Hindrances to Entrepreneurship in the world today are preventing business from growing. Most of the common problems entrepreneurs are facing are the same in the world although each country may have its unique challenges. In the modern world market, technology is the main cause of Hindrances to Entrepreneurship. Therefore, many entrepreneurs are unable to keep up with the changing technology leading to failure of their businesses. Business Training in Kenya has more articles.
Common Hindrances to Entrepreneurship
There are many Hindrances to Entrepreneurship that make it hard for entrepreneurs to realize their goals. Some of the commonest obstacles to entrepreneurship are;
- Family setbacks many make it hard for an entrepreneur to start a business. Many families believe that getting employed is better than starting a business because there is a stable salary at the end of the month. Other families are not supportive to an entrepreneurial member, which may make it hard for the person to succeed in the business
- Social challenges can affect a person decision to start a business. Comparing yourself with your friends who are employed and are living good life may stop you from starting a business to get employed and be like your friends.
- Technological changes may be hard for some entrepreneurs to adapt. The world is changing and every time there is a new technology that is hard for business people to learn and adapt
- Financial problems are common to more than 80% of the entrepreneurs. money is needed for starting and growing your business
- Government law and requirements are so strict on SMEs. The polices set by the state become the one of the common Hindrances to Entrepreneurship
- Motivation and attitude in doing something brings success and achievements. Many people have entrepreneurial spirit, but they lack motivation to put the ideas into practice
How to Prevent Hindrances to Entrepreneurship
Hindrances to Entrepreneurship affect very much the investment capacity of many people and prevent enterprises from growing to maturity stage. Therefore, strong measures should be taken to avoid the problems facing business.
The entrepreneurs must convince their family members in giving them support so that they can succeed in business
- Financial institutions should come up open in support of entrepreneurship
- Entrepreneurship training will give entrepreneurs necessary skills for doing business
- Government must make its policies lenient to entrepreneurs
- Entrepreneurs must possess the necessary character such as persistence and positive attitude for them to succeed in business
- Entrepreneurs should come together in order to face the Hindrances to Entrepreneurship
Hindrances to Entrepreneurship: Features of An Effective Entrepreneur
A strong character is required in an business person in order to handle the many Hindrances to Entrepreneurship. The following features are important in the effective handling of Hindrances to Entrepreneurship
- An entrepreneur should be a rational and an analytical person
- A person should be objective so for the future existence of the business
- Personal traits such as honesty, kindness, and socialism attracts more customers to the business
- Knowledge and skills on the industry one is in enables one to move with change
- Leadership qualities are enables an entrepreneur to solve Hindrances to Entrepreneurship and also to make effective decisions to the business
- Customer relation brings customers satisfaction and loyalty to the business
Conclusion in Hindrances to Entrepreneurship
Hindrances to Entrepreneurship should be avoided at all cost to enable entrepreneurs do business successfully. There are many problems that face business today and all can be controlled if entrepreneurs, the governments and the private sector come together. Besides that, entrepreneurs need to have strong personality that will enable them handle and prevent Hindrances to Entrepreneurship.