Advantages And Challenges Of Entrepreneurship

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Introduction Entrepreneurship (fr. “entreprendre”- to undertake, to begin something) today is a rising and growing business power, which spreads across the world in an ongoing manner, especially in developed countries. Nowadays, there are numerous terminations or explanations of this word and practice. Among them is one by Onuoha (2007), which states that entrepreneurship is ' 'the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities ' '. It goes without saying that entrepreneurial activity varies among countries according to their GDP, and across levels of economic development in various regions within countries (Carree et al., 2007, p. …show more content…
This does not only have to do with financial resources, but also with physical and human ones. Although both interviewed entrepreneurs admitted that finding monetary resources is one of the main challenges of starting your own business, some other challenges are as relevant as the financial help. In this case, those challenges are considerably different for various industries. For the creative social network ' 'Talentell ' ', creating the design, calculating the right timing and finding the right person for the job were the main challenges at almost all stages of creation. Poya Rahmati (personal communication, February 1, 2016): ' ' I have a whole list filled with start-up ideas in different fields, but they are waiting for their time. Sometimes you have to wait for an opportunity to be fully recognized and sometimes you have to wait for a right person, who will give you enough knowledge and connections. ' ' For the clothing production company, James Yurichuk stated that convincing people is the main challenge. At all stages of production, you have to prove something to people, make them believe in your professionalism, no matter who they are – designers, producers, etc. This challenge deeply corresponds with one of the thirteen entrepreneurial competencies –conveying a compelling

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