When a person want to be an entrepreneur, then he has to faces many problems for it. Entrepreneurship has a lot of scopes in it’s but there are many obstacles of it. Entrepreneur are afraid of these problems or obstacles so Entrepreneur keep a distance with their hopes.
First of all lets know about entrepreneur, Simply we know that an entrepreneur is that person who establishes a business enterprises and taking all risks of that. but this was a basic meaning of entrepreneurship, if we want to know more about it then we have to go it in deeply.
We can say the entrepreneurship is a composite of three basic elements – invention, innovation, adaptation by these we can understand entrepreneurship well.
Invention – As we see the meaning of it, that is simply refers invent things.
Innovation – if we have invented something then it is also necessary to make timely changes in a particular thing. These changes may be as according to climatic changes and fashionable changes.
Innovate the old things can give you the better results because in it you are not launching new products , in it you are making changes in your old products .
Adaptation– adaptation simply refers to adopt new things & ideas in your entrepreneurship firm if you are not adopting new things in your firm then how your firm can exist in future then these all things are necessary, to run smoothly an entrepreneurship firm.
After that, Here are some Drawbacks Or PROBLEMS OF ENTREPRENEURSHIP
- TRADITIONAL SOCIETY – In India Traditional Society is the main problem of Entrepreneurship. It means that people of India believes in Traditions. They work according to their Tradition. If there is a person who is in Government Service then he will also want to see his son as a Government Services.
- LACK OF INFRASTRUCTURE FACILITIES- In India, there is a lack of Infrastructure facilities like – lack of transportation, communication system, roads, etc. so, the people afraid to be an Entrepreneur.
- CULTURAL VALUES- Religion gives a deep effect to the Indians. Our ideal has been “ SIMPLE LIVING – HIGH THINKING”. People spends more on Personal Property & high standard living. So by this they Cannot invest their money for Entrepreneurship.
- COMPETITION WITH BIG INDUSTRIALISTS – A New Entrepreneur have to face a lot of competition with Big Industrial houses. Big Industrialist has monopoly of their product in the Market. So, this is main problem for an Entrepreneur to compete big Industrialists.
- LACK OF KNOWLEDGE – People don’t have Knowledge of Entrepreneurship and without any perfect Knowledge an Entrepreneur cannot reach at Top level.
- LACK OF INNOVATION – If an Entrepreneur has lack of Innovation in his firm, then he will not exist long in the Market.
- LESS EXPENDITURE ON RESEARCH AND DEVELOPMENT – If an Entrepreneur expends less on Research and Development for his firm, then he will not get any idea to expand his business firm. So an Entrepreneur have to Researches for his firm.
If an Entrepreneur can compete all these problems then he can reach at his top level.