challenges faced by entrepreneurs in drawing up a business plan pdf

Academia.edu no longer supports Internet Explorer.

To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to  upgrade your browser .

Enter the email address you signed up with and we'll email you a reset link.

• We're Hiring!
• Help Center

Challenges and Prospects of Entrepreneurs: A Case Study

2019, Asia Pacific Journal of Multidisciplinary Research

An entrepreneurship is an important role in economic activity. Entrepreneur is a person who undertakes a business in his own ability. A successful entrepreneur is always aware of the new developments and changes which he can adopt. Being an entrepreneur to takes risk and challenges to face. An organization comes into existence only because of own effort of an individual's that would be prepared to assume the enterprise with him. But differentiate an entrepreneur from a successful entrepreneur are his achievements in the field of his/her business. Individual must have special quality that is known as entrepreneurship. The aim of this case study is to identify challenges and prospectus to the entrepreneurs. The research was conducted through direct interview with the entrepreneurs. Primary and secondary data are used in this case study method. Out of available entrepreneurs to selected four entrepreneurs, who had their investment option form own sources. The methodology chosen is case study method; their history is studied in depth, the factors as to identify their secret of success what are challenges faced by them. Sampling methods are purposive sampling methods are used because of population selected for inclusion in the sample based on the ease of access. Case studies involve in-depth research and study of individuals. Purposive Sampling technique is adapted in this study and structured questionnaire was used for data collection.

Related Papers

Publisher ijmra.us UGC Approved

Entrepreneurship is often tricky and complicated as a result many new ventures fail. The term entrepreneur is often use as a substitute for the founder. Rurally, the word entrepreneur applies to those who establish a name in the market by providing a product or services that is not currently existence. A French economist, in 1800 century define the entrepreneur. He said about the entrepreneur, especially a contractor who acts as an intermediary between capital and labour today at the present time, I would like to your attention towards the problems that are facing the entrepreneur in society Along with the society in the development of entrepreneur, the government is also responsible for obstructing the development of entrepreneurship. The period of after globalization and liberalization, proved to be a complete period for entrepreneur. In writing the research paper we have used secondary data which has been taken through research papers, articles magazines, internet.

Competition in the business world is getting tougher, making entrepreneurs have entrepreneurship that can achieve success in entrepreneurship—starting from starting a business that can continue to grow towards the competition that is being faced with continuing in a business environment that is very dynamic and full of uncertainty. This study aimed to determine the success factors of entrepreneurship according to Bob Sadino's concept. The informants in the research are the owners of the Berlian Pancing Shop Jl. Field Beetle Acid. To measure the failure or success of the informant in entrepreneurship, it can be linked to the entrepreneurship program that the informant has obtained. It can be said to be successful if the research took place at the time the entrepreneurship being undertaken experienced good development. However, it is said to have failed. If the study took place when the study took place, the informant experienced a decline in running his business. Based on the res...

Emeka Okeke

igwe kingsley ogazi

Jose C . Sánchez-García

Many investigators from diverse perspectives focus their studies on the area of entrepreneurship due to its important role as an engine of economic and social development. The aim of this monograph is to provide an overview of the state of entrepreneurship research. It presents the controversy about the domain of the study and whether entrepreneurship can be considered a legitimate field of knowledge. We study the aspects that differentiate people who are entrepreneurs from those who are not from the perspective of cognitive psychology and we discuss the role of entrepreneurial education. The work is also an attempt to understand the factors that determine the durability of a company such as resources, location, personality traits, strategies, organizational systems, etc. Lastly, we examine the reality of entrepreneurship research in Spain.

Dominika Wojtowicz

Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie

DOBRIN GABRIEL

Many individuals in the modern society are considering running their own business as the best option that they have regarding their employment. The progress of small and medium enterprises sector provides huge potential on the absorption capacity of the young labour force.Frequent and rapid changes in the structure of the work program eliminate the idea that an individual has only one job during the entire life. Therefore, people endowed with entrepreneurial skills they have to successfully cope with a new socio-economic context

Erman S. Saragih

There is a tendency that the church has not been maximal in carrying out its social functions when viewed from the issue of a pluralistic community context. The church must actively transform the deacon, specifically alleviating the social problems surrounded. This study aimed to describe the model of transformation deaconal mission into the form of Christian entrepreneurs. By using literature review and descriptive methods, the conclusions obtained is: The church must be able to foster a sense of solidarity starting from inside the church to outside through the economic empowerment of her people.AbstrakAda kecenderungan bahwa gereja belum maksimal dalam menjalankan fungsi sosialnya ketika ditinjau dari persoalan konteks masyarakat majemuk. Gereja harus giat bertransformasi diakonia, secara khusus pengentasan masalah sosial yang berada disekitarnya. Kajian ini bertujuan untuk mendeskripsikan model transformasi misiologis diakonial dalam bentuk entrepreneur kristiani. Dengan mengguna...

Studia i Materiały Wydziału Zarządzania UW

Julita Wasilczuk

International Journal of Entrepreneurship and Innovation Management

Dieter Bogenhold

RELATED PAPERS

European Journal of Gastroenterology & Hepatology

Osamu Watanabe

Kartografija I Geoinformacije

Miljenko Lapaine

Acta Physica Polonica B

A. Yakushev

Tetrahedron Letters

Rob Van Soest

Joontaek Park

Romain Rancière

Irma Nurmalita Sobahi

Anales de Psicología

Angela Torres Iglesias

The History Teacher

Montserrat Miller

Dubravka Kuščević

A study on the steel and iron industry of Uganda relying on scrap as a major raw material hence having a low dependency on natural resources ( iron ore)

kabonge E N O C K David

mither puspita

V. 13, n. 03

Revista de Direito da Cidade

The Journal of Chemical Physics

Luc Van Loon

The Journal of Prosthetic Dentistry

IEEE Workshop onSignal Processing Systems, 2004. SIPS 2004.

