0% found this document useful (0 votes)
84 views6 pages

Entrepreneur Literature Review

This literature review examines strategies for achieving entrepreneurial success and substantial income. It discusses how the stereotype of entrepreneurs being mainly men is outdated, as more women-owned businesses have emerged since 2014. Entrepreneurial success depends on various complex factors like life stage and gender. While entrepreneurs have existed for centuries, more women have become entrepreneurs recently, with some examples dating back to the late 1700s. The COVID-19 pandemic also led some women to leave jobs and start their own businesses like online shops. Generating high income as an entrepreneur requires having a desired product/service and effective marketing strategies. Long-term success relies on overcoming financial, technical and market challenges through business planning and perseverance.

Uploaded by

api-582658039
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
84 views6 pages

Entrepreneur Literature Review

This literature review examines strategies for achieving entrepreneurial success and substantial income. It discusses how the stereotype of entrepreneurs being mainly men is outdated, as more women-owned businesses have emerged since 2014. Entrepreneurial success depends on various complex factors like life stage and gender. While entrepreneurs have existed for centuries, more women have become entrepreneurs recently, with some examples dating back to the late 1700s. The COVID-19 pandemic also led some women to leave jobs and start their own businesses like online shops. Generating high income as an entrepreneur requires having a desired product/service and effective marketing strategies. Long-term success relies on overcoming financial, technical and market challenges through business planning and perseverance.

Uploaded by

api-582658039
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 6

Hoover 1

Joy Hoover

Professor Crystal Echols

English 1201

15 October 2021

Entrepreneur Research Literature Review

What would the top five strategies be to obtain entrepreneurial success, while

generating substantial income? The Journal of Business Venturing defines an

entrepreneur as “the founder, owner, and manager of a for-profit business” (Zhao).

Entrepreneurs are typically stereotyped as men, but the National Women’s Business

Center states that since 2014 there are more than 7.8 million women-owned firms (US

Senate). In a 1990 study by Sexton and Bowman-Upton, they concluded that “no

evidence was found to support the perception that females may be lacking in the

attributes necessary to initiate and manage a business”. When studying the relationship

between age and entrepreneurial success, researcher Hao Zhao concluded that various

factors such as life stage and gender had a complex influence on entrepreneurial

success.

According to John Steele Gordon, entrepreneurs truly emerged in the mid 1800’s,

but date back to ancient times. Since 2012, “women-owned entities in the formal sector

represent approximately 37% of enterprises globally, a market worthy of attention by

businesses and policy makers alike” states the Harvard Business Review (VanderBrug).

Historical examples of female entrepreneurs date back to 1776 with Mary Katherine
Hoover 2

Goddard, who became the first female postmaster (Archives of Maryland), and Madam

C.J. Walker who went from slave to the first American self-made millionaire in 1905

through selling her own scalp products (Inventor). Post pandemic of 2020, many women

have left the workforce to become home entrepreneurs, such as Jazmine Garrison, who

switched from a marketing specialist to selling her candles online, and Vivian Xue, who

left her software engineer job to launch her hand painted nail business through TikTok

and now is a millionaire (Wingate).

There are many ways to become an entrepreneur and start your own business, keep

it small, or scale it with employees and outsourcing. Many women can start a simple

side business from home, offering a service to customers that they excel at like sewing,

baking, writing curriculum for the homeschool classroom, or becoming a self-published

author. A female can also raise her kids from home, and simultaneously work a side

business selling digital products on Etsy, being a brand ambassador for a company, or

becoming an influencer on a social media platform such as Instagram, TikTok, or

YouTube. Whatever direction is taken with a small business can be backed by local

support through business grants and loans to get you started. Local mentorship

opportunities are provided to small businesses wanting to succeed and scale their

business and resources.

There’s a growing desire among entrepreneurial women to put their passion into an

activity that they love and simultaneously generate substantial income. Though job

availability has soared in availability since 2020, many women are seeing their potential
Hoover 3

to earn big money in a niche market working for themselves, instead of for a company

garnishing a pittance salary (Wingate). One of the main ways to generate high income

levels is to have a desired product or service to sell to a target audience (Kerpen 76).

Having your brand well defined and in a specific niche is helpful when you’re advertising

it online. Marketing your product online through multiple social media campaigns can

reach millions in a fast manner, creating instant customers. Automating this process can

even reach a wider audience, while you concentrate on additional avenues in your

business. Many entrepreneurs who start with an idea to market will often have the idea

fabricated and turned over to an outside manufacturer to mass produce and possibly

even a third party to package and ship for them (Kerpen 124). This way, they become

the business manager, instead of the business worker.

