An Empirical Study of Individual Traits Influencing Entrepreneurial Success

Abstract

Today is the era of Atmanirbhar Bharat , 3R (Reduce-Recycle-Reuse) , Stand up Startup India and Make in India . Not only in India but across the world it has become the race to seek opportunity and come up with a business model to provide solution to current problems. Future Entrepreneurs are the one who are working on the problem which have not arrived yet but due to their visionary approach they are working on it. Biggest example is Elon musk working on Electric vehicles and Space exploration. newlineIndia is a land of opportunities as being said by the so called PADMAN, Arunachalam Muruganatham where every where we find problems which gives birth to opportunities. This has also become trend in the youth to come up with startups which has arisen the need of a research to be done on understanding the traits, qualities and characteristics of successful Entrepreneurs as it is being said by many successful entrepreneurs including Steve Jobs that You must follow the people you want to become like. Hence I planned to make this as my research title and went on exploring the traits of over 300 successful Entrepreneurs. The research was conducted with the help of a 5 point likert scale questionnaire designed to understand the traits on 9 factors. The results were surprising and showed great details about the priorities of traits required to become successful in business. I have also ranked the traits so that one can understand on to which traits or skill sets are the basic need of reaching heights. This research also has a bigger motive to guide and mentor the youth regarding understanding their true potential and try to match them with the successful businessmen, as the failure ratio of startup has risen to 95% which is a depressing figure and after the failure mostly entrepreneur takes time to come back and restart a business or they just shift towards a Job, apart from this the failure also gives a setback which can shake them and make them hopeless with their lives.