Evangelos Stefatos

Revista De Investigaciones Literarias

martha duran

Inorganic Chemistry Frontiers

Shotaro Tada

British Journal of Cancer

Jean Michon

Research Square (Research Square)

mohammad fahiminia

Scientific Reports

DILLIP KUMAR BARIK

IEEE Technology and Society Magazine

David Whalen

Informing Science and IT Education Conference

Bob Travica

Mónica Gázquez Pertusa

Knowledge and Management of Aquatic Ecosystems

Idrissa Camara

RELATED TOPICS

•   We're Hiring!
•   Help Center
• Find new research papers in:
• Health Sciences
• Earth Sciences
• Cognitive Science
• Mathematics
• Computer Science
• Academia ©2024

Challenges for entrepreneurial innovation: Startups as tools for a better knowledge-based economy

• Published: 18 November 2023

Cite this article

• Oana Pricopoaia 1 ,
• Andreea Valentina Busila   ORCID: orcid.org/0000-0003-2569-9359 1 ,
• Nicoleta Cristache 1 ,
• Irina Susanu 1 &
• Cosmin Matis 2  

299 Accesses

Explore all metrics

Through innovation and technology, there is a global movement to hasten national progress and development. The importance of fostering start-ups has risen to the top of the global agenda, and emerging nations are starting to acknowledge their crucial function as growth and development engines. It is critical to recognize and prioritize the need of building new, pertinent businesses that will create, develop, and support goods and services that suit societal demands and are important for Romania’s economic development. This research study examines Romania’s start-ups and innovation infrastructure to understand the entrepreneurial environment. Also, this study emphasizes the major obstacles that start-ups and entrepreneurs encounter, as well as evaluating creative technical breakthroughs to build a successful economy based on knowledge. Similarly, while intending to analyze the changes that start-ups and entrepreneurs bring to an economic, political, and social landscape, this study identifies the waves of opportunities that come with start-ups which are created for a better knowledge-based economy. Developing an ecosystem of innovation to deliver solutions to our society's needs and expectations would foster a start-up culture that is inclusive, efficient, and helpful to the entire society. In this context, we developed hypotheses and a study model based on Sem-Pls methodology, which were validated using an online questionnaire. SmartPls4 software was used to process the data, and all research hypotheses were validated.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Price includes VAT (Russian Federation)

Instant access to the full article PDF.

Rent this article via DeepDyve

Institutional subscriptions

Similar content being viewed by others

Entrepreneurial Behaviour and Startups: The Case of Germany and the USA

Why do entrepreneurs open tech startups? A comparative study between Brazilian and foreign enterprises

Sarah Lasso, Emerson Mainardes & Fabio Motoki

Startups and Technology Transfer from Universities and Research Centers—An Analysis of the Impact on Launching New Products

Agarwal, S., & Lenka, U. (2015). Study on work-life balance of women entrepreneurs – review and research agenda. Industrial and Commercial Training, 7 (47), 356–362.

Article   Google Scholar  

Ahmed, F., & Harrison, C. (2021). Challenges and competencies of entrepreneurial leaders in driving innovation at diy laboratories. Technology Analysis and Strategic Management, 10 (33), 1132–1146.

Andrei, J., Chivu, L., Gheorghe, I. G., Grubor, A., Sedlarski, T., Sima, V., & Vasic, M. (2021). Small and medium-sized enterprises, business demography and european socioeconomic model: does the paradigm really converge? Journal of Risk and Financial Management, 2 (14), 64.

Autio, E., Nambisan, S., Thomas, L. D. W., & Wright, M. (2018). Digital affordances, spatial affordances, and the genesis of entrepreneurial ecosystems. Strategic Entrepreneurship Journal, 1 (12), 72–95.

Barna, C., Zbuchea, A., & Stănescu, S. M. (2023). Social economy enterprises contributing to the circular economy and the green transition in Romania. Ciriec-España, 107 , 47.

Bazan, C., Datta, A., Gaultois, H., Shaikh, A., Gillespie, K., & Jones, J. (2019). Effect of the university in the entrepreneurial intention of female students. International Journal of Entrepreneurial Knowledge, 2 (7), 73–97.

Belitski, M., & Caiazza, R. (2021). Start-ups, innovation and knowledge spillovers. The Journal of Technology Transfer, 6 (46), 1995–2016.

Google Scholar  

Bergmann, H., Hundt, C., & Sternberg, R. (2016). What makes student entrepreneurs? On the relevance (and irrelevance) of the university and the regional context for student startups. Small Business Economics, 1 (47), 53–76.

Bolzani, D., & Luppi, E. (2020). Assessing entrepreneurial competences: insights from a business model challenge. Education and Training, 2 (63), 214–238.

Bontis, N., Keow, W. C. C., & Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1 (1), 85–100.

Boomsma, A., & Hoogland, J. J. (2001). The robustness of LISREL modeling revisited. Structural equation models: Present and future. A Festschrift in honor of Karl Jöreskog, 2 (3), 139–168.

Boso, N., Cadogan, J. W., & Story, V. M. (2012). Entrepreneurial orientation and market orientation as drivers of product innovation success: A study of exporters from a developing economy. International Small Business Journal, 1 (31), 57–81.

Breznitz, S. M., Zhang, Q., Defazio, D., & Isett, K. R. (2017). Have you been served? The impact of university entrepreneurial support on start-ups’ network formation. The Journal of Technology Transfer, 2 (43), 343–367.

Chaudhuri, R., Chatterjee, S., Vrontis, D., & Vicentini, F. (2022). Effects of human capital on entrepreneurial ecosystems in the emerging economy: The mediating role of digital knowledge and innovative capability from India perspective. Journal of Intellectual Capital, 1 (24), 283–305.

Cho, Y. S., & Lee, J. (2018). Entrepreneurial orientation, entrepreneurial education and performance. Asia Pacific Journal of Innovation and Entrepreneurship, 2 (12), 124–134.

Chowdhury, F., Audretsch, D. B., & Belitski, M. (2018). Institutions and entrepreneurship quality. Entrepreneurship Theory and Practice, 1 (43), 51–81.

Chung, D., Jung, H., Lee, Y., (2022). Investigating the relationship of high-tech entrepreneurship and innovation efficacy: The moderating role of absorptive capacity. Technovation, 111 .

Clercq, D. D., & Arenius, P. (2006). The role of knowledge in business start-up activity. International Small Business Journal, 4 (24), 339–358.

Corvello, V., Felicetti, A. M., Steiber, A., & Alänge, S. (2023). Start-up collaboration units as knowledge brokers in corporate innovation ecosystems: A study in the automotive industry. Journal of Innovation & Knowledge, 8 (1), 100303.

Cox, A., Kennan, M. A., Lyon, L., & Pinfield, S. (2017). Developments in research data management in academic libraries: Towards an understanding of research data service maturity. Journal of the Association for Information Science and Technology, 9 (68), 21822200.

