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Research Paper | Entrepreneurship | India | Volume 12 Issue 8, August 2023 | Popularity: 6.1 / 10

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A Case Study on Problems and Challenges Faced by New Entrepreneurs

Rubashree M, Karthi M

Abstract: An important contributor to a nation's economic growth is an entrepreneur. A basic definition of an entrepreneur is someone who possesses the initiative, knowledge, and drive to start their own business or industry and who constantly aspires to greatness. He promotes the common good and acts as a catalyst for social change. He searches for chances, spots them, and takes advantage of them mostly for monetary benefit. An entrepreneur is someone who has the ability to articulate and carry out the desire, know - how, drive, and inventiveness to launch a business or industry on their own or in partnership with friends. His goal is to make money by creating or offering socially helpful products or services. He is endowed with the attributes of adventure, risk - taking, inventiveness, and the need to innovate. He is ready to introduce innovations, change the way things are done, and discover new uses for raw materials. However, there are currently numerous difficulties that new business owners must overcome, such as a lack of persistence in problem - solving, a lack of sustained drive, a lack of ability to dream and use the subconscious, etc. Other difficulties include coming up with a vision and ideas, obtaining funding, putting together a team, choosing the ideal location, hiring qualified personnel, attracting loyal clients, fending off competition, overcoming unforeseen difficulties and costs, keeping up with market trends and changes in the industry, and finally, ceasing operations.

Keywords: Entrepreneur; Challenges; Motivation; Skill

Edition: Volume 12 Issue 8, August 2023

Pages: 25 - 28

DOI: https://www.doi.org/10.21275/SR23729174144

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