CHALLENGES IN THE ENTREPRENEURSHIP

Entrepreneurship is one of the most dynamic forces of the economy. It is a key element of growth and development. It is making an individual a job provider rather job seeker. Entrepreneurship means an individual with superior ability to pursue his/her goals despite of obstacles, setbacks and failures. Entrepreneurs face many challenges while starting their business. The problems include financial related problems, government related problems, production related problems and labour related problems. Some other challenges are thinking about an idea and its screening, finding the right opportunity for the idea, making that idea into a business. It requires great planning in order to overcome the financial bottlenecks, unless the money comes from the own pockets (bootstrapping). Implementing the idea is the most important step as well as difficult one to initiate.

No person can have the skills to manage all the requirements and functions well in the business. Entrepreneur needs skilled individuals in order to fill the gaps. Knowing the sought-after requirements of the business and searching for them is really an ordeal. Some of the major challenges faced by every entrepreneur in the businesses are:

1) Money 

Some businesses can be started with a small budget and some needs high investments. In most of the startups, it is very difficult to get the profits immediately, it may itake years to be profitable player. Developing a legible financial plan can avoid many problems.

2) Hiring employees 

Every entrepreneur should be careful about whom they are hiring. Employees are the backbone of any business. Hiring right employee for the right job is very important. Picking the candidates who can honestly adhere to their work ethic and potential.

3) Internal challenges 

Entrepreneur has to face numerous internal strains on the road to success in the business field. For a new entrepreneur, the internal challenges faced is commonly referred as personal pressure experienced by every individual before starting and while running the business .

4)  Developing business Idea and Vision

Thinking about the feasibility of the idea and developing an idea is entirely different. Ideas can be generated easily by paying attention to some of our daily routines. Mapping the way for its feasibility is difficult. Entrepreneur should be able to possess the ability to see what others cannot see.

5) Dealing with the self-doubt

Every entrepreneur, particularly the ones who just started their business, doubt themselves and questioned themselves quite often whether their business will become successful or profitable . Every individual doubt about their own decisions no matter whatever we do to pushout such thoughts.

Despite both the external as well as the internal challenges, new entrepreneurs have to face the challenges that this fast changing world is posing. Challenges and obstacles are the common hindrances for every individual in the entrepreneurship, right from the idea generation until the real formation of the business, will experience both internal and external hurdles. Dealing them with the negative attitude and giving up easily could obstruct the competitive spirit among entrepreneurs in the business field. New entrepreneurs should assume those hurdles as opportunities for them and overcoming the weaknesses as well as taking proper measures in order to avoid the same failures in the future. 

Author Details:

Name: Gauri Varshney

Batch:  2021-23

LinkedIn: https://www.linkedin.com/in/gauri-varshney-885091170