Thriving in the market is challenging, despite the rapid growth of entrepreneurial and small businesses. One major concern is the number of entrepreneurs and small business owners entering the market is equal to the number of businesses exiting the market. The general problem is the survival rate for entrepreneurs and small business owners in the market. Several factors may contribute to the survival rate challenge for business owners. External factors such as market research, product viability, demographics, and geographical locations may impact success. However, internal factors may also impact entrepreneurial and small business success. One internal factor is psychological hardiness. The term psychological hardiness refers to the following traits: commitment, challenge, and control. The qualitative portion of the study indicated that entrepreneurs and small business owners identified multiple psychological hardiness traits as contributing factors to their success. Business owners self-identified commitment, challenge, and control as the top three contributing factors to business success.
"When faced with the challenge of adverse situations, the business owner should have the commitment to face the challenge and utilize their level of control to reverse the situation or capitalize on the situation for growth." Dr Smith, The Refractive Thinker