Strategies that make entrepreneurs successful - Essay Example

Entrepreneurship is a rich subject for academic research that gained notable significance in recent years. Entrepreneurs are people who have vision and potential to develop an idea into thriving business (Anderson et al, 2006, p. 28). This business grows from few employees to hundreds of employees and worths millions (Ibid). Irrespective of the nature of business an entrepreneur should have knowledge about the current international and local market. Moreover, he/she must be aware of the latest trends and techniques of administration in order to operate a sustainable business.

The knowledge area should cover the changing consumer behavior, firm’s trends in natural and technological environment, and advanced marketing strategies. The fact of what strategies the entrepreneurs adopted in order to turn their intangible ideas into solid and worthy growing business is considered to be an interesting question to be tackled. This question becomes more interesting when considering what Pleitner (1999, p. 72) states about the fact that the entrepreneur and his/her strategies are the most important factors for the business’ success or failure.

Goebel (2000, p. 89) considers motives, personality and strategies as the factors for an entrepreneurs’ success. The role of motives and personality is believed to be significant particularly when launching the idea, but it is strategies which is thought to be the leverage for entrepreneur’s success as far as business growth and development is concerned. According to Hambrick et al (2001, p. 59), they are the tools to achieve the business objectives. Examining these strategies should be important when considering the fast moving industrial environment and the highly competitive markets whose trends changes occur quickly.

When thinking of the music industry as competitive one, Anderson et al (2006, p. 28) have presented the American singing star, Madonna, as an example of successful entrepreneur in a