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4.6.1 Environmental barriers
Environmental Barriers are one of the most common roadblocks that entrepreneurs face. There can be numerous
environmental factors.
However, the most common factors are as follows:
Ð ÐInsufficient resources and/or raw materials
Ð ÐInadequate availability of skilled labour
Ð ÐLack of necessary machinery and infrastructure
Ð ÐInadequate financial resources on time
Studying the market before venturing into business can help reduce these risks. Doing market research, taking market
surveys, and taking guidance from experienced business mentors can help overcome such barriers.
The Indian Government has launched various schemes to help small-scale entrepreneurs gain capital income. Some
of them are:
Ð ÐCredit guarantee scheme
Ð ÐGovernment Mudra Yojna
Ð ÐStand-Up India Scheme
4.6.2 no or Faulty business Plan
If an entrepreneur wants to be successful, he or she must plan for the future of his or her business. A business without
a good strategic plan can become chaotic. A well-thought-out strategy can lead to success.
4.6.3 Personal barriers
Personal barriers are obstacles that individuals face within themselves, affecting their ability to achieve goals,
communicate effectively, or engage in personal growth.
A Lack of knowledge in one’s respective business field is one of the most common challenges that an entrepreneur
faces. When an entrepreneur first starts out, he always wonders how his business will make money. Will my product
appeal to all of my customers? Will I be able to afford to start this business? Will I be able to support my family
adequately?
Self-Doubt
It is understandable that when we embark on a new venture and are naive, we may become discouraged. Disappointment
can lead to self-doubt. Similarly, in the journey of entrepreneurship, individuals face many challenges at the start of
their journey, and if they become discouraged, they may give up their dreams. Self-doubt is caused mainly by a lack of
confidence in oneself and one’s abilities.
Working towards one’s goal, keeping oneself motivated in various ways, surrounding oneself with entrepreneurs who
have tasted success, and listening to successful stories can keep one motivated and push them towards their goal are
the best ways to deal with self-doubt. Having supportive family and friends who can help us overcome our self-doubt
and build confidence is an added benefit.
When we put our hearts and minds into something, we often fear failure. We want to make it happen because we believe
we have given our best effort to succeed. Believing in oneself is the first step toward defeating one’s fear of failure.
Forming a team and teamwork
It is said that one cannot achieve great success by working alone. Humans are social beings who require each other’s
assistance in order to grow. Entrepreneurs frequently seek assistance in their endeavours.
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