons. Being persistent and never give up attitude are important criteria for entrepreneurs to be successful because success rarely come overnight.

 
 
 
 
 

 

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