Challenges Faced by Entrepreneurs in the 21st Century: A Report

This report delves into the multifaceted challenges of entrepreneurship in the 21st century, addressing crucial issues such as funding acquisition, cash flow management, and the specific difficulties faced by women entrepreneurs. Utilizing both primary and secondary data collection methods, the research employs surveys to gather insights and leverages existing literature to provide a comprehensive analysis. The findings, visualized through graphs and tables, highlight key complexities within the entrepreneurial landscape. The report emphasizes the need for identifying and resolving challenges, particularly those impacting women entrepreneurs, and stresses the importance of adapting to the evolving demands of the modern business environment. The research explores the lifeworld of entrepreneurs and discusses skills, pressures, and complexities associated with entrepreneurship in the 21st century.

1
Entrepreneurship

2
Abstract
This research deals with the entrepreneurship and its associated challenges and difficulties
in the 21st century. The entrepreneurship and entrepreneurs are facing difficulties in getting
funding and managing the cash flow. The research is using both the methods for data
collection which is primary and secondary. According to the findings, the graphs are plotted
and the results are determined. The research questions are well framed. The literature
depicts that women entrepreneurs are facing issues in entrepreneurship. It can be concluded
that there is a need to identify more such factors which create complexitiesin the
entrepreneurship and solutions must be found out to resolve these.

3
Contents
Introduction ...................................................................................................................................
Data ..............................................................................................................................................
Primary data collection .................................................................................................................
Secondary data collection .............................................................................................................
Relationship with existing literature .............................................................................................
Quality of the Primary Research and Findings ..............................................................................
Research Instrument .....................................................................................................................
Graphs and tables to visualise findings (Primary) .........................................................................
Findings (Secondary) ....................................................................................................................
Quality of Conclusion ....................................................................................................................
References ....................................................................................................................................

4
Introduction
This report mainly focuses on the research related to the entrepreneurship in the 21st
century. This topic is of great significance. An individual who wishes to start a novel business
to earn sustainability and profits then that individual is known as an entrepreneur and the
whole process is known as entrepreneurship. Entrepreneurship is described as to start, to
design, to do inauguration and to run a business through which profits and the company’s
objectives can be achieved(Razak et al. 2018). It begins with a small business like a start-up
which is providing a service or product for selling. In the current report, research has been
done to search for the challenges and issues faced by entrepreneurship in the 21st century.
Additionally, it can be stated that small and micro industries influence entrepreneurship and
the economy. It assists in supporting the economy of the nation. Small business
entrepreneurship is one of the leading types of entrepreneurship in the marketplace. In this
type of entrepreneurship, start-ups are at a smaller level whose main objective is to support
the family.It includes travelagents and consultants. Thereare three main types of
entrepreneurs which include small business owners, social entrepreneurs and business
entrepreneurs. Practically, there are 2 renowned companies like Microsoft and Apple which
are considered in the marketplace. The founders of the company are Bill Gates and Steve
jobs who are well known for their entrepreneurship, novel information of products and
creative thinking for the marketplace and the unique way of managing risks. Bill Gates
also known for his present social entrepreneurship with his establishment.This report deals
with the exploration of the lifeworld of an entrepreneur. The major focus of this research is
on evaluating and discussing the complexities, pressures and skills which are linked wit
entrepreneurship in the 21st Century.
Data
Primary data collection
This is the major stage of the research in entrepreneurship. There is a bulk of records
available on the web for entrepreneurship. The primary task is to acquire helpfulevidenc
from those sets of availableevidence. The current research study uses primary method for
research in entrepreneurshipso the data will be most recent. The assemblage of this type of
facts requires extra efforts to be incorporated. So, it becomes time-consuming. This is not in
the case of a secondary method of facts and figures collection. Generally, the survey i
utilized in primary data collection. This method is applicable in this research since the
research is related with entrepreneurship in the 21st century. A survey will be done in this
research. Firstly, the numbers of respondents to be considered are finalized. Here, around
200 individuals will be chosen. These individuals are selected from distinct and unique

