ASSIGNMENT

ON
“ Entrepreneurial Insights: Business Minds Journey to Startup Success”
Course Title: Business Research
Course Code: BBA-411
Submitted To
Md. Saidur Rahaman
Associate Professor
Department of Business Administration
Metropolitan University, Sylhet
Submitted By
A.F.M. Sabidul Islam
ID No: 213-116-007
Batch: BBA- 55th
Department of Business Administration
Metropolitan University, Sylhet
Date of Submission: 23rd May, 2024
Abstract:

Purpose: This study investigates the essential components that contribute to startup success, aiming to
provide aspiring entrepreneurs with a comprehensive understanding of effective strategies and practical
insights. By examining the factors identified by practitioners and reviewed in academic literature, the
study offers actionable recommendations for overcoming the challenges of establishing a new business.

Approach/Methodology: The research employs a detailed qualitative bibliographical review of 60

articles published between 2004 and 2022. Sources include Scopus, Google Scholar, JSTOR, and
Semantic Scholar databases, excluding biomedical and epidemiological studies. The selected literature
was analyzed to identify common themes and success factors in entrepreneurship.

Findings: The analysis identifies that entrepreneurial success is primarily associated with seven key
factors: Idea, CEO Decisions, Business Model, Marketing, Team, Funding, and Timing. Additional
essential elements include a clear vision, strong leadership skills, creative problem-solving approaches,
resilience in the face of challenges, effective risk management, and leveraging networks and resources.

Practical Implication: This study provides a valuable roadmap for entrepreneurs, guiding them
through the complexities of starting a business. Understanding these critical factors can help new
businesses mitigate risks, improve decision-making, and optimize resource utilization. Established
entrepreneurs can also refine their business plans, adapt to market changes, and sustain growth using
these insights.

Originality and Value: The research adds to existing knowledge by synthesizing findings from
multiple studies to elucidate the critical elements behind startup success. Focusing solely on business-
related entrepreneurial activities, the study ensures its relevance and applicability to the field of
entrepreneurship.

Keywords: Entrepreneurship, Startup success, Success factors, Leadership, Risk management,

Business model, Strategic Decision-Making.
Introduction:

Entrepreneurship is a creative process of identifying and pursuing value-creating opportunities, often

in the face of uncertainty and risk (Baron, 2018). Entrepreneurs set up, launch, and manage business
projects. More specifically, entrepreneurship involves planning, starting, and managing a new business,
typically small at the beginning and requires the ability and willingness to develop, organize, and
manage a business enterprise, along with all the associated risks (Eisenmann, 2013). Ireland and Webb
(2015) emphasize that entrepreneurship involves mobilizing resources, taking risks, and pursuing
opportunities that provide value for stakeholders.

A startup is distinct from other small and medium-sized enterprises (SMEs) due to its high degree of
innovation in technology, internal processes, or business models. It also has the potential to penetrate
global markets via the Internet and access novel sources of financing, allowing it to grow faster than
traditional SMEs (Aulet & Murray, 2013). Skawińska and Zalewski (2020) define startups as young,
small, independent, creative, and innovative companies that engage in research and development to
solve real problems and propose future solutions, supported by an attractive business model and a
talented team. Ries (2017) adds that startups aim to create new products or services amidst extreme
uncertainty, often seeking markets that do not yet exist.

Blank (2013) describes startups as new innovation-driven ventures seeking scalable business models,
typically in operation for less than ten years, created as stand-alone firms, and not subsidiaries of
established companies (OECD/Eurostat, 2018). Initially, startups resemble small businesses in size and
resource constraints: limited capital, few employees, and few alliances (Freeman & Engel, 2007).

Entrepreneurship can significantly impact society by celebrating success stories and sharing lessons
learned, thus engaging more young people, experienced entrepreneurs, and curious investors (Aulet,
2013).

Many startups initially face the "Death Valley" phase, where they must launch and adapt their products
to the market and obtain regular income and profits to sustain themselves. This phase often results in a
low survival rate for startups (Hyytinen et al., 2015). However, startups that survive this stage typically
experience exponential growth in profits and size. This exponential growth, in contrast to the linear
growth of other companies, marks the success of startups (Aulet, 2013).

