Exploration of drivers/challenges of entrepreneurship by understanding customer journey of successful entrepreneurs under I-Hub

Abstract

Entrepreneurship in India has been on the rise in recent years; however, the situation is still far from ideal. According to data from the Economic Survey for 2019-20, there was a 12.2% growth in the new firms in the 2014-18 period, yet, there are only 0.1 new firms per 1000 workers, which is much below advanced economies such as the United Kingdom (12.22) and the United States (12.12). This indicates the presence of barriers which prevent people in India from taking up entrepreneurship. Through this report we aim to broadly identify such challenges, focusing on the marketing challenges, through primary and secondary research. The report will help identify the nuances of the challenges in market understanding, target market identification, client acquisition and retention and more. The report will also explore the journeys of successful entrepreneurs and how they overcame such barriers. Exploration of these barriers will help in identification of methods that can help budding entrepreneurs overcome such barriers. With India having the largest young population in the world, reducing barriers will help motivate more youngsters to start their own businesses, which is the way forward for the nation.