Cumming, G., & Finch, S. (2005). New statistics for old: Confidence intervals, effect sizes, and statistical power. Psychological Methods, 12 (2), 117–130.

Dabić, M., Daim, T. U., Bayraktaroglu, E., Novak, I., & Bašić, M. (2012). Exploring gender differences in attitudes of university students towards entrepreneurship. International Journal of Gender and Entrepreneurship, 3 (4), 316–336.

Dahlstrand, Å. L., & Stevenson, L. (2010). Entrepreneurship and economic development: The valley of backwardness. Annals of Innovation & Entrepreneurship, 1 (1), 5641.

Dima, C., Dobrea, R. C., Andreica, C., Păuna, V. (2021). Analysis of the opportunity to finance investment projects through public – private partnership. New trends in sustainable business and consumption.

Dincă, V., Dima, A. M., & Rozsa, Z. (2019). Determinants of cloud computing adoption By Romanian smes in the digital economy. Journal of Business Economics and Management, 4 (20), 798–820.

Dörnyei, Z., & Griffee, D. T. (2010). Research methods in applied linguistics.

Drew, A. L., Keller, T., Spencer, R., & Herrera, C. (2020). Investigating mentor commitment in youth mentoring relationships: The role of perceived program practices. Journal of Community Psychology, 7 (48), 2264–2276.

Ekinci, Y., Dawes, P. L., Massey, G. R. (2008). An extended model of the antecedents and consequences of consumer satisfaction for hospitality services. European Journal of Marketing, 42 (1/2), 35–68.

Elliott, C., Mavriplis, C., & Anis, H. (2020). An entrepreneurship education and peer mentoring program for women in stem: Mentors’ experiences and perceptions of entrepreneurial self-efficacy and intent. International Entrepreneurship and Management Journal, 1 (16), 4367.

Etikan, I., Musa, S. A., & Alkassim, R. S. (2016). Comparison of convenience sampling and purposive sampling. American Journal of Theoretical and Applied Statistics, 5 (1), 1–4.

Feder, E., & Niţu-Antonie, R. D. (2017). Connecting gender identity, entrepreneurial training, role models and intentions. International Journal of Gender and Entrepreneurship, 1 (9), 87108.

Ferrandiz, J., Fidel, P., & Conchado, A. (2018). Promoting entrepreneurial intention through a higher education program integrated in an entrepreneurship ecosystem. International Journal of Innovation Science, 1 (10), 6–21.

Fischer, B. B., Guerrero, M., Guimón, J., & Schaeffer, P. R. (2020). Knowledge transfer for frugal innovation: Where do entrepreneurial universities stand? Journal of Knowledge Management, 2 (25), 360–379.

Gangi, Y. A. (2017). The role of entrepreneurship education and training on creation of the knowledge economy. World Journal of Entrepreneurship, Management and Sustainable Development, 4 (13), 375–388.

Ghalwash, S., Tolba, A., & Ismail, A. (2017). What motivates social entrepreneurs to start social ventures? Social Enterprise Journal, 3 (13), 268–298.

Ghorbel, F., Hachicha, W., Boujelbene, Y., & Aljuaid, A. M. (2021). Linking entrepreneurial innovation to effectual logic. Sustainability, 5 (13), 2626.

Göçer, A., Vural, C. A., & Lind, F. (2023). An ict-based start-up entering maritime logistics networks: Facilitation of value cocreation patterns. Journal of Business and Industrial Marketing, 13 (38), 1–14.

Gold, A. H., Malhotra, A., & Segars, A. H. (2001). Knowledge management: An organizational capabilities perspective. Journal of Management Information Systems, 18 (1), 185–214.

González, J. M., Álvarez-Albelo, C. D., Mendoza-Jiménez, J., & Kobylińska, U. (2022). Predicting the entrepreneurial behaviour of starting up a new company: A regional study using pls-sem and data from the global entrepreneurship monitor. Mathematics, 5 (10), 704.

Grigore, A., & Dragan, I. (2020). Towards sustainable entrepreneurial ecosystems in a transitional economy: An analysis of two Romanian City-regions through the lens of entrepreneurs. Sustainability, 15 (12), 6061.

Guerrero, M., Urbano, D., Fayolle, A., Klofsten, M., & Mian, S. A. (2016). Entrepreneurial universities: emerging models in the new social and economic landscape. Small Business Economics, 3 (47), 551–563.

Gurel, E., Madanoglu, M., & Altinay, L. (2021). Gender, risk-taking and entrepreneurial intentions: Assessing the impact of higher education longitudinally. Education and Training, 5 (63), 777–792.

Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2021). A primer on partial least squares structural equation modeling (PLS-SEM). Sage publications.

Hanandeh, R., Alnajdawi, S., Almansour, A. Y., Elrehail, H. (2021). The impact of entrepreneurship education on innovative start-up intention: The mediating role of entrepreneurial mind-sets. World Journal of Entrepreneurship Management and Sustainable Development

Hausberg, J. P., & Korreck, S. (2018). Business incubators and accelerators: A co-citation analysis-based, systematic literature review. The Journal of Technology Transfer, 1 (45), 151–176.

Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. Emerald Group Publishing Limited.

Book   Google Scholar  

Herington, C. A., Weaven, S. K. W. (2009). E‐retailing by banks: E‐service quality and its importance to customer satisfaction. European Journal of Marketing, 43 (9/10), 1220–1231.

Idrees, H., Xu, J., Haider, S. A., & Tehseen, S. (2023). A systematic review of knowledge management and new product development projects: Trends, issues, and challenges. Journal of Innovation & Knowledge, 8 (2), 100350.

Indra, A., Soetjipto, B. E. (2016). Swot analysis in the planning of software product marketing strategy to cope with creative economic era in Indonesia (A case study at Pt. Patt in Malang). Iosr Journal of Business and Management, 10 (18), 52–62.

Istudor, L. G. (2018). Innovation and entrepreneurship in Romania’s cultural and creative industries. Proceedings of the International Conference on Business Excellence, 1 (12), 498507.

Jiatong, W., Murad, M., Bajun, F., Tufail, M. S., Mirza, F., and Rafiq, M. (2021). Impact of entrepreneurial education, mindset, and creativity on entrepreneurial intention: Mediating role of entrepreneurial self-efficacy. Frontiers in Psychology, 12 .