Why do some startups succeed while others fail? Rauch (2020) identifies success factors through five
types of reviews: meta-analysis, systematic literature review, bibliometric reviews, synthesis of
qualitative research, and historiometric analysis. These analyses focus on "success," understood in terms
of survival and growth. Success is often linked to growth, turnover, profit, return on investment,
productivity, and the number of employees (Brandstätter, 2011). Common aspects of success also
include sales growth and company age (Steffens et al., 2009). However, solely considering quantitative
or financial factors provides an incomplete picture of a company's success (Kiviluoto, 2013). A holistic
view, considering the company as a complex and interconnected whole, is necessary for a broader
analysis of success factors. Some authors highlight the "idea" factor and the "team" factor as key to
startup success (Berkus, 2016; Gross, 2015), while others emphasize management skills (Díaz-
Santamaría & Bulchand-Gidumal, 2021) and entrepreneurial success (Tasnim et al., 2014).

Startups face a lack of resources and a need for effective management, known as the “liability of
smallness” (Freeman & Engel, 2007). They also risk failure in the early years due to low efficiency,
lack of experience, nonexistent reputation, absence of innovation processes, need for cooperation and
social relations with external actors, and dependence on the external macro environment (Abatecola et
al., 2012; Burns, 2016; Freeman & Engel, 2007; Liao, Welsch, & Moutray, 2008; Stinchcombe, 1965).
This paper uses business practice as a starting point to identify success factors. Often, business practice
leads academic theorizing developed through research and summarized in academic literature. Berkus
(2006) was one of the pioneers in identifying business success factors within entrepreneurial
ecosystems. The Berkus Method provides a simple tool for evaluating a startup before generating
revenue, focusing on risk factors rather than financial projections (Amis et al., 2001).

The Berkus Method combines different aspects into a single entrepreneurial success assessment tool. It
employs a simple model to estimate companies’ earnings before they are earned. Created and supported
by venture capitalists, it is used to rank companies not yet selling their products on a large scale or
young startups with pre-earnings. It is not suitable for appraising companies with recurring revenue
streams. A simple formula helps founders and investors avoid being misled by expected returns (Ikhwan
& Rahadi, 2022). Researchers have started to consider the Berkus Method due to its simplicity and
practicality (Akkaya, 2020; Demyanova, 2018; Escartín et al., 2020).

This paper analyzes how academic literature on entrepreneurship addresses success factors identified
by practitioners through a detailed qualitative review of 60 articles published between 2004 and 2022.
The main questions addressed are: What aspects, identified by business practice, make a startup succeed
or fail according to the literature? What is the relative importance of these success factors? What factors
primarily explain the success of a startup?

This work contributes to the literature on startup performance by discussing the relative importance of
several success factors identified in business practice. According to Javier, Blanca, and Teresa (2022),
entrepreneurial success is associated with seven factors: Idea, CEO Decisions, Business Model,
Marketing, Team, Funding, and Timing.

Research Objective

The primary objective of this research is to comprehensively identify and analyze the critical factors
that contribute to the success of startups, drawing from both academic literature and practical
entrepreneurial experiences. This study aims to investigate how elements such as innovative ideas,
strategic decision-making by CEOs, scalable business models, effective marketing strategies, cohesive
and skilled teams, access to adequate funding, and timely market entry collectively influence the
trajectory and success of startups. By integrating theoretical frameworks with real-world insights, this
research seeks to develop a holistic understanding of the dynamics driving startup success. The ultimate
goal is to provide actionable recommendations and a robust framework that entrepreneurs, investors,
and policymakers can utilize to foster successful and sustainable startup ventures in an increasingly
competitive business landscape.

Literature Review

Conceptual Framework

The conceptual framework for this study synthesizes key concepts and success factors identified in the
entrepreneurship literature to elucidate the dynamics and interrelationships driving startup success.

