FAILURES LEADING TO SUCCESSFUL ENTREPRENEURS: AN ANALYSIS IN JEDDAH, SAUDI ARABIA

Abstract

Failure to work is an important result of entrepreneurial activity, but the area of underdeveloped research remains. This study focuses on the attitudes of entrepreneurs with previous experience of failure. The aim of this research was to learn from the experience of successful entrepreneurs and to verify that failure is a successful business agent. This work was carried out using quantitative approach. The sample population was entrepreneurs from Jeddah, Saudi Arabia. The total sample size was 28.  Data collection was done using survey questionnaire. The data was analyzed using SPSS software. The findings have shown that planning, performance, good management and dedication is the key to a successful business.  Furthermore, results have shown that lack of familiarity with finance and accounting, lack of experience in the commercial market and confusion of expenses and personal salary were the reasons for business failure. In addition, the result showed that the entrepreneurs need to have competitive advantage, growth, expense control, developing their scientific and practical skills for their business to function better.