Entrepreneurial success: essence, components and implementation factors

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Bosak I. P., Homolska V. V. № 1 (58) 103-109 Image Image

The article considers the essence of entrepreneurial success, it summarizes the theoretical foundations and multifaceted approaches to its identification by various scholars, which implies that entrepreneurial success is the achievement of positive, both economic and social results of management.

The components of success have been characterized, and it has been determined that the key constituents are the maximum satisfaction of the society and the stable pro­fit, which is obtained as a result of entrepreneurial activity. It has been indicated on the optimal ratio of both components, which ensure the enterprise image, its reputation, reliability as a partner in the relationship with customers and counterparties, decency with respect to competitors. It has been pointed out that entrepreneurial success is characterized by close interaction of the relevant factors, and the mechanism of its consolidation is the effectiveness of interconnected, interdependent and mutually determining factors of success and the main fundamental components of success (own benefit and social expediency and responsibility).

Understanding of entrepreneurial success has been highlighted together with social aspects and illustrated by examples of people who are not only successful entrepreneurs, but they have also joined the cohort of patrons and social entrepreneurs. The interrelation of economic aspects and social features has been substantiated, which reflects the efficiency of entrepreneurship and ensures the consolidation of entrepreneurial success. The importance of social entrepreneurship, which is a combination of social orientation and a commercial approach and awareness of success, has been confirmed. The internal and external factors of success, which provide the competitive advantages of the enterprise and high level of its success, have been distinguished.

Keywords: entrepreneurial success, entrepreneurial idea, entrepreneurship ethics, business culture, factors of success support.

doi: 10.32403/1998-6912-2019-1-58-103-109

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