A study on challenges faced by entrepreneurs in the 21st century

Abstract

An entrepreneur is a person who plays a key role in any economic growth of a country. Mostly an entrepreneur can be regarded as a person who has the initiative, skill and motivation to set up a business or an enterprise of his own and who always looks for high achievement. He acts as promoter of social change and come up with an idea to produce goods and services. He looks for opportunities, identifies them and grabs them mainly for economic improvements. His motive is to earn profit through the production or distribution of socially beneficial goods or services. He is enriched with the inborn qualities of adventurism,willingness to face risks, innovative urge and creativity and is eager to make dynamic changes in the production process, introduce innovations and to find out new uses for raw materials. But now there are so many challenges faced by new entrepreneurs i.e., lack of sustained motivation, lack of patience in solving problems, Inability to dream and use subconscious etc. The main objectives of the study are to identify the challenges faced by the new entrepreneurs and to analyze the measures to overcome them.