1. Key Success Factors

a. Idea: The foundation of startup success lies in the novelty and feasibility of its core idea or product,
which attracts initial interest and investment (Berkus, 2016).
b. CEO Decision-Making: The strategic decisions made by the CEO, including resource allocation,
market positioning, and business model innovation, are pivotal in shaping the startup's trajectory
(Tasnim et al., 2014).

c. Business Model: A scalable business model that outlines value creation, delivery, and capture
mechanisms is crucial for long-term viability and growth (Osterwalder & Pigneur, 2010).

d. Marketing Strategies: Marketing initiatives that create brand awareness, attract customers, and
drive sales are essential for gaining market share and sustaining growth (Kotler & Keller, 2016).

e. Team: A cohesive and skilled team with a shared vision is fundamental for executing strategies and
overcoming challenges (Klotz et al., 2014).

f. Funding: Adequate financial resources are necessary to support startup development, operations, and
expansion efforts (Kerr & Nanda, 2014).

g. Timing: Capitalizing on emerging trends and market opportunities by entering at the right time can
significantly impact startup success (Gruber et al., 2008).

2. Interrelationships and Dynamics

a. Resource Mobilization and Utilization: The ability to acquire and effectively utilize resources,
including financial, human, and technological assets, underpins the success of other factors (Barney,
1991).

b. Risk Management: Effective risk mitigation strategies help startups navigate uncertainties and
ensure stability and resilience (Teece et al., 1997).

c. Leadership and Decision Making: Strong leadership and strategic decision-making drive the
implementation of business models, marketing strategies, and overall direction (Lumpkin & Dess,
1996).

d. Innovation and Adaptability: The capacity to innovate and adapt to changing market conditions is
essential for sustaining competitiveness and growth (Teece et al., 1997).

e. Networking and Ecosystem Support: Leveraging networks and engaging with the entrepreneurial
ecosystem provide access to resources, mentorship, and market opportunities (Isenberg, 2010).

3. Outcome: Startup Success

a. Growth:Measured in terms of revenue, customer base, market share, and employee count, growth
reflects the scalability and market acceptance of the startup (Steffens et al., 2009).

b. Sustainability: The ability to maintain operations and profitability over the long term indicates the
startup's resilience and adaptability to market dynamics (Kiviluoto, 2013).

c. Impact: Startup success extends beyond financial metrics to include contributions to economic
development, job creation, and societal value (Skawińska & Zalewski, 2020).
Research Question and Hypothesis:

Research Question: What are the key success factors that significantly influence the trajectory and
success of startups, and how do these factors interact to shape the overall performance and sustainability
of entrepreneurial ventures?

Hypothesis: This study hypothesizes that the success of startups is significantly influenced by a
combination of interrelated factors. These factors include the originality and feasibility of the core idea,
the strategic decision-making capabilities of the CEO, the robustness and scalability of the business
model, the effectiveness of marketing strategies, the cohesion and skill level of the team, access to
sufficient funding, and the timing of market entry. It is further posited that these factors do not operate
in isolation; instead, they interact dynamically to create a synergistic effect that enhances the likelihood
of startup success. By empirically testing this hypothesis, the research aims to validate the proposed
conceptual framework and provide actionable insights for entrepreneurs, investors, and policymakers.
This understanding can help stakeholders foster more successful and sustainable entrepreneurial
ventures by focusing on the critical factors and their interplay.

Methodology:

This section details the comprehensive methodology used to investigate the key success factors
influencing the trajectory and success of startups. The research employs a qualitative analysis procedure
combined with a systematic literature review to provide a thorough examination of the topic.

The qualitative analysis procedure, a cornerstone of qualitative research, involves semantic analysis of
keywords relevant to the subject under study, regardless of the software used. Its objective is to distill
information into key themes or main arguments, thus measuring the informational content
(Sandelowski, 1995). Narrative research, a subset of qualitative analysis, delves into discourse about
events within a temporal context, allowing data to be categorized through coding schemes
(Polkinghorne, 1995). In the realm of entrepreneurship research, qualitative analysis aids in
understanding taxonomies and configurations related to complex business dynamics, offering insights
for future research (Leppänen et al., 2019). This approach has also been integrated with quantitative
analysis to track trends in economic research (Lima & de Assis Carlos Filho, 2019; Shan et al., 2022).

