ANSWER:

INTRODUCTION;
QN.1
Entrepreneur; Is defined by personal risk they risk they take on pursuit of a new business,
innovation, or some other form of enterprise. In exchange for taking on that risk, they often
profit most significantly from their enterprise success.

Entrepreneurs turn bold ideas into reality. They create jobs and contribute to the economy but
there are types of entrepreneurs and each type tend to choose their own path based on their
personality, abilities and surroundings, the types of entrepreneurs vary depending on
background, country and even sector but the five (5) most common types are;

 Innovators;

innovators are the types of entrepreneurs who come up with completely new ideas and turn them
into viable businesses. In most cases, these entrepreneurs change the way people think about and
do things. Such entrepreneurs tend to be extremely passionate and obsessive, deriving their
motivation from the unique nature of business idea. Also innovative entrepreneurs can find new
ways to market their products by choosing product differentiation strategies that make their
company stand out from the crowd.

 The Hustler Entrepreneur;

Hustler entrepreneurs they just work harder are willing to get their hands dirty. Hustlers are often
start mall and think about effort- as opposed to raising capital to grow their business, these types
of entrepreneurs focus on starting small with the goal of becoming bigger in the future. Hustlers
are motivated by their dreams and will work extremely hard to achieve them, example of a
hustler is Mark Cuban. He started in business very young selling trash bags, newspaper and
even postage stamps and this hustle later created a goldmine which was acquired by internet
giant Yahoo.

 Imitators;

Imitators are the types of entrepreneurs who copy certain business ideas and improve upon them.
They are always looking for ways to make a particular product better so as to gain an upper hand
in the market,imitators are part of the innovators and part hustlers who don’t stick to the terms
set by other people and have a lot of self confidence.

 Researcher;

These are types of entrepreneurs who even after having an idea, researchers will take their time
to gather all the relevant information about it. To them failure is not an option because they have
analyzed the idea from all angles, they usually believe in starting a business that has high
chances of succeeding because they have to put in detailed work to understand all aspects, as a
result, these types of entrepreneurs usually take a lot of time to launch products to make
decisions because they need the foundation of deep understanding. These entrepreneurs rely
much more on data and facts than instincts and intuition.

 Buyers;

One thing that defines buyers is their wealth. These types of entrepreneurs have the money and
specialize in buying promising businesses, buyer entrepreneurs will identify a business and asses
its viability, proceed to acquire it and find the most suitable person to run and grow it. Buyers do
benefit in buying an already established venture is less risky, they do have a market for your
products.

Qn.2 The following are the barriers to Entrepreneurship;

Entrepreneurship requires a thorough thought process, radical thinking, market know-how, and a
strategic plan that is clear and and crisp. Also, the vision and mission need to be advised as per
the short term and long term goals and objectives. Thus the following are barriers to
entrepreneurship;

 Lack of risk taking capacity;

it is always said that entrepreneurs never sail in safe waters and are never confined to their
comfort zones. Lack of risk taking capacity is the psychological mindset and perspective toward
the business and acts as one of the major barriers to entrepreneurship. The budding entrepreneur
has to have a structured and organized approach towards the various business elements and
should risks rather than averting them.

 Fewer opportunities;

Even though there is a lot of talent pool in the market with the apprising entrepreneurs buzzing
with the ideas, but the opportunities presented to them are quite less and fewer. Reason such as
nepotism and corruption act as the barriers to entrepreneurship with not many vital and lucrative
opportunities.

 Less Market experience;

The experts always mention that one should never rush in setting up a business. It is quite
necessary to gain a relative amount of work experience by working in the industry domain or
sector of choice and as per the education levels. It also helps to sharpen the required expertise
and fid the ground in the career graph. Once the person is ready to take risk and have a relative
amount of market exposure, he or she is ready to take the entrepreneurial plunge.

 Lack of practical knowledge;

This is one of the barrier that hinder entrepreneurship, having a strong educational background is
just not enough to pursue business as it requires practical knowledge as well to stay relevant
admist the various market cycles. And many entrepreneurs lack practical knowledge.

 Stringet rules and regulations of the market;

It is not very easy for entrepreneurs to enter the new market as there are quite many rules and
regulations imposed by the government authorities. Plus there are various laws and compliances
to be adhered to such as taxation, environmental regulation, licences, property rights, and much
more than act as the barriers to entreneurship. Some of the countries have many corrupt officials
that act as a hindrance for the new entrepreneurs and start-up brands to start or expand their
business in the new market. And if the brand is planning to expand its business operations in any
of the foreign countries, it gets even more difficult.
  In adequate training;

With no proper education, development, training, entrepreneurial skills, and technical know how
acts as the barriers to entrepreneurship.

 No strategic plan in place;

Lack of proper planning and strategy in place is one most common barriers to entrepreneurship.
Many of us think to build a business out of a hobby without having any sort of long term and
short term vision and plan in mind, running a fully-fledged business or being an entrepreneur
requires a huge amount of skill set, passion for excelling, strategic vision, the mission to
accomplish the goals, market research and a lot more.