ENTREPRENEUR NEEDS TECHNOLOGY NOT LUCK TO BE SUCCESSFUL

What makes a successful Entrepreneur: Luck or Great Technology and Good networks

An entrepreneur needs technology not luck successful and good networks. When pitching to venture capitalists it is important that you have a highly detailed business plan. The more detail about the product or service and how it has features that are more sophisticated than those currently in the market the better. Being charming is also essential.”

Introduction:

It is true that luck, without the innovative idea, technology, and well-organized personal and professional network, does not ensure success for entrepreneurs in the long-run. They need a good planning before making their dream a reality. The importance of professionally documented business plan especially in fetching capital for the start-up cannot be denied. However, its importance is growing day by day due to strict credit from financial institutions and due diligence of venture capital firms and angel investors.

Technology and Networks:

In the present era rapid technological changes, many new start-ups thrive and grow on the basis of advanced technologies and social media campaigns. Thus the role of information technology cannot be overlooked while starting a new venture. Still, entrepreneurs need well-organized plan to decide about the type of the technology to be used and how it will help the venture to succeed in the long-run (Baron, and Shane, 2005).

We all have also heard the success of the billionaire, Bill Gates, who revolutionized the personal computer industry. His success most often attributed to the networks, his mother had developed by setting on the board of United Way with John Akers, a high-level IBM executive and, who used to share

 

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