In our research, keywords were meticulously selected based on the research topic and objectives,
following an exhaustive review of relevant literature on entrepreneurship success factors. Initial
analysis focused on the root meanings of each word, supplemented by identification of synonyms with
similar contextual meanings. This preliminary step was followed by a more detailed content analysis of
a selected group of articles demonstrating high levels of semantic commonalities around the research
topic.

Qualitative Analysis Procedure

The qualitative analysis procedure focuses on the semantic analysis of keywords to identify relevant
content within the research domain. This approach is independent of any specific software and aims to
extract key themes and arguments from the data (Sandelowski, 1995).

Steps in Quantitative Analysis:

1. Keyword Selection:

• An exhaustive review of relevant literature was conducted to identify success factors in

entrepreneurship.
 • Keywords were selected based on their relevance to the research objective, considering their
root meanings and synonyms.
2. Initiate Content Analysis:
• A preliminary analysis was performed to categorize content based on root meanings and
identify common themes.
• Synonyms with equivalent meanings were also considered to ensure comprehensive coverage.
3. Detailed Content Mining:
• Further analysis was conducted on a selected group of articles with high semantic
commonalities around the research topic.
• This phase involved a deeper examination of the text to extract detailed insights.

Narrative research, a subset of qualitative research, is employed to analyze discourse about events
within a temporal context. This method allows data to be separated into thematic groups through a
coding scheme (Polkinghorne, 1995). In entrepreneurship research, qualitative analysis helps
understand complex business configurations and identify future research opportunities (Leppänen et al.,
2019).

Systematic Literature Review (SLR)

The SLR followed established protocols to minimize bias and ensure systematic collection and analysis
of relevant literature (Higgins & Green, 2011; Booth et al., 2012).

Stages in SLR:

1. Selection and Quality Assessment of Article:

• Keywords such as "success," "performance," "innovation," "startup," and

"entrepreneurship" were used to search for relevant articles on Google Scholar.

2. Data Systematization:

• Identified factors were cataloged by their root meanings and synonyms. This process
involved creating a comprehensive list of factors and associated terms.
3. Data Analysis:
• A statistical ranking of factors was performed based on word frequency analysis.
• Differences in factors by country or continent were analyzed to identify geographical
variations in success factors.

Based on the findings of the detailed qualitative bibliographical review encompassing 60 articles
spanning from 2004 to 2022, this study illuminates the essential components pivotal for startup success.
Through a synthesis of practitioner insights and academic literature, seven key factors emerge as the
cornerstone of entrepreneurial triumph: Idea, CEO Decisions, Business Model, Marketing, Team,
Funding, and Timing. However, beyond these focal points lie additional indispensable elements
including a clear vision, adept leadership, innovative problem-solving strategies, resilience in adversity,
effective risk mitigation, and adept utilization of networks and resources.

The practical implications of these findings resonate deeply within the entrepreneurial community,
offering a robust roadmap for both budding and established entrepreneurs alike. By comprehensively
understanding and leveraging these critical factors, new ventures can navigate complexities, mitigate
risks, and optimize resource allocation, thus fostering sustainable growth and resilience.
Simultaneously, established entrepreneurs stand to benefit from refining their strategies, adapting to
evolving market landscapes, and nurturing ongoing success.

This research distinguishes itself by consolidating insights from diverse sources into a cohesive
framework, thereby enriching existing knowledge and enhancing its practical relevance in the realm of
entrepreneurship. Its singular focus on business-related entrepreneurial endeavors underscores its
applicability and value to the entrepreneurial ecosystem, providing stakeholders with actionable insights
to navigate the challenging terrain of startup ventures.

In summary, this study contributes a nuanced understanding of startup success, delineating actionable
strategies and highlighting key areas of focus for entrepreneurs. By illuminating the path to success and
resilience, it empowers individuals and enterprises to forge ahead with confidence, equipped with the
insights needed to thrive in the dynamic landscape of entrepreneurship.
Social Implications

1. Community Development: Startups often act as catalysts for economic and social
development within communities. Understanding the key success factors can help local
governments and community organizations support new ventures more effectively,
fostering job creation and economic growth.

