Challenges in entrepreneurial journey

Abstract

Entrepreneur is an important word in the English dictionary, and it has many implied meanings. Most people associate the meaning of entrepreneur with a businessman. Is it the only meaning of entrepreneur? Let’s understand the meaning of entrepreneur comprehensively before deep-diving into the world of entrepreneurship. Lowrey defines the word entrepreneur as the desire of an individual to achieve economic survival and advancement goals. If we further contemplate Lowrey’s definition, we find that entrepreneurs are individuals who are involved in the business field and fulfil the need of consumers by delivering desired products or services. McKenzie adds consumers' responsibility to Lowrey’s definition of an entrepreneur. He thinks that entrepreneurs face internal and external challenges in their journey. External factors can be attributed to their lack of familiarity in the business field, but what about internal challenges? Why do they feel internal challenges, and what are the internal challenges?