Challenges faced by first generation entrepreneurs

Abstract

An entrepreneur is the one who undertakes the risk of running a venture for attaining profit. The key quality of an entrepreneur is to be creative and innovative to market his product. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. Research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, risk taker. A start-up company has a life cycle stages, pre start up, start up and growth. A start up is a newly developing company that is trying to grow and evolve. In the initial stage the founder tries to raise the funding for the operation. The funding can be either by an individual or a group of individuals, in case of partnership. The challenges faced by new entrepreneurs i.e., lack of patience in solving problems, lack of sustained motivation, Inability to dream and use subconscious etc. In addition to this the other challenges includes; developing vision and ideas, raising capital, assembling a team, finding the right location, finding the right employees, overcoming competition, unforeseen challenges and expenses, keeping up with industrial changes and trends, exiting the business, financial management, cyber security, winning trust of customer, talent management. With the help of a questionnaire, I get a better understanding about the current trend and current challenges faced by them. This paper tries to conceptualize the phenomenon, i.e. recognize the challenges faced by the start-up entrepreneurs. This paper categories the challenges into personality factor, organisational factor, customer retention, financial factors, Environmental factors, safety and security factor.