Factors influencing the success of entrepreneurial ventures: A comprehensive analysis of strategies, resources, and external factors

Abstract

In understanding the dynamics of entrepreneurial success, this research builds on the existing body of literature by investigating the strategies, resource utilization, and external factors that contribute to the growth and sustainability of new ventures. The aim of this study is to understand the interaction of these factors, which include innovation, market differentiation, financial management, and external conditions, in the success of entrepreneurial ventures. For this study, the secondary data analysis method was employed in the form of industry reports, databases, and academic articles to gather information. In an effort to validate the findings and lesh out the various factors, the study used the triangulation method. The study found that continuous innovation, strategic market entry, effective resource management, and financial and human capital are critical drivers of entrepreneurial success. Additionally, external factors such as market conditions, the regulatory environment, and consumer behavior also play a vital role in determining the success of intrepreneurship. The findings support previous research that argued that successful entrepreneurs are those who have the ability to manage external pressures and, at the same time, manage internal resources successfully. The findings of this research also offer practical implications to the extent that it seeks to enlighten the entrepreneurial and policy circles on how they can promote innovation and flexibility for entrepreneurial ventures while also creating appropriate environments for their development.