Factors affecting the success and failure of business operations for students in the field of entrepreneurship. Faculty of Management Science, Chiang Mai Rajabhat University

Abstract

The research aimed to study factors affecting business operation’s success and failure of future entrepreneurship students. This qualitative research involved an in-depth interview and empirical studies to find the results from each group’s entrepreneurship student business venture. The sample group was collected by purposive sampling in which the participants were 28, divided into 19 groups, of 4th year students who enrolled in an entrepreneurship course in 1st semester, 2023. From business venture simulation, the study found that only 2 out of 19 businesses have the potentiality to develop into a future entrepreneur.
The main issue which could lead a business to be successful for the future entrepreneur was well-planned intra-organizational management because the risks could be effectively reduced as well as occurrences during business operation. For example, customers’ freedom to choose products that are reasonable in terms of price, appropriateness, and quality.
Sales promotion activities were boosted to correspond to customers’ interests or target group so that the sales productivity could increase continuously. However, having a budget plan at the beginning of the operation is considered to be safer than ever because it helps to reduce the lack of financial liquidity and also the analysis to be ready to take risks of everything before starting doing business so that the problems happen during business operation could be effectively fixed with the fittest solutions in time.
Major problems and obstacles for business development entrepreneurs were that most of the businesses fail because of the lack of well-planned management from the beginning of the business, resulting in unexpected difficulty and risks continuously. For instance, lack of any sales promotion activities during business operation due to insufficient budget to arrange sales and marketing activities which is the result of the lack of planning at the beginning of the business.