5
areas(Obschonkaet al. 2017). For this survey, there is the necessity of making a
questionnaire. This questionnaire will combine certain queries which need to be replied by
the persons. The complete survey will then yield profitable information about challenges of
entrepreneurship.In this way, informationfor this study iscollected.The selection of
individuals is done on a random basis. It assists in gathering more distinct information.
enables to gain a wide variety of information. Random way of selection of individuals is a
very efficient way of conducting a survey. The questionnaire provided to the individuals is
through electronic way. Electronic way assists in gaining a proper understanding of the
behaviour of the survey as well as to measure the statistics. The motivation behind effective
data collection is to assist in making many decisions regarding the challenges of
entrepreneurship.
Secondary data collection
This is one of the most significant steps of a research of entrepreneurship. If the data is not
clean, it can affect the entire research. But, if the data is properly identified and error-free
then it can lead to high research outcomes in the topic of entrepreneurship. In many of the
company’s, growth is dependent on the research which is carriedout. It is of great
importanceif already present data on the web can help to depict challenges of
entrepreneurship in the 21st century. There is a large bulk of data presented on the internet.
The major task is to recognize and retrieve the beneficial data from those sets of obtainable
data related with entrepreneurship. The process of data collection is to assemble histor
facts and figures and quantity those in a systematic manner. This helps in providing replies
to many research questions, justify hypotheses and also to assess certain results (Jones et
al. 2020). This research deals with the secondary type of data assemblage. The gathering of
such type of data consumes less amount of time since it is already available on the web.
Primary data collection, on the other hand, is more time-consuming. The secondary class of
data collectionhelps to justify the research scenariosefficiently forentrepreneurship.
Numerous databases exist on the web to gather the data regarding the difficulties faced in
entrepreneurship. In the second class of data collection, the most common ways are to
conduct group discussions,interviews, experiments orquestionnaire. Others are analysis of
document or simply observance. Interviews can be conducted in groups or individually.
Textual investigation or visual examination is also considered as good tactics of data
collection. Two or more approaches can also be merged to enhance the believability o
the research(Di Fabio and Duradoni 2019). Secondary data collection technique is mostl
applied to those researches which address complex and sensitive areas like
entrepreneurship, or research areas containing several obstacles and barriers. The main aim

6
of the secondary technique is to clearly explain any judgments made concerning missin
facts so that the interpretation procedures of understanding become crystal clear. Therefore,
this is the most appropriatetechniquefor this research of entrepreneurshipand its
challenges.
Relationship with existing literature
As indicated by Saini and Jain (2018) the women entrepreneurs are possible emergentHR in
the 21st century. This will help in reducing the economic challenges worldwide. Nowadays
women are moving forward with their career and they are no longer restricted to hom
Women can convert economies into flourishingenterprises.All the nations whether
developed or developing have understood that the women entrepreneurship is crucialin
economicallyleadingcountryin the current high-techworld. So, there is acreation of
platforms and systems for business culture are noticeable issues worldwide. An
entrepreneur is a person who holds a vision for economic growth and challenges are th
impairments on the way towards the attainment of the final objective.Opportunities are
chances for emergingskillfully or personally (Saini and Jain 2018).
As indicated by Steinerand Teasdale (2016) it is required to find that how promising social
industries move beyond the development phase. Also, it helps to improve understanding of
how early-stage social industriesuse finance to attain growth. As per the paper, the findings
are that the social capital permits a social industry founder to use financial capital to
demonstrate the concept, and openly attract investment from friends and family for start-up
charges. For getting funding, social businesspersonsmake the required image. Also, it is
important to create the right impression in safeguardingmonetary capital (Steiner and
Teasdale 2016).
As indicated by Kuratko and Morris (2018),there is entrepreneurship everywhere which
includes communities,campuses and borders. Entrepreneurshipcan be defined in
numerous ways. Entrepreneurship is an action on identifying and capitalizing on chances for
the reason of economic or social gain. The paper investigates6 routes that will
considerablyimpact the future of this entrepreneurship(Kuratko and Morris 2018).
As indicated by de Pablo Valenciano et al. (2019) entrepreneurship is a topic of intere
which is presented in the educational system. Entrepreneurship is a topic which deals with
the scientific researches which are published as case studies and novel methods. The paper
presents the major work in the research area. For this reason, a bibliometric retrospective
descriptionanalysis of the documents was carried out among the year 2001 and
2018.Numerous variables were used for the examination of the research. Relevant filter

7
ewer applied. The outcome indicated optimisticprogress in the number of research articles
and citations. The databases show that US and UK are the most significant nation in the
third field(de Pablo Valenciano et al. 2019).
As indicated by Garg and Agarwal (2017), every country requires entrepreneurs for the
economic development in the world of competition. The actions of entrepreneurs and
entrepreneurship are dominated by males. Nowadays, women are emerging as the mai
player in the economic growth of the country. Women became more aware and they have
passed from improved services of education.This change of the public is away from the
women entrepreneurs who not only face problems while starting up a company but in the
running stage also. Worldwide the women are playing a crucial role in supporting both social
growth and economic development. There are numerous socio-economic difficultieswhich
are faced by women during their attempts to run their own companies. The paper explains
the image of entrepreneurswho are females and this significance. The complexities are
recognised which are confronted by female entrepreneurs with the assistance of numerous
literature. Also, the advice is provided to overcome the problems (Garg and Agarwal 2017).
Quality of the Primary Research and Findings
Primay research and data analysis is the most important fragment of this research study.
The objective of facts examination forentrepreneurship is to check, make clean, categorized,
alter and develop the accumulateddata and figures for makingassumptions from them.
Appropriate data examination of entrepreneurshipsupports establishments to obtain valuable
informationabout the corporate process. There are various research questions for
entrepreneurship which require replies to solve the problem. Generally, data modeling and
data mining skills are utilized in primary analysis of data so that the evidence can be
presented in a sensible form(Kapur 2016). The realstages ofdata inspection for
entrepreneurshipincludeestimationof unprocessed data, accumulation of data,
noticingstatistics, and keeping data record.This way is followed for formingimplications.
Suitable evidences are mined to derive the stated data. Data analysis is utilized when the
predictive model is desired for business processes. Therefore, the forecast is essential in
these tasks and forecasting results assists in avoiding risks. This research requires the
forecasting of challenges of entrepreneurshipin the 21st century. To reduce or avoid risk from
occurring in this research it is required to select and use suitable equipment. Mostly, utilized
data examination systems are quantitative and qualitative methods. In qualitative, the
participation of figures is nearly no or very fewer whereas in the case of quantitative, mostly
figure are involved. There are numerous tools which can be acquired for the data
investigation.These tools must be well-armedwith correlationtechniques,regression

