Explain the triggers and barriers faced by entrepreneurs.
Entrepreneurs are people who are willing to take the risk of business ownership. To start up a new business an entrepreneur must have the trigger and must face the barriers. This is the list of triggers that force an entrepreneur to start up a new business.
1. Material Rewards
Many entrepreneurs launch their own business venture because they want to be rewarded according to their effort and because of the anticipated financial gains. Many new entrepreneurs thinks that starting an own business will increase their income then working under other people instruction.
“To take advantage of my own talent”, “To create something new” and “To realize my dreams”: This is what many entrepreneurs mentioned when they are asked what motivates them to start a new business.
3. Desire for Autonomy
Many entrepreneurs want to be independent, and they express their desire to work at the location that they choose, set their own hours of work and be their own boss, which they are comfortable with.
4. Job Frustration and Dismissal
There are also entrepreneurs who start new ventures because of job frustration. For example, having to work 10 to 12 hours a day and having to do all the tasks that is ordered by their boss within a certain time period. There are also entrepreneurs who start new business after losing their job. For example, Jack Matz, who opened a photocopy and print service business after losing his job as a corporate executive when his firm merged with another firm.
The barriers faced by entrepreneurs are:
1. Lack of Resources
Resources here include knowledge and finance. Many would-be entrepreneurs often think that they do not posses the necessary marketing and management skills. These personal deficiencies are often worsened by a lack of information on starting up new business and the difficulty of...