Entrepreneurship is a dynamic process that includes a number of specific skills, characteristics and strategies necessary to achieve success. The key determinants of a successful entrepreneurial venture include understanding entrepreneurial processes, developing entrepreneurial characteristics, setting goals, building a strong team, and developing innovation as a means of achieving competitive advantage. Entrepreneurial processes involve making decisions, spotting opportunities and developing successful business ideas. The characteristics of an entrepreneur are specific determinants that imply the observation of new business opportunities based on previous experiences, but also the expression of creativity as an important item when creating new business ideas. Observations and research of market trends enable entrepreneurs to have a better insight into the situation on the market, to more easily understand market needs and define who their competition is. Recognition of opportunities is seen in those entrepreneurs who are open and ready to develop new ideas and perfect them. Building a strong team attracts potential investors and partners and tries to build trust among team members. Through innovation, entrepreneurs improve their own product or service in order to retain current and attract new customers. That is, modern ways of doing business emphasize innovation as a key determinant of the success of a company's business. Human resource management, on the other hand, ensures employee motivation and productivity. Analysing examples of successful business ventures, it is possible to see how entrepreneurs with limited resources, but with the development of creative ideas, the desire for growth, advancement and innovation, can achieve astonishing results. The objective of the empirical part of the work was to conduct research on the launch of a successful entrepreneurial venture. Also, the purpose of the paper is to analyse the key determinants necessary to achieve a successful entrepreneurial venture and thereby determine whether an entrepreneur is or is becoming an entrepreneur.