Johnson, M. O., & Gandhi, M. (2014). A mentor training program improves mentoring competency for researchers working with early-career investigators from underrepresented backgrounds. Advances in Health Sciences Education, 3 (20), 683–689.

Juliana, N. O., Hui, H., Clement, M., Solomon, E. N., & Elvis, O. K. (2021). The impact of creativity and innovation on entrepreneurship development: Evidence from Nigeria. Open Journal of Business and Management, 04 (09), 1743–1770.

Kacperczyk, A. (2013). Social influence and entrepreneurship: The effect of university peers on entrepreneurial entry. Organization Science, 3 (24), 664–683.

Kaya, T., Erkut, B., & Thierbach, N. (2019). Entrepreneurial intentions of business and economics students in Germany and Cyprus: A Cross-cultural comparison. Sustainability, 5 (11), 1437.

Kee, D. M. H., Yusoff, Y. M., & Khin, S. (2019). The role of support on start-up success: A PLS-SEM approach. Asian Academy of Management Journal, Supp., 1 (24), 43–59.

Klaasa, P., Thawesaengskulthai, N., Vaiyavuth, R. (2019). Factors to support a new tech start-up for business incubation. Asian Journal of Applied Sciences, 3 (7).

Knight, G. A., & Cavusgil, S. T. (2004). Innovation, organizational capabilities, and the bornglobal firm. Journal of International Business Studies, 35 , 124–141.

Kropp, F., Lindsay, N. J., & Shoham, A. (2008). Entrepreneurial orientation and international entrepreneurial business venture start-up. International Journal of Entrepreneurial Behavior & Research, 2 (14), 102–117.

Kucharska, W., & Erickson, G. S. (2023). Tacit knowledge acquisition & sharing, and its influence on innovations: A Polish/US cross-country study. International Journal of Information Management, 71 , 102647.

Lachman, D. A. (2018). Re-energizing suriname with less energy. Journal of Environmental Science and Public Health, 02 (02).

Li, C. H., Murad, M., Shahzad, F., Khan, M. S., Ashraf, S. F., Dogbe, C. S. K. (2020). Entrepreneurial passion to entrepreneurial behavior: Role of entrepreneurial alertness, entrepreneurial self-efficacy and proactive personality. Frontiers in Psychology, 11 .

Li, X., Wu, T., Zhang, H. J., & Yang, D. Y. (2023). National innovation systems and the achievement of sustainable development goals: Effect of knowledge-based dynamic capability. Journal of Innovation & Knowledge, 8 (1), 100310.

Liu, H., Kulturel-Konak, S., & Konak, A. (2021). Key elements and their roles in entrepreneurship education ecosystem: Comparative review and suggestions for sustainability. Sustainability, 19 (13), 10648.

McGann, M., Blomkamp, E., & Lewis, J. M. (2018). The rise of public sector innovation labs: Experiments in design thinking for policy. Policy Sciences, 3 (51), 249–267.

Mihali, L. M., Potra, S., Dungan, L., Negrea, R., & Cioabla, A. (2022). Key factors of as performance in emerging central and eastern European countries: Evidence from Romania. Sustainability, 14 (14), 8328.

Miles, M. P., Vries, H. P. d., Harrison, G., Bliemel, M. J., Klerk, S. d., Kasouf, C. J. (2017). Accelerators as authentic training experiences for nascent entrepreneurs. Education and Training, 59(7/8) , 811–824.

Mitchelmore, S., & Rowley, J. (2010). Entrepreneurial competencies: A literature review and development agenda. International Journal of Entrepreneurial Behavior & Research, 2 (16), 92–111.

Motiei, M. (2022). Explanation and classification of technological entrepreneurship financing policies: Lessons from Iran. International Journal of Islamic and Middle Eastern Finance and Management, 2 (16), 274–290.

Nagy, K. X. H., Segui, A. E. (2021). Experiences of community-based tourism in Romania: Chances and challenges. Journal of Tourism Analysis, 2 (27).

Nahapiet, J., & Ghoshal, S. (1998). Social capital, intellectual capital, and the organizational advantage. Academy of Management Review, 23 (2), 242–266.

Nastase, C., Butnariu, A., & Lucaci, A. (2019). Assessment of entrepreneurship and innovation in newcoming Romanian entrepreurial universities. Proceedings of the International Conference on Business Excellence, 1 (13), 969–982.

Ngah, R., Ibrahim, A. R. (2009). The relationship of intellectual capital, innovation and organizational performance: A preliminary study in Malaysian SMEs. International Journal of Management Innovation Systems, 1 (1).

Nicholls-Nixon, C. L., & Maxheimer, M. (2022). How coaching services help early stage entrepreneurs: An exploration of gender differences. Journal of Small Business and Enterprise Development, 5 (29), 742–763.

Nordqvist, S., & Frishammar, J. (2019). Knowledge types to progress the development of sustainable technologies: A case study of Swedish demonstration plants. International Entrepreneurship and Management Journal, 15 , 75–95.

Novela, S., Syarief, R., Fahmi, I., & Arkeman, Y. (2021). Key factors of entrepreneurial university transformation: A model development using ism method and micmac analysis. Journal of Applied Research in Higher Education, 3 (14), 1144–1159.

Nyagadza, B., Mazuruse, G., Simango, K., Chikazhe, L., Tsokota, T., & Macheka, L. (2023). Examining the influence of social media eWOM on consumers’ purchase intentions of commercialised indigenous fruits (IFs) products in FMCGs retailers. Sustainable Technology and Entrepreneurship, 100040.

Obaji, N. O., & Olugu, M. U. (2014). The role of government policy in entrepreneurship development. Science Journal of Business and Management, 4 (2), 109.

Oyelakin, O., & Kandi, U. M. (2017). The moderating role of government policies on the relationship between technology, innovation and entrepreneurship development in Nigeria: A partial least square approach. Universal Journal of Management, 10 (5), 477–484.

Özarallı, N., Rivenburgh, N. K. (2016). Entrepreneurial Intention: Antecedents to entrepreneurial behavior in the USA and Turkey. Journal of Global Entrepreneurship Research, 1 (6).

Penco, L., Ivaldi, E., & Ciacci, A. (2021). Entrepreneurial ecosystem and well-being in european smart cities: A comparative perspective. The TQM Journal, 7 (33), 318–350.

