Factors that determine entrepreneurial success: Proposal of a conceptual model based on a systematic literature review

Abstract

Purpose: The purpose of this study is to examine the role of entrepreneurial success in economic and social development. This is defined as the capacity of entrepreneurs to establish and grow businesses in a sustainable manner, thereby achieving economic, social, and personal goals. Notwithstanding considerable research, significant gaps remain, particularly in specific contexts. The objective of this study is to examine the current trends in research on entrepreneurial success.

Design/methodology/approach: The methodology employed in this study is as follows: A systematic literature review was conducted in accordance with the PRISMA-2020 methodology, employing data from Scopus and Web of Science to identify key themes and gaps.

Findings: The findings of this study are as follows: The findings indicate that questionnaires and surveys represent the primary data collection methods. The majority of research in this field is concentrated in Asia and Europe, with a particular focus on countries such as Indonesia, Spain, Poland, and China. The target populations include female entrepreneurs who own small and medium-sized enterprises (SMEs) and young entrepreneurs. The primary theoretical frameworks are proprietary models and the theory of critical success factors, while the most frequently examined variables include business performance, innovation, personal factors, and resource availability. Notwithstanding these insights, significant gaps remain, particularly with respect to artisanal family businesses, which warrant further investigation.

Originality/value: The study offers a novel contribution to the field by examining a previously under-researched topic. This study identifies key research gaps and proposes a future agenda to address these gaps by expanding to new contexts and populations. This approach will facilitate a more comprehensive understanding of entrepreneurial success across diverse environments.