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

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.