Habakuk, the Cane King
Introduction
Success is a very important measure of an entrepreneur’s achievements and goals. Success can be measured by analysing various factors which could be qualitative and quantitative in nature. This means that defining success encompasses a broad spectrum. For instance, success can be measured by analysing the performance of the business, taking into consideration the expectations of stakeholders with an interest in the business venture, the nature of the expectations and the actual outcomes achieved relative to the expectations of the business venture. Analysing the performance of a venture can be measured for example by looking at the net profit of the business or its revenue and various profitability ratios of the venture. In addition, establishing relationships with others and achieving personal satisfaction are also important factors to consider when measuring the performance of the business. It has been indicated by Charles (2011) that the success of a new venture does indeed include meeting the expectations of interested parties. It has also been found by Charles (2011) that successful ventures are dependent on other factors such as the knowledge and skills of the entrepreneur. This knowledge can come from first-hand experience in a specific industry or research conducted in a specific area. It is also important to find the proper niche in the market, to be financially secure and to employ the right people. According to Wickham (2004) the aforementioned factors are important as the venture must be able to spot a well-defined and sustainable opportunity in the market. Furthermore other factors that should be analysed include a venture adopting a learning culture and having a positive attitude. This means that the venture is in a relatively weak position when entering a specific market. Therefore it has not had time to