Pietro, F. D., Prencipe, A., & Majchrzak, A. (2017). Naza equity investors: An underutilized asset for open innovation in start-ups. California Management Review, 2 (60), 43–70.

Puie, F. R. (2020). The role of european funds in developing and sustaining rural entrepreneurship in Romania. Proceedings of the International Conference on Business Excellence, 1 (14), 134–148.

Puni, A., Anlesinya, A., & Korsorku, P. D. A. (2018). Entrepreneurial education, self-efficacy and intentions in sub-saharan Africa. African Journal of Economic and Management Studies, 4 (9), 492–511.

Reinartz, W., Haenlein, M., & Henseler, J. (2009). An empirical comparison of the efficacy of covariance-based and variance-based SEM. International Journal of Research in Marketing, 26 (4), 332–344.

Rita, P., Oliveira, T., & Farisa, A. (2019). The impact of e-service quality and customer satisfaction on customer behavior in online shopping. Heliyon, 10 (5), e02690.

Saeed, S., Yousafzai, S., Yani-de-Soriano, M., & Muffatto, M. (2013). The role of perceived university support in the formation of students’ entrepreneurial intention. Journal of Small Business Management, 4 (53), 1127–1145.

Sahaf, M. A., Tahoo, L. A. (2021). Examining the key success factors for start-ups in the kingdom of Bahrain. International Journal of Business Ethics and Governance, 9–49.

Saumure, K., & Given, L. M. (2008). Convenience sample. The SAGE Encyclopedia of Qualitative Research Methods, 2 , 124–125.

Schiuma, G., & Carlucci, D. (2018). Managing strategic partnerships with universities in innovation ecosystems: A research agenda. Journal of Open Innovation: Technology, Market, and Complexity, 3 (4), 25.

Schmidt, M. M., & Kolodinsky, J. (2007). Microenterprise development program success: A path analysis of factors that lead to and mediate client success. Journal of Developmental Entrepreneurship, 01 (12), 47–69.

Schwarz, E. J., Wdowiak, M. A., Almer-Jarz, D. A., & Breitenecker, R. J. (2009). The effects of attitudes and perceived environment conditions on students’ entrepreneurial intent. Education and Training, 4 (51), 272–291.

Sedeh, A. A., Pezeshkan, A., & Caiazza, R. (2021). Innovative entrepreneurship in emerging and developing economies: The effects of entrepreneurial competencies and institutional voids. The Journal of Technology Transfer, 4 (47), 1198–1223.

Sheri, K., Too, J. Y. J., Chuah, S. E. L., Toh, Y. P., Mason, S., & Krishna, L. K. R. (2018). A scoping review of mentor training programs in medicine between 1990 and 2017. Medical Education Online, 1 (24), 1555435.

Shi, Y., Yuan, T., Bell, R., Wang, J. (2020). Investigating the relationship between creativity and entrepreneurial intention: The moderating role of creativity in the theory of planned behavior. Frontiers in Psychology, 11 .

Simplício, J. P., & d. S., Souza, A. N. d., Marques, M. I. C. (2021). Interactions between university-company-government and the entrepreneurial ecosystems. International Journal for Innovation Education and Research, 10 (9), 294–311.

Spender, J., Corvello, V., Grimaldi, M., & Rippa, P. (2017). Start-ups and open innovation: A review of the literature. European Journal of International Management, 1 (20), 4–30.

Stam, E. (2015). Entrepreneurial ecosystems and regional policy: A sympathetic critique. European Planning Studies, 9 (23), 1759–1769.

Stefenon, R., & Gimenez, F. A. P. (2023). Entrepreneurial ecosystems: A configurational research approach. Revista Gestão Em Análise, 1 (12), 7.

Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability, 3 (12), 1186.

Stratton, S. J. (2021). Population research: Convenience sampling strategies. Prehospital and Disaster Medicine, 36 (4), 373–374.

Streiner, D. L., & Norman, G. R. (2006). Confidence intervals: An introduction. BMC Medical Research Methodology, 6 (1), 92.

Strobl, A., Bauer, F., & Matzler, K. (2020). The impact of industry-wide and target market environmental hostility on entrepreneurial leadership in mergers and acquisitions. Journal of World Business, 2 (55), 100931.

Su, Y., Zhu, Z., Chen, J., Jin, Y., Wang, T., Lin, C., … & Xu, D. (2021). Factors influencing entrepreneurial intention of university students in China: Integrating the perceived university support and theory of planned behavior. Sustainability, 8 (13), 4519.

Syed, I., Butler, J. C., Smith, R. M., Cao, X. (2020). From entrepreneurial passion to entrepreneurial intentions: The role of entrepreneurial passion, innovativeness, and curiosity in driving entrepreneurial intentions. Personality and Individual Differences, 157 .

Tagscherer, F., & Carbon, C. C. (2023). Leadership for successful digitalization: A literature review on companies’ internal and external aspects of digitalization. Sustainable Technology and Entrepreneurship, 100039.

Tekin, E., Ramadani, V., & Dana, L. P. (2021). Entrepreneurship in Turkey and other balkan countries: Are there opportunities for mutual co-operation through internationalisation? Review of International Business and Strategy, 2 (31), 297–314.

Tibaingana, A. (2019). Anecdotal evidence of the role of incubation in the growth of business start-ups in Uganda. International Business Research, 1 (13), 64.

Trif, S. M., Noja, G. G., Cristea, M., Enache, C., Didraga, O. (2022). Modelers of students’ entrepreneurial intention during the covid-19 pandemic and post-pandemic times: The role of entrepreneurial university environment. Frontiers in Psychology, 13 .

Trivedi, R. (2016). Does university play significant role in shaping entrepreneurial intention? A cross-country comparative analysis. Journal of Small Business and Enterprise Development, 3 (23), 790–811.

Waliszewski, K., Warchlewska, A. (2020). Socio-demographic factors determining expectation experienced while using modern technologies in personal financial management (Pfm and Robo-advice): A Polish case. European Research Studies Journal, Special Issue2 (XXIII), 893–904.

Wu, P., Yang, D., & Hu, L. (2022). Knowledge map analysis for entrepreneurial ecosystem research. Journal of Social Science and Humanities, 4 (11), 26–35.

Yao, M., Ye, D., & Zhao, L. (2022). The relationship between inbound open innovation and the innovative use of information technology by individuals in teams of start-ups. Systems Research and Behavioral Science, 3 (39), 503–515.

