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A study on the challenges faced by the Entrepreneurs

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Volume 2, Issue 4 (April, 2014)

INTERCONTINENTAL JOURNAL OF MARKETING RESEARCH REVIEW

A STUDY ON THE CHALLENGES FACED BY ENTREPRENEURS

S.SWATHY 1 Y. BENAZIR 2
1
BBM (International Business) Student, PSGR Krishnammal College for Women, Peelamedu,
Coimbatore
2
Assistant Professor, Department of Business Management, PSGR Krishnammal College for Women,
Peelamedu, Coimbatore
ABSTRACT
Entrepreneurship is a key element of growth and development prospects for all countries. A
Peer Reviewed Journal of Inter-Continental Management Research Consortium

nation how so ever rich in material resources, cannot prosper if its resources are not put to productive use,
for this purpose, energetic entrepreneurs are needed who can contribute effectively for national
prosperity. The only solution is promotion and development of Entrepreneurship, as entrepreneurship
aims at making an individual a job provider and not a job seeker. This paper examines main challenges of
entrepreneurs which entrepreneurs face while starting their business. The main problems faced by the
entrepreneurs are financial problems, production problems, labor and government related problems. This

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paper discusses how the entrepreneurs overcome the barriers while starting their enterprise. This study
was descriptive in nature and it includes surveys, facts and findings. Data was collected using a developed

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and validated questionnaire. The study chooses entrepreneurs in the Coimbatore city and the respondents
were selected randomly. The collected data was analysed using simple percentage analysis, mean score

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value and Garrett ranking method. Results are presented in the tabular form and they are interpreted. The
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time period in which the research was conducted is between December 2013 - March 2014.

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Keywords: Financial problems, Production problems, Labour problems and Marketing challenges.

INTRODUCTION
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Today, with the rapid development of our society, entrepreneurship has become one of the most

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dynamic forces in the economy. It is driving the technological boom, which in its turn is driving much of
the world's economic growth. This aspect makes entrepreneurship very important from a macro-economic

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perspective. As the globalization of business becomes even more widespread, this impact will be felt even
more deeply. Entrepreneurship requires an entrepreneur to be a person of superior ability who pursues his
or her goals despite of obstacles, opposition, setbacks, and failure. He or she must persist in the face of
adversity, unknown challenges, and risks and learn from failures, have confidence in his or her capacity to
deal with the world, and take practical rational steps in the pursuit of the goals. The successful
entrepreneur tends to be a visionary, competent, independent, action-oriented, passionate, confident, and
virtuous person who uses reason to focus his or her enthusiasm on reality in the efforts to attain the goals.
Hence the entrepreneurs face many challenges while starting their business. It includes financial
related problem, government related problem, production related problem and labour related problem. It
discuss about the various barriers and how they overcome the barriers by solving the problem.

REVIEW OF LITERATURE
Dana's paper (1987) also suggests that entrepreneurial learning style preferences are consistent
with active participation and that increased opportunities to participate in the classroom would increase
student awareness and enhances the ability to learn from experience. Dana further argues that the

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emphasis should be on improving entrepreneurial skill development and on the importance of learning the
skill to learn as an ongoing process rather than on traditional management course content.
According to Hisrich and Peters (1989) entrepreneurship is the process of creating something of
value by devoting the necessary skills, time and effort, and, assuming the accompanying financial and
sometimes physical and social risks, to reap the resulting monetary rewards and personal satisfaction‖ .
Today, entrepreneurship is becoming increasingly important. Individual, social and environmental factors
all have a direct bearing on the entrepreneurial process, its motivation, innovation, continuity and
expansion
Hood and Young (1993) develop a theoretical framework consisting of four primary areas where
Peer Reviewed Journal of Inter-Continental Management Research Consortium

successful entrepreneurs must be developed. The areas are content, skills and behaviour, mentality, and
personality.

Harrison and Leitch (1994) say the need to utilize recent developments in the field of leadership
research when studying entrepreneurship. The authors suggest that leadership and organizational
transformation and continuous learning are themes that reflect the new paradigm associated with
entrepreneurship education.

