Antecedents of a Successful Business Venture for Young Entrepreneurs

The objective of the study is to analyze the determination of success for young entrepreneurs in Malaysia. By adopting Timmon's Model in entrepreneurial process, a qualitative analysis via semi-structured interviews have been conducted to seven young entrepreneurs in getting clear understanding on how they perceived business opportunities and team as vital resources in ensuring the success of their venture. The findings support past literatures that the right business opportunities involved three main steps namely discovery, evaluation as well as application to the new business venture. These steps cannot be done without having a circle of the right people in the venture. The team shall consist of certain qualities and attributes that shows their credibility and commitment to the business venture. Apart from that, new finding was found whereby an individual in a team that has good faith in God would also help to escalate positive vibes among the team members, hence instilling good attributes to other members. Consequently, more customers are attracted to buy the products and services due to the business' attributes. The pertinent practical significance of this paper is that it highlights the importance of recognizing great opportunities and hiring the right team in ensuring the success of the business. For future research, quantitative data analysis can be executed to test the significance of faith in boosting the entrepreneurial success, hence supporting the finding found in this research.