In this paper, the researcher will use example of Sir Alan Sugar who is not only the founder of consumer electronics giant Amstrad but also the example for entrepreneurs across the world. Sir Alan Sugar established the company at the age of 21 when majority of his classmates were learning in the colleges in order to get job. Before retiring from the organization, Sir Alan Sugar transformed Amstrad from start up venture into electronics giant which is synonymous with innovation, value for money offering and customer loyalty. Was Sir Alan Sugar a magician who is blessed with sheer amount of luck or Sir Alan Sugar was a hardworking individual who used skill and intuition to build the Amstrad Empire? At this point, the essay is not mature enough to answer the question but it is expected that at the end of this essay, the answer will be revealed. One has to understand theoretical underpinning of entrepreneurship before answering the above question whether luck is important or not in making an entrepreneur successful. Hence, in the next section, the researcher will try to figure out pertinent variables that affect the success of an entrepreneur.
Modern research scholars such as Coulter (2001) and Kirby (2004) defined entrepreneurship as the process with which a particular individual or set of individuals try to fulfil their objectives by creating value for people in the society. ...Show more