What Constitutes Successful Entrepreneurship? An Analysis of Recent Australasian Awards Experiences

Abstract

Theory about what constitutes entrepreneurial success is explored using case studies of the 2003 Ernst & Young Entrepreneur of the Year Award winners for Australia and New Zealand. Findings suggest the need to more equally emphasize what theory presents as elements of successful entrepreneurship, and importantly, incorporate ethics as a key dimension. Further, the analysis offers insight into how business awards processes in general might be conducted. Entrepreneurship has long been considered an important economic activity. The past twenty years has witnessed an explosion of research into entrepreneurs and their actions (Venkatarman 1997; Hannafey 2003) with considerable emphasis on the elements that constitute successful entrepreneurship. However, there has been little empirical work substantiating these elements or exploring the extent to which they appear to be considered when judgements are made about entrepreneurial success. Additionally, some entrepreneurs that are judged successful, such as Monty Fu who won an entrepreneur of the year award in the United States, are later shown to be unsuccessful along a number of elements. It may be that some elements are more emphasized when judging entrepreneurial endeavours, than are others. For these reasons, the current paper focuses on the construction of successful entrepreneurship. It addresses the following research questions: Are there some elements of entrepreneurship that appear to be more emphasized than are others when judgements are made about successful entrepreneurs? Would recourse to theory help decide successful entrepreneurship?