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According to vishwananath, (2001), Accessing credit, particularly for starting an enterprise, is

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one of the major constraints faced by entrepreneurs. Lack of access to capital has been a primary obstacle
for women entrepreneurs. Research suggests that the primary source of finding for entrepreneurs has been

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through family loans, personal savings, credit cards and home equity loans.
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Mambula, C. (2002) analysed major constrains faced by entrepreneurs. A sample of 32 small
business entrepreneurs was taken. Analysis of data revealed that majority of entrepreneurs face the

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problem of finance and infrastructure while managing their businesses. The author recommended that
small business entrepreneurs should collaborate with each other to sort out the various problems faced by

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them. There is a need to form alliance of Government, Research Institutions and Financial Institutions to
create appropriate training for prospective small business. All these measures will go a long way to

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strengthen the growth of small scale sector.

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Tagoe, (2005) has examined the financial challenged facing by urban entrepreneurs under
financial sector liberalisation. Main challenges faced by urban entrepreneurs are access to affordable
credit over a reasonable period. To manage these challenge entrepreneurs should manage record keeping
in an effective manner. Moreover, availability of collateral improves the access to formal credit. But
better availability of investment avenues further reduces the accessibility of credit to the entrepreneurs.
Dilip kumar (2006) has elaborated on some of the issues faced by entrepreneurs are , such as a
shortage of finances, limited mobility, a lack of education, labour problems and a lack of achievement
motivation.
In the study of, Hanna Mizgajska (2007) confirmed that education and professional experience
of entrepreneurs were decisive in prioritizing by them the external and internal factors which impacted the
decision of setting up a company. The study showed that a significant factor influencing company growth
and company performance was training courses.
According to the study of Pooja Nayyar, Avinash Sharma, Jatinder Kishtwaria, Aruna Rana
and Neena Vyasti (2007) suggested that Poor location of unit, tough competition from larger and
established units, and lack of transport facility, lack of rest and sleep and non-availability of raw material

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were the significant problems faced by entrepreneurs. The factors causable to these problems were;
difficulty in affording own vehicle, not being popular, heavy schedule of work and long working hours.

In the words of Rizvi and Gupta (2009), government-sponsored development activities and
schemes have benefited only by a small section of entrepreneurs, namely the urban middle class. This
may be primarily due to their level of education, access to information and family support.

According to Cohoon, Wadhwa & Mitchell, (2010), presented a detailed exploration of men &
women entrepreneur’s motivations, background and experiences. The study is based on the data collected
from successful women entrepreneurs. Out of them 59% had founded two or more companies. The study
Peer Reviewed Journal of Inter-Continental Management Research Consortium

identifies top five financial & psychological factors motivating women to become entrepreneurs. These
are desire to build the wealth, the wish to capitalize own business ideas they had, the appeal of startup
culture, a long standing desire to own their own company and working with someone else did not appeal
them. The challenges are more related with entrepreneurship rather than gender. However, the study
concluded with the requirement of further investigation like why women are so much concerned about
protecting intellectual capital than their counterpart. Mentoring is very important to women, which

professional network.
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provides encouragement & financial support of business partners, experiences & well developed

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S. Varghese Antony & Dr. M. Edwin Gnanadhas (2011) in their study revealed that families
were the main motivators for taking up entrepreneurship. So motivation of family members would

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certainly prove to be fruitful. Once they get convinced about significance of entrepreneurship then their
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necessary guidance and help as needed.

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attitude will change, their roles and expectations will change and they will provide moral support,

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According to Kamala Singh (2012) “An entrepreneur is a confident, innovative and creative who

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is capable of achieving economic independence individually or in collaboration generates employment
opportunities for others through initiating establishing and running an enterprise by keeping pace with her
personal, family and social life”.
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OBJECTIVES OF THE STUDY


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To study the challenges faced by the entrepreneurs
 To study the ways to overcome the barriers faced by entrepreneurs
 To study the problems of entrepreneurs while running the enterprise efficiently and profitably
 To analyze the major strength and weakness of entrepreneurs

DEMOGRAPHIC PROFILE

SIMPLE PERCENTAGE ANALYSIS

PARTICULARS VARIABLES RESPONDENTS PERCENTAGE
25-34 years 36 42
AGE 35-44 years 19 22
45-54 years 24 28
55 and above 6 8

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Male 40 47
GENDER Female 45 53
Illiterate 1 1
EDUCATIONAL High school 14 16
QUALIFICATION
Under graduation 49 58
Post gradation 21 25
Self-owned 51 60
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OWNERSHIP Partnership 29 34
Share holders 2 2
Joint venture 3 4
Up to 4 hours 2 2
HOURS SPENT 4-8 hours 27 32
BUSINESS 8-12 hours 35 41
12 hours
Family
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21
27
25
32
STRENGTH OF THE Partners
RESPONDENTS Self-confidence .r o 10
47
12
55
Others
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Lack of management skills 24 28

