Personalized CLO Applied Learning Assignment

Article Title: A Study on the Challenges Faced By Entrepreneurs

Abstract

“Entrepreneurship is a key element of any country's growth and development prospects. A

country, as ever rich in material resources, cannot thrive if its resources are not put to

productive use; for this reason, energetic entrepreneurs are required who can make an

effective contribution to national prosperity. The only solution is Entrepreneurship promotion

and growth, because entrepreneurship aims to make a person a job provider and not a job

seeker. This paper explores the main challenges faced by entrepreneurs when starting their

company. The main problems the entrepreneurs face are financial problems, manufacturing

problems, problems related to labour and government issues. This paper discusses how

businesspeople overcome the barriers while starting their business. This study was descriptive

in nature and includes surveys, findings, and facts. Data were collected using a questionnaire

which was established and validated. The research identifies businessmen in the city of

Coimbatore, and randomly selected the respondents (Swathy & Benazir, 2014).”

Supporting My Argument

Middle-aged or older entrepreneurs have often built up some capital that they can

draw on in the very early stages (Kiam, 1990). Young entrepreneurs, by comparison, are only

at the start of their earning days. Not only do they have no savings but they still often pay off

their student loans. They have no nest egg to use as an emergency fund (Terziev & Arabska,

2017). The article supports my argument as young entrepreneurs, just like older ones, can

succeed. Younger entrepreneurs have some of the pluses older ones don't have, and vice

versa. Inherently one group isn't better than the other. Example: young people have fresher

eyes to invent, but lack experience which develops with time.

 Important Aspects of the Article

The article highlights how the young entrepreneurs can overcome the challenges in

the entrepreneurship journey. The article mainly focuses on the following factors which

needs to be considered for the entrepreneurial journey:

1. Stereotyping-

You'll find not everyone is taking you seriously. Sadly, you will be stereotyped by

most borrowers, investors and potential customers because of your age. You will

be seen as less experienced and more prone to rookie mistakes, and less likely to

give you a chance.

2. Time Management

This is an important factor which the entrepreneur needs to consider to be

successful.

3. Lack of capital

You should have some alternatives in case you do not have sufficient funds while

thinking of start-ups. You can also take help from your friends or relatives.

4. Hiring the right talent – 

One should be very careful while hiring the right employee because the bad

selection will not only waste your money but also your valuable time.

5. Facing Failure: 

It’s not necessary that every idea of yours will work. With the launching of new

products and scaling new markets comes the notion of “failing fast”. If you’re

trying a lot of new things, not everything will work and you will not succeed at

each of those ideas (Hisrich, 2014).

 Findings and Conclusions

This article suggests that the biggest challenge for young entrepreneurs is the fear of

failure. Usually, our education system pays for success and punishes failure. One then grows

up with these doubts built up over time, which becomes a deterrent to taking the risks

required for start-up. Hence, the Young entrepreneurs will often mess up.  The ones that end

up being successful are those who learn from their mistakes when they mess up and then

continue going forward.

Industry Example

Being channel for Getinge in Nepal, I have closely observed many start-ups

companies willing to become the distributor for international companies. But sometimes lack

of passion, lack of proper selection of employee can cost you a lot. The perfect example could

be of Himalayan Life Science Nepal Pvt. Ltd. The company was doing good business in

Nepalese market in consumable business for ICU products but later failed as the employee

were not able to perform well as the principal company wanted and then the principal

company had to switch to next distributor.

References

Hisrich, R. (2014). Enterpreneurship. Chennai: McGraw Hill Education (India) Private Limited.

Kiam, V. (1990). Eastern Europe: The new enterpreneurial frontier. The International

Executive, 31(5), 9-13. doi: 10.1002/tie.5060310504

Swathy, S., & Benazir, Y. (2014). A Study On The Challenges Faced By

Entrepreneurs. Intercontinental Journal Of Marketing Research Review, 2(4), 1-12.

Terziev, V., & Arabska, E. (2017). Social Enterpreneurship, Social Values and Social Impact. SSRN

Electronic Journal. doi: 10.2139/ssrn.3142904