8
formulas and SPSS. For executing the statistical processes, SPSS analysis is extensively
utilized by the scholar. This equipment is very efficient in data management. Also, it gives
whole control to the scholar who is operating the tool SPSS.Statistical Package for Social
Sciences is mostly utilized by scholars to perform arithmetical examination.
Research Instrument
The research instrument is used for the grouping of information to direct the research
examination. A sample survey is done with the assistance of the questionnaire to lead the
investigation study. In quantitative research strategy, there are many investigating tools
available out of which generally tests and questionnaireform are viewed more. A
questionnaire form is a research tool containing an arrangement of inquiries with the point of
amassing raw facts from the participants. A questionnaire form can be unstructured or it very
well may be organized. The survey involves different decision questions. In this manner
there can be no longer answers to the questions. There will be possibilities for every
question out of which one will be picked as an answer by the participants. The selecte
participants for this survey belong to dissimilar sections of the public like administratio
section, client care section, operation section, accounting section, promotion section, HR
section. A random method will be applied to select the participants for this survey. There are
diverse kinds of questionnaire forms which incorporate telephonic survey, PC poll, mail poll,
open surveys and so on. In the exhibited research a PC questionnaire form is used which
has different decision questions(Law 2019). Research tools are used by specialists to
accomplish their expressed goals when driving an examination study. The examination tool
must be recognized based on their appropriateness of the exploration. Any research tool is
considered as great if that is stable, genuine and can be applied easily to a research study.
Research records help in giving the approvals and checks of the expended research tools.
There are various available research tools for conducting a research study.
Graphs and tables to visualise findings (Primary)
The primary quantitative way of research deals with conducting survey. For this survey, we
have taken 200 participants.
Questionnaire: The replies to the research questions of the questionnaire will be given as:
1) Strongly disagree
2) Disagree
3) Neutral
4) Agree

9
5) Strongly Agree
Research questions: The following are the research questions for the survey(Zainuddin et al.
2017):
1. Are entrepreneurs of the 21st century capable to find the right partners?
2. Are entrepreneurs of the 21st century capable to manage the cash flow?
3. Are entrepreneurs of the 21st century capable to handle future uncertainties?
4. Are entrepreneurs of the 21st century getting funded easily?
5. Are the situations for female entrepreneur’s start-ups difficult?
Dummy tables: Dummy table for the questions of the questionnaire are:
1. Are entrepreneurs of the 21st century able to find the right partners?
Table1:Table 1 Dummy table
Question Counter Percentage
1. Strongly disagree 60 30
2. Disagree 40 20
3. Neutral 50 25
4. Agree 30 15
5. Strongly agree 20 10
Total 200 100
Figure 1 Graphical representations for dummy table 1
0
50
100
150
200
250
Strongly
disagree
Disagree Neutral Agree Strongly
Agree
Counter
Percentage

10
2. Are entrepreneurs of the 21st century able to manage the cash flow?
Table 2 Dummy table
Question Counter Percentage
1. Strongly disagree 70 35
2. Disagree 30 15
3. Neutral 30 15
4. Agree 40 20
5. Strongly agree 30 15
Total 200 100
Figure 2 Graphical representations for dummy table 2
3. Are entrepreneurs of the 21st century able to handle future uncertainties?
Table 3 Dummy table
Question Counter Percentage
1. Strongly disagree 50 25
2. Disagree 50 25
3. Neutral 40 20
4. Agree 30 15
5. Strongly agree 30 15
0
50
100
150
200
250
Strongly
disagree
Disagree Neutral Agree Strongly
agree
Counter
Percentage

11
Total 200 100
Figure 3 Graphical representations for dummy table 3
4. Are entrepreneurs of the 21st century getting funded easily?
Table 4 Dummy table
Question Counter Percentage
1. Strongly disagree 50 25
2. Disagree 30 15
3. Neutral 50 25
4. Agree 40 20
5. Strongly agree 30 15
Total 200 100
0
50
100
150
200
250
Strongly
disagree
Disagree Neutral Agree Strongly
agree
Counter
Percentage

12
Figure 4 Graphical representations for dummy table 4
5. Are the situations for female entrepreneur’s start-ups difficult?
Table 5 Dummy table
Question Counter Percentage
1. Strongly disagree 70 35
2. Disagree 30 15
3. Neutral 30 15
4. Agree 30 15
5. Strongly agree 40 20
Total 200 100
0
50
100
150
200
250
Strongly
disagree
Disagree Neutral Agree Strongly
agree
Counter
Percentage