Identify and rank the top three (3) factors or qualities, which start-ups or entrepreneurs need to be successful
All successful entrepreneurs usually have certain traits or qualities in common which enable them to achieve their objectives and goals. For an entrepreneur to be successful when starting their business, he or she needs to possess various key qualities. Some of these qualities include, first, adaptability. This refers to the ability of an entrepreneur to adapt him or herself to the changing environment or conditions. In case there are any changes in the market or the business operation, the entrepreneur should be able to adapt to the changes. For example, when starting the business, the entrepreneur may discover that the things he or she expected to work do not function at all (Gross & Bill, 2015). In such a case, the entrepreneurs will be forced to coup up with the situation, for instance, through copying the strategies that are used by others in the same industry to attain the needed success.
Secondly, persistence. Every entrepreneur tends to encounter various challenges in the process of starting a business; however, the most important thing is how well the business entrepreneur can remain focused no matter the challenges. For instance, when siggi yogurt was launched as a whole food, the yogurt plant crushed and closed down due to the huge demand (CNBC, 2018). However, the company’s founder remained persistent and was able to get back to his feet after struggling hard to improve his yogurt factory to meet the huge yogurt demand. Thirdly, Work ethics. This refers to the entrepreneur’s capability to work hard to ensure that the business has succeeded. Running a business tends to be difficult, since it may require one to spend more than eight hours working; therefore the business entrepreneur has to be very committed or dedicated towards the business to ensure its success. For instance, the Siggi yogurt founder possessed good work ethics since he was very committed to ensuring that he was able to produce the best product for the consumers. However, even when the yogurt plant collapsed, he worked hard to ensure that the company was back to its feet.
CNBC Make It. (2018). The Man Behind Siggi’s, The No. 1 Yogurt at Whole Foods Retrieved from https://www.youtube.com/watch?v=vjMvQg70_tk
Gross, Bill. (2015). The Single Biggest Reason Why Start-Ups Succeed. Retrieved from https://www.ted.com/talks/bill_gross_the_single_biggest_reason_why_startups_succeed
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