What are the barriers to Entrepreneurship?

Barriers that entrepreneurs may face while running their ventures (business). Talk to some entrepreneurs in your area and find out. After having spoken with the entrepreneurs, we would have realized that they face a lot of barriers on their path to success. Whether it is lack of knowledge or lack of funding, there are various barriers that can prevent one from pursuing one’s passion for entrepreneurship.

Here are some of the most common barriers.

1. Environmental barriers

One of the biggest barriers that entrepreneurs face is environmental factors. Environmental factors can be many. But the most common ones include the following.

1. Lack of adequate resources or raw material.

2. Non-availability of skilled labour.

3. Lack of requisite machinery and otherinfrastructure.

2. Personal barriers

Establishing any new venture (business) is a risk becausethere is always a fear of what may go wrong. Secondly,finding a suitable team is also a tedious job. A team of careless and non-suitable workers may cause damage to a business.

Read More

What is Startups?

A startup is a company that is in the first stage of its operations. A startup and a traditional business venture are different, most notably for the way they think about growth. The following steps understand the more startups:-

1. Startups can be started with minimum investment. Most startups thrive on an idea that involve technology or offer technology-driven solutions.

2. Startups seek financial investment differently than most small businesses.

3. Startups come up with an innovative idea. At the same time, they like to get guidance and mentoring from an expert.

Read More

What are the Roles and Functions of an Entrepreneur?

 There are many roles and functions of entrepreneur. Some of the major functions performed by an entrepreneur are as follows.

1. Identifying opportunity: There are many opportunities in the world of business. These are based on human needs like food, fashion, education, etc., which are constantly changing.

2. Turning ideas into action: Entrepreneurs must be capable of turning ideas into reality. They should be able to collect information regarding ideas, products and practices to meet the market demand.

3. Resourcing: An entrepreneur needs various resources in terms of money, machine, raw material and workforce to run an enterprise successfully. An essential function of an entrepreneur is to ensure the timely availability of all these resources.

4. Managing the enterprise: One of the important functions of an entrepreneur is to run the enterprise. The person has to manage the workforce, material, finance and organize the production of goods and services.

5. Growth and development: Once the enterprise achieves the desired results, the entrepreneur has to explore another higher goal for its growth and development.

Read More

What is Entrepreneur and different Qualities of a Successful Entrepreneur?

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

There may be many qualities needed to successfully run an enterprise. However, the following qualities are considered important.

1. Take risks: In any business, there is an element of risk involved. It implies that it is not necessary that every business shall earn a profit. This determines individuals to take up risks and start a business. However, an entrepreneur always volunteers to take risks to run a business and be successful.

2. Ability to learn from experience: An entrepreneur may make mistakes. However, once an error is committed, it must be tried that it is not repeated again. It may lead to heavy losses. Therefore,the person must have the ability to learn from experience.

3. Self-confidence: For achieving success in life, a person needs to have confidence in oneself. Someone, who lacks confidence, may not be able to achieve much in life or inspire others to work. Therefore, a successful entrepreneur must have self-confidence.

4. Hard work: While running a business, one problem or the other may arise every day. The entrepreneur has to be vigilant so as to identify the problems and solve them as early as possible. This requires hard work on the partof the entrepreneur.

5. Decision making ability: In running an enterprise, an entrepreneur has to take a number of decisions. Therefore, the person must be capable of making suitable and timely decisions.

Read More

What is Entrepreneurship and characteristics of Entrepreneurship?

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.

Following are some of the characteristics of entrepreneurship.

1. It is an economic activity done to create, develop and maintain a profit-oriented organization.

2. It begins with identifying an opportunity as a potential to sell and make profit in the market.

3. It deals with optimization in utilizationof resources.

4. It is the ability of an enterprise and an entrepreneur to take risks.

Entrepreneurship is considered to be both an art and a science. For a subject to be considered as science, it needs to have a stepwise progression. On the other hand, some subjects are categorized as art, where no specific way to attain a result is required and the skill of using the subject matter is of prime importance. An example of art is music.

Read More