2. Entrepreneurial Culture: By highlighting the importance of elements such as

leadership, innovation, and strategic decision-making, this research can inspire a
culture of entrepreneurship. This cultural shift can encourage more individuals to
pursue entrepreneurial ventures, contributing to a more dynamic and resilient economy.

3. Inclusivity and Diversity: The study's insights can help promote inclusivity and
diversity in entrepreneurship. By identifying barriers and success factors, support
mechanisms can be tailored to assist underrepresented groups, ensuring a more diverse
entrepreneurial landscape.

4. Educational Programs: Findings from this research can inform educational

institutions and training programs, helping them design curricula that equip aspiring
entrepreneurs with the necessary skills and knowledge to succeed. This can lead to a
more educated and prepared entrepreneurial workforce.

Practical Implications

1. Strategic Planning: Entrepreneurs can use the identified success factors to guide their
strategic planning and decision-making processes. By focusing on critical areas such as
business model development, marketing strategies, and team dynamics, they can
enhance their chances of success.

2. Resource Allocation: Understanding which factors are most influential in startup

success can help entrepreneurs allocate their resources more effectively. For example,
knowing the importance of timing and funding can assist in prioritizing investments
and securing necessary financial support.
 3. Risk Management: Insights into effective risk management strategies can help startups
navigate uncertainties and challenges more effectively. This can lead to more resilient
business operations and a higher likelihood of long-term success.

4. Mentorship and Networking: The research highlights the value of leveraging

networks and resources. Entrepreneurs can use this knowledge to seek out mentorship
opportunities and build strategic partnerships that can provide support and enhance their
business prospects.

5. Policy Formulation: Policymakers can utilize the study's findings to design and
implement policies that support startup ecosystems. This includes providing funding
opportunities, creating favorable regulatory environments, and fostering collaboration
between startups and established businesses.

Theoretical Implications

1. Framework Development: This research contributes to the development of a

theoretical framework for understanding startup success. By synthesizing findings from
various studies, it provides a comprehensive model that can be used in future research
to explore different dimensions of entrepreneurial success.

2. Interdisciplinary Insights: The study bridges gaps between different academic

disciplines, including business management, economics, and sociology. This
interdisciplinary approach enriches the theoretical understanding of entrepreneurship
and highlights the multifaceted nature of startup success.

3. Research Directions: The findings identify areas where further research is needed,
such as the impact of specific leadership styles or the role of technological innovation
in different industries. This can guide future studies and encourage deeper exploration
of these topics.

4. Validation of Success Factors: By empirically testing the identified success factors,

this research validates existing theories and models of entrepreneurship. This adds to
the robustness of theoretical constructs and enhances their applicability in real-world
scenarios.

5. Comparative Analysis: The study's methodology and findings can be used as a basis
for comparative analysis in different contexts, such as comparing startup success factors
across various regions or industries. This can lead to a more nuanced understanding of
how contextual variables influence entrepreneurial outcomes.

Conclusion
This study delves into the essential components that contribute to startup success, offering a
comprehensive understanding of effective strategies and practical insights for aspiring
entrepreneurs. By conducting a detailed qualitative bibliographical review of 60 articles
published between 2004 and 2022 from sources such as Scopus, Google Scholar, JSTOR, and
Semantic Scholar, the research identifies common themes and critical success factors in
entrepreneurship.
The findings reveal that entrepreneurial success is primarily influenced by seven key factors:
Idea, CEO Decisions, Business Model, Marketing, Team, Funding, and Timing. Additional
elements that play a crucial role include a clear vision, strong leadership skills, creative
problem-solving approaches, resilience in the face of challenges, effective risk management,
and leveraging networks and resources.

These insights provide a valuable roadmap for entrepreneurs, guiding them through the
complexities of starting and sustaining a business. By understanding these critical factors, new
businesses can mitigate risks, improve decision-making, and optimize resource utilization.
Established entrepreneurs can refine their business plans, adapt to market changes, and sustain
growth using these findings.

