Successful Entrepreneurship 3
entrepreneurial ventures (Sasu & Sasu 2015). Additionally, entrepreneurs exhibit unique traits
including focused goals, self-motivation, creativity, and the ability to find perfect combinations
to develop new products. Also, they are designers of appropriate technologies that enable them to
corner markets. Psychologists suggest that tolerance of ambiguity and decisiveness define
successful entrepreneurs in the United States. A survey data of Stanford MBA graduates showed
that personal traits are essential ingredients of successful entrepreneurs. Graduates who had
many jobs and short job tenures before graduation became entrepreneurs afterward.
Income and job security incentivize entrepreneurs (Stefanović, Ranković, & Prokić
2011). In fact, Romanian entrepreneurs create businesses in the quest for increasing revenue and
the avoidance of job loss. Most entrepreneurs in Romania venture into SMEs to provide security
for themselves and their families. Moreover, the search for money doing businesses rather than
employment is evident among African entrepreneurs. Thébaud (2015, p. 678) observes that
business people in developing economies endeavor to grow revenue besides providing
guaranteed employment.
Conclusion
The success of entrepreneurs depends on multifaceted factors. The business environment
and region in which they operate determine the motives and success of the partakers of SMEs.
Researchers point out various categories of crucial determinants of entrepreneurial success
including personal traits, extrinsic rewards, autonomy, satisfaction and job security. In the
developed economies, entrepreneurs succeed for their strong passion for independence. On the
other hand, the most powerful motivators of entrepreneurship in developing countries include
increasing income and job security. Personal traits distinguish between satisfactory and
unsuccessful entrepreneurs.
