The abundance of small businesses proliferate our world both nationally and internationally, creating new products and services for consumers and providing an opportunity for job growth for many. Consequently, it is important to understand the characteristics and traits that make a business succeed. Not all businesses are successful; some start off strong only to result in failure; some fall flat on their face even before the doors open, and some rise above all others and prosper. The characteristics that make a business succeed are closely observed and researched to provide future business owners with helpful advice. The infrastructure of a business relies on several ...view middle of the document...
With any research there are limitations and immeasurable circumstances that can alter the conclusion of results such as, unexpected events, environmental influences, and differences in goals of each entrepreneur. Situations such as these can change the outcome of any research. With this in mind, we are able to collaboratively understand the general idea of what factors contribute to the success of a business, thus providing future entrepreneurs with smart business advice.
What business strategies and methods allow small business owner to succeed in both the United States and in other countries?
In the world of business whether big or small, we are often mesmerized at how companies are assembled and how they maintain success. In view of the fact that successful companies provide a plethora of new job opportunities and innovative products and services, it is important to understand the aspects that brings them to such a successful standing. This collection of sources is geared toward small business located in other countries because so much of our products come from other locations. In order to determine this, researchers study many different subjects, variables and results. Studying entrepreneur behavior is an effective first step in understanding the structural support and growth of a small business. Areas of research included cognitive strategies, planning techniques, motivational resources, and skills of the entrepreneur. Other areas of study include demographics, geographic location, statistics, and type and size of the businesses. The characteristics of a successful business are different from business to business and studying these traits as a whole will allow new entrepreneurs to gain the knowledge and smart business strategies to flourish.
What types of entrepreneurial behaviors result in positive business growth?
Many successful businesses start off with an idea, from an individual or group of people, followed by the motivation to put the idea into full force. Behaviors of entrepreneurs are often studied to determine what factors contribute to the success of a company or cause a negative downward spiral. A business owner’s aptitude to recognizing and assessing their own skills plays an enormous part in the success of a company. According to Baum and Locke (2004) self-efficacy, motivation and goals all provide means for growth for small businesses (p.587). Having a strong sense of self-efficacy and leadership mind-set provides an individual with the confidence in their skills to deliver and accomplish their goals. Thus to further support this claim, Sambasivan et al. (2009) demonstrates that in 1,275 different Malaysian businesses the driving force behind a successful company is the ability to recognize potential business opportunities, have strong personal awareness and the managerial skills to take the initiative to start building (p. 799).
Another characteristic that contributes to positive venture growth in a...