WEAKNESS OF THE Lack of education

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RESPONDENTS Lack of entrepreneurial skills 15 18
Fear of failure 27 32

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Interest 37 44
MOTIVATION TO Tradition 12 14
START BUSINESS
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Self-confidence 34 40

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Others like government
schemes etc.
Loans
2

27
2

32
PRIMARY SOURCE OF Personal savings 44 52
FINANCE Seeking help from friends 7 8
Others 7 8
Finance 23 27
PROBLEMS FACED BY Labour 37 44
RESPONDENTS Lack of experience 14 16
Others 11 13
Lack of motivation and 16 19
INTERNAL FACTORS confidence
lack of leadership qualities 24 28
Finance 38 45
Poor self image 7 8

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Training opportunities 19 22
EXTERNAL FACTORS Infrastructure 28 33
Lack of information 17 20
Lack of technical skills 21 25
LACK OF EDUCATION Yes 40 47
ADVERSELF AFFECTS
No 45 53
ENTREPRENEURSHIP
TRAINING RELATED Yes 37 44
TO ENTREPRENEURS
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ARE RECEIVED OR No 48 56
NOT
Market conditions 26 32
Legal or regulatory 9 11
INSTITUTIONAL OR conditions
BUSINESS RELATED

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Financial related difficulties 24 28
CHALLENGES
Production problem 9 11

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Labour 15 18
Poor management 14 16
WAYS TO OVERCOME Practical knowledge
THE BARRIERS
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Poor implementation of 9 11
policy

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Proper business plan 29 34
NEED TO BE Abundance of money 9 11
SUCCESSFUL IN AN Luck
ENTREPRENEURIAL Hard work
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22
7
26
VENTURE Good idea
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QUALITIES NEED TO
BE SUCCESSFUL IN
AN
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Innovation
Wide knowledge
Open minded or positive
22
31
23
26
36
27
ENTREPRENEURIAL
Adaptability 9 11
VENTURE

DEMOGRAPHIC PROFILE OF THE RESPONDENT

42% of the respondents are between 25-34 years.53% of the respondents are female. 58% of the
respondents are under graduated. 60% of the respondents are self-owned. 41% of the respondents spend
their time in the business for 8-12 hours. 55% of the respondent’s major strength is self-confidence. 32%
of the respondent’s major weakness is fear of failure. 44% of the respondent’s main reason or motivation
to start their business is interest which they have on their business. 52% of respondent’s primary source of
finance is personal savings. 44% of the respondent’s face labour related problem as the main problem.
45% of the respondent’s face finance as the internal factor while starting a business. 33% of the
respondent’s face infrastructure as the external factor while starting a business. 53% of the respondents
say that lack of education does not affect the entrepreneurs. 56% of the respondents are not receiving any

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training related to entrepreneurial venture. 31% of the respondents face market conditions as a major
institutional and business related challenge while starting a business. 39% of the respondents overcome
their barriers by using the practical knowledge. 56% of the respondents say that good idea is needed to be
successful in entrepreneurial venture. 36% of the respondents say that the quality need to be successful in
entrepreneurial venture is wide knowledge.

MEAN SCORE VALUE ANALYSIS

PROBLEMS FACTORS *TSC *MSC

Shortage of working capital 330 3.88
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FINANCIAL Shortage of funds for expansion 323 3.84

RELATED Repayment of loan 271 3.18
PROBLEMS Improper budget plan 272 3.2
Problem of getting loan 286 3.36
Poor financial management 250 2.94
Government departments are not 314 3.69

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cooperative
GOVERNMENT Government policies or regulation are strict 302 3.55

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RELATED Income tax problem 309 3.63
PROBLEMS Promotional policies 287 3.37
Illegal problems 296 3.48
Raw materials related
r 331 3.89
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PRODUCTION Labour related 351 4.12

RELATED Machinery related
Marketing related
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299
3.49
3.51

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PROBLEMS
Inadequate availability of land 266 3.12
Lack of up gradation 290 3.41
of technology
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Unavailability of skilled labour 353 4.15

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LABOUR RELATED Increase in cost of labour
Lack of experience
338
322
3.97
3.78
PROBLEMS
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Irregular in work
Problem of working hours
Problem of turnover
311
282
298
3.65
3.31
3.5
*TSC - Total score value *MSC – Mean score value

INTERPRETATION

Shortage of working capital is the financial related problem frequently faced by the entrepreneurs
while starting their enterprise. Government department are not cooperative is the government related
problem frequently faced by the entrepreneurs while starting their enterprise. Most of the respondents
face labour related problem as the major problem in production unit. Unavailability of skilled labour is
the main labour related problem faced by the respondents.

