Research, Innovation and Total Quality Management as Essentials of Entrepreneurship Success in a Competitive World

Abstract

Entrepreneurship, a process of planning, launching and running new 
Businesses, is in many ways the history of great wealth and of great 
failure. Some entrepreneurs have been very successful and have 
accumulated vast fortunes from their efforts. Long-term success of any 
entrepreneurial effort cannot be accidental but by doing the right thing at 
the right time. This paper therefore discusses research, innovation and 
total quality management (TQM) as essentials and the right approach and 
philosophy that entrepreneurs must adopt in order to succeed in an era of 
one-world market (globalization). The paper recommended that 
entrepreneurs should study, understand and adopt the principles, tools 
and techniques of TQM in their operations in order to succeed and 
become key players in the global market.