Aspects of entrepreneurial success

Guidance from successful individuals can be valuable to prospective and nascent entrepreneurs, as well as writers and instructors in the field. This paper seeks to confirm contemporary entrepreneurship concepts, examine current perceptions, and expand the knowledge base by exploring established entrepreneurship perceptions through first‐hand accounts of successful small business owners.

This qualitative research study summarizes and analyzes interviews with 149 established entrepreneurs and small business owners regarding their perceptions on the advantages and disadvantages of their endeavors, and on providing advice to prospective new venture creators.

The research revealed that entrepreneurs enjoy the independence, freedom, job satisfaction, and money, but believe the long hours, stress, responsibility, risk, and lack of company benefits are drawbacks of entrepreneurial activity. The findings largely support previous research in the field, while clarifying some of the positive and negative consequences and reporting insightful recommendations. Overall, the subjects reported that the positive aspects far outweigh the negatives in their chosen career path.

Non‐monetary features of entrepreneurial activities may be greater incentives to prospective small business starters, and success is strongly connected to thorough planning according to achievers in the field. This information can be used to encourage new business owners, guide writers of entrepreneurial advice, and inform those involved in the entrepreneurship instruction.

The direct feedback and comments from successful entrepreneurs is valuable due to the direct nature and currency of this research, as well as the linkage to previous studies.