THE STARTUP JOURNEY: EXPLORING THE DUAL FACES OF GROWTH AND STRUGGLE IN YOUNG ENTREPRENEURSHIP
DOI:
https://doi.org/10.29121/shodhkosh.v5.i4.2024.6138Keywords:
Entrepreneurship, Innovation, Economic Growth, Skill and Development, Empowerment, Leadership, Motivation and Young EntrepreneursAbstract [English]
Entrepreneurship is the process of identifying a business opportunity and taking the initiative to organize, manage, and assume the risks of starting and running a business to make a profit. It typically involves innovation, resourcefulness and a willingness to take financial and personal risks. The key elements of entrepreneurship are opportunity recognition, innovation, risk-taking, value creation and resource management. The opportunity recognition is the spotting gap in the market or an unmet need, innovation refers creating a new product, service, process or improving an existing one, risk-taking is investing time, money and effort without a guaranteed outcome, value creation termed as providing value to customers, which generates profit or social impact, resource management can efficiently using capital, human resources, and materials. The primary objective of this study is to analyse the factors influencing the growth of young entrepreneurs and to examine the struggles among young entrepreneurs. The researcher collected the primary data from 260 sample respondents. The statistical tools such as Friedman ranking and independent sample t-test have been used for final interpretation of data. The study clearly identifies issuing fund are highly impact the factors influencing the growth of young entrepreneurs. Thus, the entrepreneurs need more financial facility to start up their entrepreneurship. Many loan facilities are provided by the government to the budding entrepreneurs. The entrepreneurs must aware about all the fund schemes issued by the government. The struggles faced by the young entrepreneurs are identified in lack of experience, limited access to capital, balancing education or personal life, building a strong network and overcoming societal pressure which highly impacts the young entrepreneurs. Thus, the entrepreneurs are facing these struggles to explore their business concern. The young entrepreneurs lack the experience of business struggles and challenges, therefore the young entrepreneurs should have wide knowledge about business tactics. This will be helpful to prevent the young entrepreneurs from failures and losses. The young entrepreneurs should lead a disciplined and standardized life style to achieve their goals and lead a successful life.
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