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GARRETT RANKING METHOD

1. REASON FOR SUCCESS

S.NO REASON FOR SUCCESS I II III IV TOTAL
2.
1 Hard work 53 20 7 5 85
2 Quality 13 21 28 23 85
3 Management skills 19 31 15 20 85
4 Marketing skills 1 13 33 38 85
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S.NO 100(Rij-0.5)/Nj CUMULATIVE VALUE GARRETT VALUE

1 100(1-0.5)/4 12.5 73

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2 100(2-0.5)/4 37.5 57

4
100(3-0.5)/4

100(4-0.5)/4
62.5

87.5 .r o 44

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S.NO PARTICULARS I II III IV TOTAL

1. Hard work 3869 1140 308 140 5457

2. Quality w 949 1197 1232 644 4022

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3.

4.
Management skills

Marketing skills w 1387

73
1767

741 1452
660 560

1064
4374

3330

S.NO PARTICULARS GARRETT VALUE AVERAGE SCORE RANK

CULA\
1. Hard work 5457 64.2 I

2. Quality 4022 47.3 III

3. Management skills 4374 51.4 II

4. Marketing skills 3330 39.1 IV

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2. MAIN CHALLENGES FACED BY THE RESPONDENTS

S.NO PARTICULARS I II III IV V VI VII VIII IX X TOTAL

s
1. Personal challenges 11 6 7 10 11 10 13 8 3 6 85

2. Social challenges 3 10 7 6 13 11 7 15 11 2 85

3. Financial challenges 21 10 7 18 11 7 5 4 1 1 85
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4. Marketing challenges 6 14 11 14 9 9 6 7 5 4 85

5. Managerial challenges 9 2 11 6 11 12 12 4 10 8 85
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6. Technological challenges 3 7 6 19 6 10 10 7 9 8 85

7. Competition 26 10 13 4 3 5 6 7 5 6 85

8. Lack of mobility 1 5 6 7 9 9
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5 7 10 25 85

9. Education 5 16 4 7 4
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4 3 15 11 16 85

10. Accounting challenges 1 2 5 7

r 9 8 20 9 17 7 85
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S.NO 100(Rij-0.5)/Nj CUMULATIVE VALUE GARRETT VALUE

1 100(1-0.5)/10 5 82

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2 100(2-0.5)/10
w 15 71

4
100(3-0.5)/10

100(4-0.5)/10
w 25

35
64

58

5 100(5-0.5)/10 45 53

6 100(6-0.5)/10 55 48

7 100(7-0.5)/10 65 43

8 100(8-0.5)/10 75 37

9 100(9-0.5)/10 85 30

10 100(10-0.5)/10 95 19

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S.NO PARTICULARS I II III IV V VI VII VIII IX X TOTAL

s
1. Personal challenges 902 426 448 580 583 480 559 296 90 114 4478

2. Social challenges 246 710 448 348 754 528 301 555 330 38 4258

3. Financial challenges 1722 710 448 810 583 336 215 148 30 19 5021
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4. Marketing challenges 492 994 704 812 477 432 258 259 150 76 4654

5. Managerial challenges 738 142 704 348 583 576 516 148 300 152 4207

6. Technological challenges 246 497 384 1102 318 480 430 259 270 152 4138

7. Competition 2132 710 832 232 159 240 258 259 150 114 5086

8. Lack of mobility 82 355 384 406 477 432 215

rg 259 300 475 3385

9. Education 410 1136 256 406 212 192 129

.r o 555 330 304 3930

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10. Accounting challenges 82 142 320 406 477 384 860 333 510 133 3647
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S.NO PARTICULARS GARRETT VALUE
.iCULA\
AVERAGE SCORE RANK

1. Personal challenges
w 4478 53 IV

2. Social challenges
w 4258 50 V

3.

4.
Financial challenges

Marketing challenges
w 5021

4654
59

55
II

III

5. Managerial challenges 4207 49 VI

6. Technological challenges 4138 49 VI

7. Competition 5086 60 I

8. Lack of mobility 3385 40 VIII

9. Education 3930 49 VI

10. Accounting challenges 3647 43 VII

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INTERPRETATION

The main challenge faced by the entrepreneurs is competition and this has been ranked first. The main
reason for success is hard work. This reason has been ranked first.