Yasir, M., & Majid, A. (2017). Impact of knowledge management enablers on knowledge sharing. World Journal of Entrepreneurship Management and Sustainable Development, 1 (13), 16–33.

Zhao, F. (2005). Exploring the synergy between entrepreneurship and innovation. International Journal of Entrepreneurial Behaviour & Research, 1 (11), 25–41.

Zhao, J., Huang, Y., Xi, X., & Wang, S. (2021). How knowledge heterogeneity influences business model design: Mediating effects of strategic learning and bricolage. International Entrepreneurship and Management Journal, 17 , 889–919.

Download references

Author information

Authors and affiliations.

Dunărea de Jos, University of Galați, Galați, Romania

Oana Pricopoaia, Andreea Valentina Busila, Nicoleta Cristache & Irina Susanu

Babes-Bolyai University, Cluj-Napoca, Romania

Cosmin Matis

You can also search for this author in PubMed   Google Scholar

Corresponding author

Correspondence to Andreea Valentina Busila .

Additional information

Publisher's note.

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.

Reprints and permissions

About this article

Pricopoaia, O., Busila, A.V., Cristache, N. et al. Challenges for entrepreneurial innovation: Startups as tools for a better knowledge-based economy. Int Entrep Manag J (2023). https://doi.org/10.1007/s11365-023-00923-9

Download citation

Accepted : 06 November 2023

Published : 18 November 2023

DOI : https://doi.org/10.1007/s11365-023-00923-9

Share this article

Anyone you share the following link with will be able to read this content:

Sorry, a shareable link is not currently available for this article.

Provided by the Springer Nature SharedIt content-sharing initiative

• Entrepreneurship
• Knowledge-based economy
• Find a journal
• Publish with us
• Track your research

• Skip to primary navigation
• Skip to content

• Try Tactyqal

What challenges do entrepreneurs face in developing a successful business strategy?

Starting and running a business is no easy feat. As an entrepreneur, you’ll face many hurdles on the road to success. Having a sound business strategy is crucial, but crafting one that actually works takes thought, planning, and persistence.

In my decade covering startups and small businesses, I’ve seen companies triumph over challenges—and succumb to them. Through interviews with entrepreneurs, research on small business statistics, and my own observations, I’ve learned what issues trip up entrepreneurs most when strategizing.

In this post, I’ll cover the top challenges entrepreneurs face in building an effective business strategy and provide tips to tackle them. Mastering business strategy is tough, but understanding these common pitfalls can set you on the right path.

Defining the Target Customer

Knowing your ideal customer should guide every business decision you make. But many entrepreneurs launch a company without truly understanding their audience.

Questions to ask:

• Who needs what I’m selling?
• What are their pain points?
• How can my offering solve those issues?

Pinpointing your target customer segment helps you:

• Create products and services that properly meet their needs
• Reach them through the right marketing channels
• Better compete against others going after the same segment

For example, a bakery wanting to sell artisanal breads needs to know whether to target middle-income families looking for an affordable treat or higher-end restaurants wanting quality ingredients.

Conducting Market Research

Market research gives you essential information for structuring your strategy. It sheds light on:

• Industry trends
• Competitor landscapes
• Customer demands
• Pricing data
• Growth opportunities and threats

However market research takes time and effort many entrepreneurs bypass. While you may understand your business idea well, you need concrete data on whether a profitable market exists.

Use market research to validate assumptions about your target customer, pricing models, and where you can capture market share. Aim to continually assess your market so you can adjust strategies over time.

Crafting a Unique Value Proposition

Once you identify target customers and research the competitive landscape, you need a compelling value proposition. This clear statement explains how your business solves a problem in a unique way.

Ask yourself:

• What core customer need does my company address?
• Why would customers buy from me vs. a competitor?
• What makes my business stand out?

If your value proposition doesn’t resonate with your audience, you won’t attract customers. For example, a new pizza shop needs an angle besides just selling pizzas. Offering organic ingredients, unique toppings, or speedy delivery helps differentiate the business.

Managing Cash Flow

Money management poses one of the biggest challenges for new entrepreneurs. With little revenue at first, you need to control spending and have enough cash reserves to cover operating costs.

Smart financial strategies like these help buffer cash flow ups and downs:

• Start part-time while keeping a day job
• Seek investors to fund growth
• Negotiate payment plans with vendors
• Offer discounts or sales to boost revenue

Closely monitor income and expenses. Adjust budgets when needed but avoid growing too fast. Running out of cash is a top reason companies fail within their first year.

Hiring the Right Team

Employees play a huge role in whether your business thrives or flops. As an entrepreneur, you can only accomplish so much alone. Surround yourself with talented people who share your vision and values.

However hiring too quickly or recruiting the wrong people drains your resources. When building a team:

• Write detailed job descriptions so candidates understand the role
• Check references to confirm skills and experience
• Ask situational questions during interviews to gauge problem-solving abilities
• Start with part-time or freelance workers to fill gaps before hiring full-time

Also assess if responsibilities overlap. Clarify roles for each position so your team operates efficiently.

Adapting to Change

Markets shift, technologies advance, and crises hit. Entrepreneurs must adjust strategies to survive, especially in the early stages.

• Regularly reassess your business model to see what’s working and what’s not
• Watch your market for changes in trends or customer needs
• Survey your target audience to spot evolving preferences
• Review metrics like sales, traffic, and operational costs
• Update products and marketing tactics to capitalize on new opportunities

While you need a solid foundation, inflexible business strategies crumble over time. Savvy entrepreneurs alter course quickly when circumstances warrant.

Avoiding Scope Creep

It’s tempting to expand your business ambitions over time by tweaking your core products and services. However uncontrolled growth in too many directions drains resources.

Scope creep happens when entrepreneurs:

• Try to appeal to too many customer segments
• Add unnecessary features and offerings
• Venture into unrelated markets or geographies

Revisit your original business plan often. Eliminate elements distracting you from the heart of your company. Say no to “shiny penny” ideas that won’t deliver significant impact or revenue.

Laser focus on what makes you unique and where you can dominate the market. Don’t dilute your strengths by trying to be all things to all customers.

Overcoming Founder’s Syndrome

Many entrepreneurs struggle to delegate control. But holding onto too many decisions as your staff grows hurts productivity.

