Four Factors That Can Influence Entrepreneurship

Business success can be defined in terms of revenue, income, satisfaction, or growth however; every business owner should develop a personal definition of success and use it to measure themselves. Success cannot be measured by finances, power or fame but by how well we achieve the purposes for which we were created. There are many factors that can affect one’s ability to start and run a successful business. Entrepreneurial drive is something that comes from a collection of personal attributes; although many of these are shaped by outer influences we all have an internal drive. Therefore our life experiences, parental influences, career displacement and education greatly impacts our desire to delve into the world of entrepreneurship.

Life experience is the sum of the things that have happened to a person. Life experiences whether good or bad acts as the fuel that gives life to our passion. Therefore life experience plays a role in impacting business success. Lois Stevens was born to an impoverished family. Her parents did not have a lot of education nor did they possess lucrative jobs. Making ends meet from month to month was a struggle for this family of eight. Lois, the second child became aware of her family’s struggles at an early age and decided that this was not the life she wanted for herself. Her parents impressed upon Lois the importance of getting an education and making a better life for herself and her family. Through her life experiences Lois determined to work hard in school and keep her grades up because she realized that this would play a key role in her future. She excelled academically and was given a scholarship to further her studies she did and eventually got her doctorate in dentistry. She is currently the owner of two dental practices. Through this she was able to help all of her siblings advance above their life experiences to live a more productive life. Therefore one may ask does parental influence impact business success? Our parents are our first role models. Parental influence is one that can affect an entrepreneur in both ways. With positive influence from parents, the entrepreneur has the foundation of confidence to take risks and to optimistically believe in their potential for success in business. A more negative influence from parents can still be a positive force in small business success. Coming from a poorer background can give one the zest to create a way to implement a change to improve their life. Just like Lois, whose parents provided a motivation for her to excel.

Career displacement can mean diverse things to different people. For some people it can be the end to a means of an income. Whereas for others it can be a motivating factor to start a business. Many people have ideas and dreams but enjoy the security of a steady income hence allowing these dreams to lie dormant sometimes for years. Therefore career displacement can be a motivator to allow these ideas come to life. In fact some believe that individuals will not pursue a venture unless they are forced into it through displacement from other activities.

Education or the lack of education can influence an entrepreneur. Although there are many Fortune 500 CEOs who left high school or university and went on to become self-made billionaires, education is still important. Education enables us to learn technical skills but more importantly it gives shape to our character. Therefore education is not a predicator of success in small business because no academic level would understand the real world of business. However any entrepreneur should expand him/herself. There is an adage that says, “To be rich in material wealth and impoverished of mind makes a person poisonous to his fellows”. On the other hand a lack of education can also be a force for some entrepreneurs’ success. Business creation enables persons with less education to view entrepreneurship as a means to reach financial security.If you have a passion there is nothing that can stop you. But on the other hand if you are educated and passionate at the same time your impact for business success is even greater.

Many factors can impact success in small business; we are not limited to the ones discussed here. Everyone who wants to embark on an entrepreneurial lifestyle needs to cultivate themselves. So as I conclude I ask you, will you allow your characteristics to close you up or to bloom into the world of entrepreneurship?