SUGGESTIONS

 The Government agencies at the state and centre level can conduct entrepreneurial programs, like
talk by successful entrepreneurs, their success stories, the challenges faced by them and how
bravely they overcome etc.
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 To ensure that maximum entrepreneurs could know about the schemes of the government, the
procedures and the documentations should be simplified and enough awareness should be
provided about the government schemes.
 The problem of finance is faced by many entrepreneurs. Government shall play active role in
providing loan to needy entrepreneurs through nationalized and cooperative banks. Bank loan
procedures shall be less complicated and less time consuming. All the required documentation

appropriate and trusted source of getting finance.

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should be in regional language. So that, even, illiterate entrepreneurs will feel that it is

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 Separate entrepreneurial organization can be formed so as to help entrepreneurs in fulfilling their
requirements of financial assistance, marketing aids, obtaining subsides, concessions, technical
know-how, raw material assistance, conduct of market surveys to assess the feasibility
counseling, follow up guidance etc..
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 Adequate data regarding marketing situation should be made available to the entrepreneurs.

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 Entrepreneurs should be encouraged to start their business in joint stock companies rather than as

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a sole trade and partnership concerns to avail the advantages of large scale operations.

CONCLUSION
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Nowadays entrepreneurs are needed to society to increase the economic value of the country and

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to provide job for the young peoples. Entrepreneurs should be positive and open-minded and he or

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she must have enough knowledge about the business. The market conditions and technology should
be updated regularly and this may help them to be successful in the business.
Entrepreneurs face various problems while starting an enterprise. And there are solutions for
almost every problem but it does not mean that entrepreneurs will never face any problem by
knowing the solutions for every problem. Finance is the major problem faced by many of the
entrepreneurs while starting their entrepreneurial venture. By personal savings, getting loan from
bank and by getting government subsides this problem can be rectified. They must have enough
strength to face the challenge and get succeed in their business.
According to this study, it has been concluded that the main challenges faced by the
entrepreneurs are competition in the market, financial challenges, marketing challenges etc. The way
which they used to overcome the barriers are through applying practical knowledge and proper
business plan in the enterprise. The main strength of the entrepreneurs is self confidence and
weakness is fear of failure which they have while starting their business. Thus, they have confidence
in his or her capacity to deal with the world, and take practical steps to attain the goals.

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REFERENCES:
 Cohoon, J. McGrath, Wadhwa, Vivek & Mitchell Lesa, (2010), The Anatomy of an Entrepreneur-
Are Successful Women Entrepreneurs Different from Men Kauffman, The foundation of
entrepreneurship.
 Deshpande S, Sethi S.(2009) ,Women Entrepreneurship In India (Problems, Solutions &
Future Prospects of Development),Shodh, Samiksha and Mulyankan,International Research
Journal, Vol-2 ,issue-9-10
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 Dilip kumar, M. (2006), Problems of Entrepreneurs in India. Retrieved 3 December 2010.

 Hisrich, R. (1986) The Woman Entrepreneur: Characteristics, Skills, Problems, and Prescriptions
for Success. In Sexton, D. and Smilor, R, ed, The Art and Science Entrepreneurship,
Cambridge.
 Hisrich, R.D. & Peters, M.P. (1989) Entrepreneurship, Starting, Developing and Managing a
New Enterprise. Richard D. Irwin, Boston.

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 Kothari.C.R. Research Methodology (2004) - Methods & Techniques, New Delhi, New Age
International (P) Ltd., publishers, second edition,
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 Mambula, C. (2002), Perceptions of SME Growth Constraints in Nigeria‟ , Journal of Small
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Business Management.

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 Mizgajska H. (2007), Education as Determinant of Motivation and Performance of Women –
Owned Small Firms.
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 Poornima M.charantimath (2006) Entrepreneurship Development and Small Business Enterprise,
Person Education of India.
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 Shahidi, A.Smagulova The challenges of entrepreneurship in dynamic society 1 (1) 34-45

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 S. Varghese Antony Jesurajan & Dr. M. Edwin Gnanadhas (2011), Study on the factors
motivating women to become entrepreneurs in Tirunelveli district, Asian Journal of Business and
Economics, Vol.1, No.1.pp. 2231-3699.

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