Signs of founder’s syndrome include:

• Micromanaging employees rather than letting them work independently
• Making all key choices yourself vs. seeking team input
• Feeling threatened by talented hires taking on leadership roles

Loosen your grip by:

• Hiring those smarter than you in key areas like operations, marketing, or technology
• Empowering managers to make decisions within their realms
• Giving up pet projects better handled by others
• Instituting processes for getting buy-in on strategy

Letting go allows you to focus on high-level vision and strategy for growth. Your business will scale better if you avoid founder’s syndrome.

Related Posts

Key Takeaways

• Know your target audience deeply before launching
• Continuously research your market and adapt to changes
• Craft a value proposition addressing customer needs better than competitors
• Closely manage finances and cash flow
• Build a skilled team but avoid overhiring
• Tweak strategies when needed but prevent scope creep
• Give up control and delegate responsibilities as you grow

While this list of challenges may seem daunting, thousands of entrepreneurs build thriving businesses every year. Developing an intelligent strategy with good foundations enables you to pivot when roadblocks arise. With dedication and persistence, you can overcome the most common pitfalls entrepreneurs face.

What questions do you have about crafting strong business strategies? What challenges have you faced in your own entrepreneurial journey? Share your thoughts and experiences in the comments below!

Partha Chakraborty

Partha Chakraborty is a venture capitalist turned entrepreneur with 17 years of experience. He has worked across India, China & Singapore. He is the founder of Tactyqal.com, a startup that guides other startup founders to find success. He loves to brainstorm new business ideas, and talk about growth hacking, and venture capital. In his spare time, he mentors young entrepreneurs to build successful startups.

You may also like

25 ways to make money from your website.

• Uncategorized

How To Hire For a Founders Office Role?

Leave a comment cancel reply.

Save my name, email, and website in this browser for the next time I comment.

• Best Countries for a Business
• How to Do Market Research
• Define Your Target Market
• How to Write a Business Plan
• Key Elements of a Business Plan
• How to Buy a Business
• What is a Pitch Deck?
• How to Set Financial Goals
• Best Business Opportunities
• Best Small Business Ideas
• Lucrative Online Business Ideas
• Side Ideas for Women
• Small Scale Business Ideas
• Best Tech Startup Ideas
• App Ideas for Start-Ups
• Small Business Ideas in India
• Business Tycoons to Learn From
• Most Innovative Entrepreneurs
• Successful Women Entrepreneurs
• Best Business Books of All Time
• Startup Pitch Deck Examples
• Successful Social Entrepreneurs
• Top Entrepreneurs of India
• Best Online Legal Services
• Small Business Software
• Apps for Daily Operations
• Business Name Generators
• Mission Statement Generators
• Privacy Policy Generators
• Start a Profitable Online Store
• Start a Dropshipping Business
• Start a Consulting Business
• Start a Podcast: 10-Step Tutorial
• Create a Successful Online Course
• How to Sell on Etsy

12 Common Challenges Faced by Entrepreneurs in 2024

Starting a successful business from scratch can be challenging. There are many challenges and roadblocks that the average entrepreneur has to face; the most popular is cash flow management.

Entrepreneur statistics show that 20% of small businesses fail within the first year, and 70% of businesses fail within the first ten years.

As an entrepreneur looking to find a foot in a dominated market, you need to brace yourself for the challenges ahead. What separates a successful entrepreneur from an unsuccessful one is the right entrepreneurial mindset that eliminates self-doubt and weaknesses.

Identifying the common challenges is the first step; finding proactive ways of tackling them is where success lies.

This article explores the 12 common challenges of an entrepreneur and practical ways to overcome them.

Let’s get started.

1. Product or Service Selection

One of the biggest issues entrepreneurs struggle with is deciding which product or service to sell to their target market.

Deciding what to sell is important in setting up a business. Your product or service distinguishes you in the market from other competitors. Falling short in this area ultimately leads to the failure of your business, irrespective of your prior knowledge and expertise as a business person.

Choosing the product or service you aim to sell makes it easy for you to identify your target audience and competitors, giving you a competitive advantage.

Every entrepreneur needs to conduct market research for proper product or service selection. You can hire the services of a marketing firm or freelance researcher for this purpose.

Market research is necessary for setting up a business model that allows you to identify your target audience’s needs and the resources available to address them.

For example, market research can identify the lapses in a community regarding access to specific products or services. Your ability to identify and fill this gap and saturate the market with this needed product or service distinguishes you from other entrepreneurs.

2. Raising Capital

Sourcing for capital to start a business is one of the biggest challenges you face as an entrepreneur. Even if you have prior experience of how to run a business, capital is one issue that is likely to give you sleepless nights.

Capital is the working plan of a business, serving as the means to bring your ideas into firm reality. While capital can come in different forms, funds are the biggest determining factor that guarantees whether or not the business will kick start.

Startup statistics show that the biggest reason for startup failure is not receiving enough venture capital funding.

As an entrepreneur, you need to find proactive ways to source funds, as you most likely cannot fund the business yourself. Seeking donations from friends, families, or groups is one of the immediate ways of getting funding for your own business.

You can check out financial institutions that offer business loans for startups with a minimum interest rate. Depending on how big the business is, seeking out loans is the quickest option to get access to a large sum of money.

3. Sales Strategy

Sales is an important criterion for every business, serving as the mechanism by which a business achieves its set target. The number one business objective is to make a profit. As an entrepreneur, sales is one aspect that requires innovative strategies to achieve.

Before you dive into a new market, conducting the necessary research is important as it allows you to ascertain your target market.

Paving the way for yourself as an entrepreneur is a common challenge that you will face, especially in a saturated market. Ultimately, your ability to carve a niche for your business largely depends on how effective your sales strategy is to consumers.

Your sales strategy makes a big difference, helping you establish your business in the face of stern competition.

4. Marketing Strategy

A key deciding factor for every aspiring entrepreneur is how familiar your goods or services are in your target market. Irrespective of how cheap or efficient your goods or services are, there is no gain if it is not getting to your target audience.

Marketing usually comes in different forms, as it introduces your brand and the goods and services offered to the market. Whether through word of mouth or well-structured campaigns, your marketing efforts help you to put your brand out there.

Many entrepreneurs find marketing overwhelming as it requires investment to be able to pull a larger coverage in the market. The bulk of your expenses as an entrepreneur largely go to your marketing efforts.

The biggest issue with marketing efforts is the rewards are not immediate, as you tend to reap the benefits later. To ease your concern, you can start with light marketing strategies and increase the momentum as your business gains ground in the market.

