The definitions of success involve similar issues. From
one perspective, Ibrahim and Goodwin (1986, 42) stated,
“Success in business is defined in terms of rate of return on
sales, and age or longevity of the firm.” From another perspective,
Jennings and Beaver (1997) take into account the
intangible goals of the small business owners in defining
success. They defined success as “the sustained satisfaction
. . . [and] the attainment of certain pre-defined objectives
which satisfy stakeholder aspirations” (Jennings and Beaver
1997, para. 20). In a study performed to distinguish between
closure and failure, Headd (2003) concluded that even if a
firm may fit the profile of a business likely to close and does
so, the owner(s) of that business may not see that as a
failure.