Characteristics of Entrepreneurs and Their Effect on Entrepreneurial Business Success - Dissertation Example

The research attempted to evaluate the relationship between entrepreneurship and business success. The objective of the research was thus concentrated upon analyzing the characteristics of entrepreneurs and their impacts on business. Furthermore, the research also evaluated how entrepreneurs can create business success.
The research has been undertaken by using a mixed approach where causal research design was implemented. In this research, primary information has been gathered from 150 entrepreneurs operating their network in London. Additionally, non-probability purposive sampling has been used to gather information from only those entrepreneurial organizations that have survived for more than five years. The research findings have been analyzed through the constant comparative method and statistical tests such as hypothesis testing and regression analysis.
Correspondingly, the research findings obtained suggest that there is a strong causal relationship between entrepreneurial characteristics and entrepreneurial business success. Hence, it could prove that to a certain degree, entrepreneurial characteristics can determine the success of the business.

Generally, success is related to the achievements of objectives and goals in any field of humanity. In the business sector, success is considered as the most vital aspect in the management life, although it is not often clearly stated in an academic discipline. Entrepreneurial characteristics always play a vital role in ensuring the success of a business. Such characteristics are commonly related to entrepreneurial endeavors and objectives along with the personal traits and qualities of the entrepreneur. It is worth mentioning in this context that, as often argued, a firm cannot achieve success without entrepreneurial support (Liao, 2004).
Since the traditional era of organizational management developments, several different terms have been related to business failure instances such as closures of organizations, entrepreneurial exit, business discontinuance, liquidation, organizational death, and bankruptcy. Usually, entrepreneurial business failure is referred to as the cease of commercial operations fundamentally owing to financial causes. It might also denote the end of owners’ participation in the business functions. Based on historic evidence, it can be observed that the majority of researches studying business failures and successes concentrated on the imbalances or effectiveness observed in the core business functioning rather than the owners’ competencies to preserve the sustainability of the overall firm; while, in reality, the entrepreneurs are deemed to be vital factors for such successes or failures. In most circumstances, the studies based on the failure of entrepreneurial businesses have been restricted to evaluating the pattern of failure and strategic developments for strong businesses, while the events involving the competencies of the owners were provided lesser or insignificant concentration.