America has produced some of the most successful entrepreneurs who have established and grew prosperous startup businesses. These entrepreneurs are believed to have to have been driven by various key factors that facilitate the growth and prosperity of successful businesses.
This paper looks at the key factors that facilitate the creation of successful business ventures by looking into America's most successful entrepreneurs.
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According to Lee (2016), the high need for achievement is one of the significant factors that facilitate the creation of successful ventures. The need for achievement, according to Lee, is often characterized by an individual's desire to do well and acquire a feeling of achievement. Just like Andrey Carnegie, the founder and owner of Carnegie Steel Company which has so far developed to be one of the largest companies in the history of the US, most entrepreneurs in the are driven by the desire to acquire a feeling of accomplishment. Carnegie also used some of the incomes he earned from his still company to invest land with oil reserves, messenger services, and car companies to enable him to make more profits and gain a financial achievement.
Yimamu (2018) argues that the desire for financial freedom and independence is another critical factor that leads to successful business ventures. The issue of autonomy pertains the decision by an individual to take responsibility for his or her own life as opposed to depending on the efforts of other individuals. The need for financial freedom is a significant factor that has driven most individuals into setting up their businesses. Just like Henry Ford, a renowned American entrepreneur who has made millions through the manufacture of prototypes and Oprah Winfrey, a well-known American entrepreneur and founder and co-founder of Harpo Studios and Oxygen Media respectively, most entrepreneurs venture into businesses to acquire financial freedom and independence.
Beattie (2016) opines that self-efficacy is another critical factor that enhances the creation of a successful business venture. Self-efficacy is the level to which a person believes that he or she has the required and sufficient capabilities to perform specific entrepreneurship tasks. Bill Gates and Larry Page are renowned American entrepreneurs whose entrepreneurial success has been triggered by self-efficacy.
Conclusively, the high need for achievement, the desire for financial freedom and independence, and self-efficacy are vital factors that facilitate the creation of successful ventures. These key factors have driven America's renowned entrepreneurs such as Andrey Carnegie, Henry Ford, Oprah Winfrey, Bill Gates, and Larry Page into establishing their ventures that have turned out to be the most prominent and thriving in the US and the entire world.
References
Beattie, S. (2016). Which entrepreneurial traits are the most critical in determining success? Otago Management Graduate Review, 14, 13-20.
Lee, C. H. (2016). Critical Success Factors for Entrepreneurs (Doctoral dissertation, UTAR).
Yimamu, N. (2018). Entrepreneurship And Entrepreneurial Motivation. Retrieved from https://www.theseus.fi/bitstream/handle/10024/144307/Yimamu_Nadire.pdf?sequence=1&isAllowed=y