Service industries have become a big development in the pursuit of the

entrepreneur. Many startups need to create a product and have a team to manufacture

and distribute their product. Often what is needed to grow these local maker, profitable,

job-generating firms is a zoning restructuring of city requirements (Greco). Cities like

Philadelphia have rezoned vacant industrial spaces to include both commercial and

residential mixed usage permits (Greco). This new arrangement “gives flexibility to small

artisans while allowing for the as-of-right reuse of old warehouse buildings, which is a

community goal of ours” (Greco).

What factors influence success long term in entrepreneurial business adventures?

New business ventures often face financial, technical and market difficulties, placing
Hoover 4

them in danger of failing (Zhao). A more challenging issue is “selection bias due to small

businesses' low survival rate and the fact that only survivors can be studied” (Zhao).

Author, Carrie Kerpen, points out in “Work It” that to succeed you need to form an

accurate career plan, make critical life decisions before and during the process, and

address common fears of stepping out in business.

Top challenges that emerge for the entrepreneur are start-up capital and how to

obtain it, what type of business venture to begin, how to generate high income levels,

and how to succeed long term. The topics within this discussion could range far, as

there are a multitude of arenas to venture into to generate high income levels. Despite

many obstacles faced by women entrepreneurs, “the future of entrepreneurship in this

most entrepreneurial of countries remains bright” (Gordon).

Misconceptions surrounding this topic of entrepreneurship are that men outnumber

women in this field, that men are a better success than women, that all small

businesses are likely to fail, and that women are not capable of making the same

money that men do in working for themselves. Probable answers to this research topic

include instituting a firm business plan, taking actionable steps, achieving benchmarks

set for yourself, resetting after failures, and growing through losses. We all have a

multitude to learn from other women entrepreneurs who have been in the arena, fought

the fight, and achieved economic and financial success as a result of their unsatiating

effort.
Hoover 5

Works Cited

Archives of Maryland Biographical Series. “Mary Katherine Goddard (1738-1816).”

Maryland State Archives, 15 March 2006.

https://msa.maryland.gov/megafile/msa/speccol/sc3500/sc3520/002800/002809/

html/2809bio.html. Accessed 23 October 2021.

Gordon, John Steele. “Imprimis: Entrepreneurship in American History.” Hillsdale College,

vol 43, issue 2, February 2014. https://imprimis.hillsdale.edu/entrepreneurship-in-

american-history/. Accessed 20 October 2021.

Greco, JoAnn. “Making Way for 'MAKERS.'” Planning, vol. 80, Issue 2, Feb. 2014,, pp. 20-25.

https://web-p-ebscohost-com.sinclair.ohionet.org/ehost/pdfviewer/pdfviewer?

vid=5&sid=1aef200a-ff44-4824-9d6b-f49eb23f557d%40redis. Accessed 10 October

2021.

Inventor Highlight-Madame C. J. Walker. James B. Duke Memorial Library, 2017.

https://library.jcsu.edu/inventor-highlight-madame-c-j-walker/. Accessed 23 October

2021.

Kerpen, Carrie. Work It. TarcherPerigee, Illustrated edition, 2018.

United States, Congress, Senate, Committee on Small Business and Entrepreneurship.

Empowering Women Entrepreneurs: Understanding Success, Addressing Persistent

Challenges, and Identifying New Opportunities. U.S. Government Publishing Office, 23

July 2014. https://www.govinfo.gov/content/pkg/CHRG-113shrg89448/pdf/CHRG-

113shrg89448.pdf. Accessed 16 October 2021.


Hoover 6

VanderBrug, Jackie.” The Global Rise of Female Entrepreneurs”. Harvard Business

Review, 4 September 2013. https://hbr.org/2013/09/global-rise-of-female-

entrepreneurs.

Accessed 20 October 2021.

Wingate, Kiera. “Amid Pandemic, Women Catch Entrepreneurial Bug.” USA TODAY, 1

September 2021, p 1b.

Zhao, Hao, et al. “Age and entrepreneurial career success: A review and a meta-

analysis.” Journal of Business Venturing, January 2020, https://www-

sciencedirect-com.sinclair.ohionet.org/science/article/pii/S0883902619302691?

via%3Dihub. Accessed 22 October 2021.

You might also like