Entrepreneurial Success Case Study

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b) There are several essential factors for new firms in general to succeed. From spot-on opportunity identification to human capitalization, it is no doubt a challenge for new firms to strike a balance along with endless considerations and perils to be mindful of. With analysis of the abovementioned firms, three key factors for entrepreneurial success are identified. Unique Selling Proposition – It is no easy feat to penetrate a market. A new firm needs to have something competitors do not have. Only by offering something different and better which has relevance for customers would the firm be able to differentiate itself. Besides creating a competitive advantage, a unique selling proposition helps generate demand. There is a need to ensure a pool of paying customers as revenue is potentially a key reason for a firm’s survival (White, 2016). Evident from QLC.io, they …show more content…

Highlighted as a key to a firm’s success (Chia, 2017), it is essential for firms to ensure the permeation of the right mind-set from the start. For founders, it takes not only passion but grit to persevere through countless rounds of pivoting, boldness for innovation, realism to set practical goals and readiness for any challenges ahead. Also, a profit-oriented mind-set should not overrule (Wong, 2016). The founders of the analysed firms could have easily given up when their initial hypothesis failed. Yet, what was witnessed the relentless pursuit of the ‘product-market’ fit with continual innovation aligned with customers’ feedback. Besides having exemplary leaders, there is a need to ensure a tight-knitted team that is equally capable and committed (Lau, 2017). Thus, it is of paramount importance for both entrepreneurs and employees to be mentally prepared. Should one be instilled with a warped mind-set, any subsequent approaches are likely to steer the firm in the wrong

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