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Entrepreneurship Challenges PDF

   

Added on  2020-11-12

9 Pages2747 Words245 Views
Professional Development
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Entrepreneurship
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INTRODUCTIONEntrepreneurship plays a vital role in the economic growth and standard of living of thecountry. As a start-up founder of nee business, an entrepreneur is not just visualising a growthfor his business but he is also contributing in the development of his local, regional or country asa whole. The capacity and willingness develop, organize and manage a business venture alongwith any of its risk in order to make a profit. Entrepreneurship is a process of starting a newbusiness with a vision and idea and capability to take all the risk in order to make profit. Thepresent report will discuss the various challenges that an entrepreneur will face in a process tostart a new business venture. Report will address various challenges that an entrepreneur willface from the point he vision about starting a new business. Further, report will discuss variousaction that an entrepreneur can take to make his new business successful.Main BodyEntrepreneurial development has become an essential part in today's economy whichcontributes in an economic development of a country. Entrepreneurship is a concept ofdeveloping and managing a business venture in order to get profit buy taking several risk. Anentrepreneur is a person who takes a vision to start his one business and agreed to take all therisk and rewards of starting his own business (Shepherd and Patzelt, 2011). Entrepreneur are thepersona who have the skills and initiative necessary to anticipate current and future needs andbrings new ideas in market. Thus, entrepreneurship is an action taken by entrepreneur who is aperson always in search of starting something new and ready to take all the risk to exploit theideas into a course of action.Entrepreneur faces a lot of obstacles since he started a vision of new business venture.Starting a new business might give personal and financial rewards in future, but there might be anumber of challenges at a time of starting a new business venture.Following are some challenges that are faced by entrepreneur in starting a new businessventure:Developing a vision and Business Idea: it is usually a first challenge faced by most of theentrepreneur to develop a new business idea. If an entrepreneur had a idea or vision about abusiness, finding the right opportunity or creatively develop that idea will become a tough task todo. The main business challenge is to be the ability to transform that problem into an opportunityof new business. The entrepreneurial process of creating a valuable thing or opportunity from1
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