Prioritizing successful entrepreneurial skills: An emphasis on the perspectives of entrepreneurs versus aspiring entrepreneurs

Abstract

PurposeThis research aims to understand the relative importance of successful entrepreneurial skills based on the perception of entrepreneurs and others who intend to venture into entrepreneurship (aspiring entrepreneurs). Design/methodology/approachThis paper surveyed entrepreneurs and aspiring entrepreneurs and compared the relative importance of successful entrepreneurial skills in pairs. The study adapted Analytic Hierarchy Process (AHP) to analyze priority skills and compare the weights of all successful entrepreneurial skills based on the views of entrepreneurs and aspiring entrepreneurs. FindingsEntrepreneurs and aspiring entrepreneurs ranked business management and critical and creative thinking skills as the first and second most important criteria for success, respectively. Compared with entrepreneurs, aspiring entrepreneurs underestimated the importance of persistence and overestimated the importance of creative thinking and innovation, as well as human resources management. Research limitations/implicationsAnalyzing the priority of having successful entrepreneurial skills should consider the respondents’ individual differences. Although aspiring entrepreneurs and entrepreneurs share several common views, the priority of having several successful entrepreneurial skills is different between the two groups. The priority is different within the group, particularly the respondents’ background (gender, education, and family background) and experience (business operation and entrepreneurship program experience). Practical implicationsOur findings provide directions for aspiring entrepreneurs to polish their basic traits, schools to enrich their curricula, and junior entrepreneurs to improve their abilities. The gap between entrepreneurs and aspiring entrepreneurs means (1) people should emphasize persistence to become successful entrepreneurs and (2) the next generation of entrepreneurs is expected to be more creative, propose more innovative products or service, and make better use of talents compare with the previous generation. Originality/valueThis research is among the first to study the priority of successful entrepreneurial skills from the perspectives of entrepreneurs and aspiring entrepreneurs. Pointing out the differences between entrepreneurs and aspiring entrepreneurs may help the latter to narrow the gap and increase the success rate of startups.