Marketing & Entrepreneurship What makes entrepreneurs successful Is it Essay

selling & Entrepreneurship What makes entrepreneurs masteryful Is it skill or peck - Essay ExampleIn this paper, the researcher will intent example of Sir Alan Sugar who is not only the founder of consumer electronics giant Amstrad plainly also the example for entrepreneurs crosswise the world. Sir Alan Sugar established the company at the age of 21 when majority of his classmates were learning in the colleges in order to get job. Before retiring from the organization, Sir Alan Sugar transformed Amstrad from start up venture into electronics giant which is synonymous with innovation, value for money offering and customer loyalty. Was Sir Alan Sugar a magician who is blessed with edit amount of luck or Sir Alan Sugar was a hardworking individual who used skill and knowledge to build the Amstrad Empire? At this point, the essay is not mature enough to answer the question but it is expected that at the end of this essay, the answer will be revealed. One has to understand theoret ical underpinning of entrepreneurship out front answering the above question whether luck is important or not in making an entrepreneur favored. Hence, in the next section, the researcher will try to figure out pertinent variables that affect the success of an entrepreneur.Modern research scholars such as Coulter (2001) and Kirby (2004) defined entrepreneurship as the process with which a detail individual or set of individuals try to work out their objectives by creating value for people in the society. Nixon (2004) and van Praag and Cramer (2001) argued that it is not necessary for entrepreneurs to create value for society rather it is much important for an individual to fulfil existing needs through innovation and unique offer in order to classify as entrepreneur. It is understandable, why management scholars tried to identify the role of luck for an entrepreneur, because giving importance on luck factor will probably disregard the importance of management skill in developi ng a successful enterprise. Research scholars such as Kaplan and Schoar (2005) and Hochberg, Ljungqvist, and Lu (2006) nullified the importance of luck in circumstances an entrepreneur to become successful. These research scholars have given examples of successful enterprises that are funded by more see venture capitalists in comparison to enterprises that failed due to inexperience of venture capitalists. Hochberg, Ljungqvist, and Lu (2006) strongly argued that a more experienced and skilled entrepreneur has more probability to succeed in comparison to a tiro entrepreneur. Eesley and Roberts (2006) raised question over role of luck in service of process an entrepreneur to succeed in a competitive environment. According to them, people often mistakenly identify the skill, experience and strategic erudition of the entrepreneurs as the sheer amount of luck. Eesley and Roberts (2006a and 2006b) amusingly pointed out that there is no such thing as luck for an entrepreneur because a n entrepreneur can move ahead in business by taste the market need and fulfilling the need of customers by offering them value. Research scholars such as Eesley and Roberts (2006a) and Kaplan and Stromberg (2003) found that successful entrepreneurs are those who do not stop establishing new enterprises after failure in the previous start-ups. It is unornamented from the research works of previous research scholars that luck plays very little role in helping an entrepreneur to establish successful enterprises. In such context, Chatterji (2005) showed that experience in working in a particular