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Determinants of entrepreneurial success: innovations and risk taking - the relative roles

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Entrepreneurship is closely associated with risk taking in conventional thinking. Innovations too are widely reported determinants of entrepreneurial success. Research attributes entrepreneurial success very significantly to risk taking and/or innovations and its failure to lack of one or both of them. No serious attempt has yet been made at theoretical or empirical level to crystallise the comparative roles of risk taking and innovations in success of an enterprise. This essentially is such a theoretical attempt. Analysts find it difficult to see innovations independent of risk taking. They often define entrepreneurship itself as risk taking and innovations. Inclusions of risk taking in definition of innovations and that of risk taking and innovations in definition of entrepreneurship are here rejected. We propose that chief determinants of entrepreneurial success are innovations, risk taking and chance but 1. Chance is not a strategic variable. 2. Innovation is a variable strategically superior to risk taking. 3. Imitation too has a role in entrepreneurial process and 4. For entrepreneurial success, to innovate is not sufficient one has to out-innovate the competition.
Original languageEnglish
Publication statusPublished - 1997
EventEast Meets West World Entrepreneurship Conference - Loyola Marymount University, Los Angeles, United States
Duration: 7 Jul 1997 → …

Conference

ConferenceEast Meets West World Entrepreneurship Conference
CountryUnited States
CityLos Angeles
Period7/07/97 → …

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ID: 1552141