Challenges Faced By Entrepreneurs

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ISSN: 2347-3215 Volume 1 Number 3 (2013) pp. 71-78
www.ijcrar.com

Challenges faced by new entrepreneurs
R.S.Kanchana*, J.V.Divya and A.Ansalna Beegom
Kanchana.R.S, Kanchana Bhavan, Mithirmala.P.O, (695610) Mithirmala, Trivandrum Kerala, India
*Corresponding author
KEYWORDS

Entrepreneur;
Challenges;
motivation;
skill;
adventurism.

A B S T R A C T
An entrepreneur is one who plays significant role in the economic development of a country. Basically an entrepreneur can be regarded as a person who has the initiative, skill and motivation to set up a business or an enterprise of his own and who always looks for high achievement. He is a catalyst of social change and works for the common good. He looks for opportunities, identifies them and seizes them mainly for economic gains. An entrepreneur is a person who is able to express and execute the urge, skill; motivation and innovative ability to establish a business or industry of his own either alone or in collaboration with his friends. His motive is to earn profit through the production or distribution of socially beneficial goods or services. He is enriched with the inborn qualities of adventurism, willingness to face risks, innovative urge and creativity and is eager to make dynamic changes in the production process, introduce innovations and to find out new uses for raw materials. But now there is so many challenges faced by new entrepreneurs i.e., lack of patience in solving problems, lack of sustained motivation, Inability to dream and use subconscious etc. In addition to this the other challenges includes; developing vision and ideas, raising capital, assembling a team, finding the right location, finding the right employees, finding good customers, overcoming competition, unforeseen challenges and expenses, keeping up with industrial changes and trends and exiting the business.

Introduction
Giant freshwater prawn (Macrobrachium
An entrepreneur is an economic leader who
possesses the ability to recognize
opportunities
for
the
successful

introduction of a new product, new sources
of supply, new technique of production etc
and
who assembled the necessary
resources and organizes them into a going
71

concern. An entrepreneur is a person who
finds out and evaluates a new situation in
his environment and directs the making of
such adjustments in the economic system as
he deems necessary. He always searches
for change, responds to it and exploits it as
an opportunity. Innovation is the specific
tool of entrepreneurs, the means by which
they exploit change as an opportunity for a
different business or service.
An entrepreneur is one who organizes,
operates and assumes the risk of a business
venture. The intensity of the challenge to
promote an entrepreneurship culture as well
as to evolve new enterprises in a
sustainable and competitive fashion varies
between countries. Starting a business and
becoming an entrepreneur is exciting
it
is also terrifying. While starting a new
business entrepreneurs face so many
challenges; such as instability, stress,
negative mindset, overwhelming feelings,
lack of support, feelings of wanting to give
up, growing a business, problems of raw
material, problems relating to marketing,
outdated technology, lack of infrastructural
facilities, lack of skilled labors etc. In order
to conduct an efficient business an
entrepreneur
must
overcome
the
challenges. The main objectives of the
study are to identify the challenges faced
by the new entrepreneurs and to analyze the
measures to overcome them.

particular with regard to access to finance.
All entrepreneurs will at some point feel
overwhelmed
with
the
many
responsibilities that fall on their shoulders.
The common challenges faced by
entrepreneurs are Overestimating Success,
Misplaced Purpose,. Negative Mindset,
Poor Organization,. Jack of All Trades,
Employee Motivation, Lack of Support.
The World Bank report...
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