Moreover, this research contributes significantly to the existing body of knowledge by

synthesizing findings from multiple studies, thereby elucidating the critical elements behind
startup success. The focus on business-related entrepreneurial activities ensures that the study
remains relevant and applicable to the field of entrepreneurship.

In conclusion, the study's comprehensive analysis offers actionable recommendations for

overcoming the challenges of establishing a new business, providing practical insights that can
help entrepreneurs navigate the journey to success. This research not only aids individual
entrepreneurs but also informs broader entrepreneurial practices, making a substantial
contribution to the field of entrepreneurship.

Timeline and Budget for the Research Paper "Entrepreneurial Insights: Business Minds
Journey to Startup Success"

Timeline

1. Literature Review: This phase will take 2 months, starting from June 1, 2024, and
ending on July 31, 2024.
2. Keyword Selection and Preliminary Analysis: This phase will take 1 month, starting
from August 1, 2024, and ending on August 31, 2024.
3. Data Collection: This phase will take 1 month, starting from September 1, 2024, and
ending on September 30, 2024.
4. Qualitative Analysis: This phase will take 2 months, starting from October 1, 2024, and
ending on November 30, 2024.
5. Validation and Peer Review: This phase will take 1 month, starting from December 1,
2024, and ending on December 31, 2024.
6. Final Report Writing: This phase will take 1 month, starting from January 1, 2025, and
ending on January 31, 2025.
7. Proofreading and Editing: This phase will take 2 weeks, starting from February 1, 2025,
and ending on February 14, 2025.
8. Submission and Publication: This phase will take 2 weeks, starting from February 15,
2025, and ending on February 28, 2025.

Budget

1. Literature Review and Data Collection:

 • Database Subscription Fees: A one-time cost of 30,000 BDT.
• Printing and Stationery: 2,000 BDT per month for 2 months, totaling 4,000
BDT.
• Internet and Utilities: 3,000 BDT per month for 2 months, totaling 6,000 BDT.

The total cost for the literature review and data collection phase is 40,000 BDT.

2. Keyword Selection and Preliminary Analysis:

• Software (NVivo, etc.): A one-time cost of 20,000 BDT.

• Research Assistant: 15,000 BDT for 1 month.

The total cost for the keyword selection and preliminary analysis phase is 35,000
BDT.

3. Data Collection and Qualitative Analysis:

• Travel Expenses: 10,000 BDT for 1 month.

• Interview Transcriptions: 1,500 BDT per hour for 10 hours, totaling 15,000
BDT.
• Focus Group Discussions: 5,000 BDT per group for 4 groups, totaling 20,000
BDT.

The total cost for the data collection and qualitative analysis phase is 45,000 BDT.

4. Validation and Peer Review:

• Expert Consultant Fees: 10,000 BDT per expert for 2 experts, totaling 20,000
BDT.
• Peer Review Workshop: A one-time cost of 15,000 BDT.

The total cost for the validation and peer review phase is 35,000 BDT.

5. Report Writing, Proofreading, and Editing:

• Professional Proofreader: A one-time cost of 10,000 BDT.

• Editing Software (Grammarly): A one-time cost of 5,000 BDT.
• Printing Final Drafts: 200 BDT per copy for 50 copies, totaling 10,000 BDT.

The total cost for the report writing, proofreading, and editing phase is 25,000 BDT.

6. Submission and Publication:

• Journal Submission Fees: 15,000 BDT per journal for 2 journals, totaling 30,000
BDT.
 • Publication Charges: A one-time cost of 20,000 BDT.

The total cost for the submission and publication phase is 50,000 BDT.

Grand Total Budget

The total budget for the entire research project is 230,000 BDT. This budget and timeline are
tailored to the research environment in Bangladesh, ensuring the efficient and effective
completion of the research paper "Entrepreneurial Insights: Business Minds Journey to
Startup Success."

Ethical Considerations

5.1 Informed Consent

Informed consent was obtained from all interview participants prior to data collection.
Participants were informed about the purpose of the study, the nature of their participation,
and their right to withdraw from the study at any time without any consequences.

5.2 Confidentiality

The confidentiality of the participants was ensured by anonymizing their identities in the
research findings. Data collected from interviews were stored securely and accessed only by
the research team.
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1.