Exploring the key determinants contributing to the success of start-ups in the early stages of their establishment in the Libyan environment
DOI:
https://doi.org/10.66660/ghyn.v1i11.116Keywords:
entrepreneurship, start-ups, determinants of success, founding team, Stages of establishmentAbstract
This research aims to explore the determinants of the success of startups in Libya during their early stages of establishment, in light of an unstable economic and political environment and a limited institutional structure. Startups rely on innovation and the effectiveness of the founding team to achieve their sustainability and growth in the local market, but they face major challenges including limited funding, weak infrastructure, and the complexity of the legal and regulatory framework. The research was based on the descriptive-analytical approach, with the analysis of secondary data drawn from academic studies and official reports to assess the internal and external factors affecting the success of these companies. The analysis focused on the efficiency of the founding team, the quality of the organizational structure, marketing and financing strategies, innovation, as well as the impact of the economic and political environment, legislative framework and infrastructure. The results showed that the success of startups is linked to the integration of internal and external factors, where team efficiency, visibility, innovation, availability of financial and technical resources are the most important internal factors, while political and economic stability, institutional support and legal framework are crucial elements of external factors. The weakness of any of these determinants increases the likelihood of early failure, while their balanced support enhances the chances of survival and sustainable growth. Based on the results, the researcher recommends developing supportive legislative policies for startups, strengthening financing and institutional support programs, developing technical infrastructure, and encouraging innovation through incubators and business accelerators, focusing on integrated enterprise teams and flexible operational strategies to ensure the sustainability and growth of these projects in the Libyan market.
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