Abstract
Entrepreneurship is complex because the dynamic advantage attained by entrepreneurs generally progresses along with a nation’s economic development. Undergraduate entrepreneurs are the key talent providers for the successful fiscal progress of a nation in the commercial context. The challenges of venturing into entrepreneurship are found in the start-up phase and in the transition of youths who may have missed out on numerous business prospects occurring at the local, regional, and national levels of a country. Therefore, the aim of this study is to investigative the challenges faced by undergraduates and ascertain if business prospects are of great importance in nurturing successful undergraduate entrepreneurs in Malaysia. A qualitative method was used in the study (Creswell, 2014). Ten undergraduates participated in the study, who were chosen purposively as they were actively involved in business sectors. The findings indicate there were five crucial challenges faced by undergraduates in venturing into business: social rejection, facing criticism, financial constraints, dealing with stress and self-doubt, and facing age stereotypes. These were effective factors because the entrepreneurs lacked knowledge and exposure due to their youth and limited access to millennium business approaches. Further studies can be undertaken to determine entrepreneurial initiators’ capabilities and gauge their capacities in relation to various aspects of entrepreneurship to establish the capabilities required of millennials. Such research may corroborate the findings of this study and correlate with the challenges faced in entrepreneurial business contexts.
Highlights
The concept of entrepreneur holds a close relationship with its current definition which has moved to include broader functions related to delivering elevated yield by way of improved output for economic progress
Further studies can be undertaken to determine entrepreneurial initiators’ capabilities and gauge their capacities in relation to various aspects of entrepreneurship to establish the capabilities required of millennials
Such research may corroborate the findings of this study and correlate with the challenges faced in entrepreneurial business contexts
Summary
The concept of entrepreneur holds a close relationship with its current definition which has moved to include broader functions related to delivering elevated yield by way of improved output for economic progress. Entrepreneurship has been regarded as an important advantage accrued by business people in the general growth of national economies (Brinda and Dileep, 2011). The term entrepreneurship currently points to the whole process of discovery, evaluation, and application of entrepreneurial prospects (Shane and Venkataraman, 2000), encompassing new commercial enterprise creation and entrepreneurial endeavours in generating commercial prospects. Entrepreneurship is the frequent subject of conversation in social circles, especially among younger people intending to launch start-up companies (Ooi, Selvarajah and Meyer, 2011). Colloquiums, meetings, discussions, and informal get-togethers are being held frequently all over the world which focuses on the importance of entrepreneurship to nations and individuals and for the acquisition of business knowledge (Bechard and Toulouse, 1998; Matlay and Westhead, 2005; Volery and Mueller, 2006). Entrepreneurship, through the formation of new ventures or start-ups that replaces traditional companies, has been recognised as one of the prime movers of fiscal expansion, with business skills playing a major part in young entrepreneurship (Wennekers and Thurik, 1999)
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