Challenges of Being an Entrepreneur

1. INTRODUCTION

In today’s uncertain economic environment, it is important to create new sources of income due to the factors like high unemployment and low real wages. One of the best way to do so is to create new entrepreneurs. It not only creates new sources of income but also generate new jobs to the economy. Hisrich (1990) defined that an entrepreneur is someone who have the ability to organize social and economic mechanisms to turn resources and situations to practical account, and accepts risk and failure by demonstrating initiative and creative thinking. From the above definition, we can understand that being an entrepreneur is not just starting a business, it is about having attitude and the drive to succeed in business. So, all the successful entrepreneurs have certain qualities in common. Santhi and Kumar (2011) has highlighted

CHALLENGES OF BEING AN ENTREPRENEUR

There are several challenges of being to the entrepreneur him/herself, to the enterprise, to the employees of the enterprise, to the economy and to the whole world. The following are the details of these

Convincing to opt for business over job to him/herself, is easy not an easy task for an individual. The first question that ask him/herself is, will I make more money in the business of my choice or as a successor of family business. So, (Patel and Chavda, 2013) argue that it is almost impossible to convince that you can generate more cash with your passion than doing what your Dad is doing. Secondly, peer pressure is also a challenge to the entrepreneur. Let us say you and your friend graduated at the same time. You opted for entrepreneurship and your friend opted for a job. The new entrepreneur first have to cover the initial business startup cost. However, the friend has no such expenses and now has a flat, car and what not, but you still have nothing to show off and this is where the challenge