Some of the most effective marketing strategies for fast business growth include content marketing, social media, SEO, influencer marketing, email marketing, and affiliate marketing.

5. Hiring Staff

Hiring skilled workers is one area that proves challenging even for big organizations. As an entrepreneur running a small business, the workload can be overwhelming, and you need capable hands to assist you in running the business.

The challenge is finding these capable hands with the constraints you have on resources. Ensure the aim of hiring employees is not defeated, as quality always beats numbers.

You need to have a concrete recruitment plan reflecting the needs of your business. Your focus should not just be on hiring names but on getting quality hands from the hiring process.

As an entrepreneur, you need to devote an ample amount of time to finding capable hands, which helps ease your workload.

6. Managing Employees

Employees are the human capital aspect of a business, forming the crucial workforce needed to bring a business to achieve its set goals. While the onus is on you to start small as an entrepreneur due to financial constraints, employees are how you expand your business.

Finding capable hands is a challenge entrepreneurs face, as access and availability are known restrictions you need to work your way around.

Even after hiring capable hands, having the right people management skills ensures your employees are properly motivated to deliver on your business goals.

Managing a group of people is a challenging task, as they all come from different backgrounds and have different ways of getting things done. Set rules to guide everyone's conduct, ensuring the interest of the business always comes first above personal interest.

7. Delegating Tasks and Authority

Entrepreneurship puts you as a business owner at the helm of affairs of the day-to-day running of the business activities.

Unless you have an advisory board or management team that provides you with constant advice, most of the tough decisions of the company rest on your shoulders.

One of the common challenges many entrepreneurs face during their entrepreneurship journey is how to delegate tasks . While a company’s success relies on teamwork, the team works effectively when each member of the team functions in their optimum capacity.

As a business owner, you need to properly define your existing processes and highlight areas where you need rapid improvement.

While a business is not guaranteed overnight success, properly delegating tasks and authority in your business serves as the oil that keeps the business engine running.

8. Time Management

Just like money, time is another luxury that will always be limited to you as a business owner. Unlike money, which is not readily available, time is readily available but becomes a luxury when not properly used.

The best way to properly utilize time is by having a concrete plan that delegates tasks to different members of the company. Working as a team is the most efficient shortcut to conquering time, allowing everyone to play a part in the business's success.

Another time management tip is to divide the business goals and objectives into smaller tasks. After this, you then run these tasks on their level of importance to the entire business goal and objective.

Your job as an entrepreneur is to ensure these tasks are carried out based on their level of importance. With these tasks prioritized, you can now manage time better by allocating more time to critical tasks and less on easy-to-complete ones.

9. Managing Cash Flow

Cash flow management is one area that poses a huge challenge to business owners as it questions the entire business process. Your business cash flow simply points out how much money the business has made over time when compared with expenditure and other costs.

The goal of every business is to make a profit and your cash flow highlights how well your business has come to achieving that goal. Having a proper cash flow management strategy helps inform you about how well your business has performed over some time.

Revenue is the key metric tracked in every business and the ultimate goal is to ensure your revenue generated outnumbers your expenses. The difference between your revenue earned and the expenses incurred determines whether your business makes a profit or loss.

Cash flow is the fuel that drives the business's day-to-day running activities and needs to be properly tracked at all times. If you do not have prior accounting knowledge as an entrepreneur, there are accounting software tools that effectively help you track your cash flow.

You can consider hiring an accounting firm to give you a professional look at your business if you have the means to afford it.

10. Expanding the Business

Growth is never an easy step, and even for us as humans, it requires us to undergo modifications that most people find challenging.

As an entrepreneur, having a growth mindset is important, as it positions you and your business to achieve bigger and greater things.

Expansion is always a difficult bridge to cross for new business owners because it requires them to make changes to their existing business processes and structure. The best way to face the issue of expansion is head-on.

Conduct a thorough analysis of the areas that are favorable to you and your business and carry out test surveys. With this, you are better informed and equipped to look beyond your normal scope of operation and attract new customers.

Expanding your business requires a new level of confidence, as you have to adapt to a new market. There would be changes to your prior business structure, goals, and objectives to accommodate these new changes.

Your focus remains to meet your intended goals and objectives, and your expansion process needs to be conducted in a way that guarantees these.

11. Maintaining a Budget

Another area that poses a challenge for entrepreneurs is how to form a budget to serve as a guide for their business operations. Unless you have prior managerial experience, coming up with a budget is a daunting task, especially with the constraints of resources.

A budget is a key aspect of every business operation, serving as a guide on how money and other resources are to be shared and spent.

Keeping track of your revenue and expenses is important as a business owner to ensure you have enough working capital for your business operations.

Drawing up a budget is one aspect of the process, but sticking to the budget is another area that often proves challenging. In the day-to-day running of your business, some areas need immediate attention, and it is always tempting to throw money at problems.

With a solid budgetary plan, you are accountable for all the income you receive, with specific instructions on how to spend it.

For challenges you did not plan for, you should include a miscellaneous expenditure to account for these unforeseen challenges. This way, you take a more structured approach to running your business.

12. Managing Competition

Competition is one of the characteristics that makes us human, as it is our nature to compete with ourselves in a constrained market. Realizing that there would be competitors in your entrepreneurial journey gives you a competitive advantage early on.

There is a huge likelihood that there is already a market for the business idea or setup you intend to venture into. After already conducting your market research and doing your due diligence, you have an idea of who the major players in the industry are.

But with a business, innovation is a major distinguishing factor that makes you stand out. Innovation is one of the biggest solutions to competition, as the market responds to you based on what you can offer.

Realizing your competitors early gives you a major advantage, as you get to form strategies early on how to capture the market. The fight among competitors is for market share. As an entrepreneur, your strategies are what guarantee you a fair fight amidst stiff competition.

Explore Further

• Different Types of Entrepreneurs
• Essential Characteristics and Skills of Successful Entrepreneurs
• Are Successful Entrepreneurs Born Or Made?
• Best Business Quotes to Inspire Entrepreneurs
• Entrepreneur Quotes To Motivate and Inspire You
• Key Elements of Entrepreneurship
• Who is a First Generation Entrepreneur?
• Most Successful Social Entrepreneurs of All Time
• Entrepreneur vs. Intrapreneur

Was This Article Helpful?

Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.