5 Key Driving Factors of Entrepreneurship

Across the world, entrepreneurs are faced with various constraints and opportunities, depending on the political economy. In Malaysia entrepreneurship is encouraged through a number of diversity programs in order to develop economic growth.

However, entrepreneurial success relies on five key driving factors:

Creative thinking and remembering ideas

Entrepreneurship is not always about original ideas and creative thinking is what can spark the improvement of products. Creative ideas are the driving force behind many entrepreneurs and these may appear at the craziest of moments. Fresh ideas may not be easy to implement immediately and successful businessmen always write them down for later use.

Acceptance of risk

There can be no gain without risk and many initial ideas depend entirely on the risk that the entrepreneur is willing to take. Investors are more confident, especially with start ups, when they see that the entrepreneur is willing to take a risk, including financial, and believes in the idea.

Risk involves financial and emotional strength and good entrepreneurs usually have the self-worth to believe in their strength and idea.

Grabbing opportunities

Opportunities don’t come around often and when presented the good entrepreneur responds instantly. Today, information reaches everyone faster with the internet and entrepreneurs need to be ready to respond immediately. Rigidity and an unwillingness to spring into action burdens business, whereas flexibility and a reserve of resources allows fast action.

Leading and inspiring

Entrepreneurship is not possible without leadership. The entrepreneur has to take possibilities, inspire those around him and make the product or idea sellable.

Protection of ideas

The creation of ideas and products are expensive because they need to be researched and developed. These ideas are the intellectual property of the entrepreneur and need to be protected otherwise they can be copied, for much less, and they lose their competitive advantage.

Besides planning, risk and ideas, every good entrepreneur knows how to embrace failure and turn it into an opportunity through a lesson well learnt.