Challenges Faced by New Entrepreneurs and Suggestions How to Overcome Them

Fong, Eng Yi; Jabor, Mohd Khata; Zulkifli, Abdul Halim; Hashim, Mohamad Riduam

doi:10.2991/assehr.k.200921.037

Cited by 11 publications

(12 citation statements)

References 6 publications

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“…Lack of industry knowledge, technical expertise or business acumen may lead to blind spots in accurately assessing actual business viability, an under-developed business plan and strategy (Penrose and Penrose, 2009;Yu, 1999), misestimating cost-benefits and misjudging the reality of perceived opportunities. Even with adequate business knowledge, entrepreneurs must have a solid vision that is founded upon not only creativity and passion but also pragmatic solutions to translate current market problems into their business ideas (Fong et al, 2020).…”

Section: Ijwbr 353mentioning

confidence: 99%

“…From an external perspective, financing is often cited as a critical challenge in establishing and sustaining a business (Nyanga, 2013; Fong et al , 2020). Financing issues also quickly compound into other areas of business growth – inadequate funding limits an entrepreneur’s capacity to garner the necessary resources to further business growth, as well as the network needed to gain access to financial capital.…”

Section: Review Of the Literaturementioning

confidence: 99%

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Examining motivations and challenges of black wine entrepreneurs using the push–pull theory of entrepreneurship

Bell

Thach

Fang

2023

IJWBR

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Purpose The two major entrepreneurial motivations of being “pushed” or “pulled” to start a business have been frequently explored in the entrepreneurship literature. In the global wine industry, thousands of small entrepreneurial wine businesses are flourishing, but few have been started by Black entrepreneurs. What is missing from the research is an exploration of the motivations of these entrepreneurs and what the industry can do to encourage the entrance of more minority entrepreneurs. The purpose of this study is to apply push–pull theory to better understand the motivations and challenges of what prompts Black entrepreneurs to start and succeed in the wine industry. Design/methodology/approach This exploratory study uses a qualitative methodology of 42 in-depth interviews with US Black winemakers, retailers, and other wine business owners conducted over Zoom. The data were analyzed using Otter software and a thematic coding process for 2,120 pages of rich text. Findings Findings included 12 motivation themes and 12 challenges for Black wine entrepreneurs, with more emphasis on “push” versus “pull” motivation factors. Many of these entrepreneurs were “pushed” to participate in the industry to create a more inclusive space for Black wine consumers and to create opportunities for other Black professionals and minorities in the industry. Managerial implications include solutions for more inclusive marketing and workplace culture. Originality/value This study contributes to push–pull theory by offering a unique perspective on the motivations of Black wine entrepreneurs, as well as being the first study, to the best of the authors’ knowledge, to focus on this issue.

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Section: Ijwbr 353mentioning

confidence: 99%

Section: Review Of the Literaturementioning

confidence: 99%

Examining motivations and challenges of black wine entrepreneurs using the push–pull theory of entrepreneurship

Bell

Thach

Fang

2023

IJWBR

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“…Entrepreneurs hold the responsibility for improving the firm's life cycle. New entrepreneurs who are inexperienced in the business field tend to face challenges, which can be internal or external (Fong et al ., 2019). The closure of services and production has resulted in a crisis and affected the economic workforce.…”

Section: Factors Of Entrepreneurial Strategic Plan Identified From Li...mentioning

confidence: 99%

Understanding the dynamics of entrepreneurial implementation during the COVID-19 pandemic

Sengupta

Dhir

2023

BIJ

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PurposeThe purpose of this study is to understand the rational cogent correlation among the factors that are responsible for the implementation of entrepreneurship to reinstate the severely affected ecosystem during the coronavirus disease 2019 (COVID-19) pandemic.Design/methodology/approachThis paper attempts to identify the various units of entrepreneurship and public policies of entrepreneurship from the coherent literature review and examine the units' objectives. Examination of these units will help understand how the economy can recover from the COVID-19 impact. Total interpretive structural modeling (TISM) and matrix impacts cross multiplication applique and classement (MICMAC) have been used to recognize the factors, which are responsible for detangling the slowdown of the economy.FindingsOn the basis of the literature review, a total of 13 factors have been identified. The TISM methodology represents the hierarchical structure of the recognized factors and examines the pros and cons.Research limitations/implicationsThe TISM lags to explain the strength and bond among the factors. The MICMAC addresses this problem and advises what factor plays an essential role and which factor impact is the least. An advocate administration of the factors could help to achieve a successful entrepreneurial plan.Originality/valueAn analytic study of the literature review demonstrates the relationship among the units to frame an entrepreneurial plan during the COVID-19 pandemic by using the TISM methodology. Hence, TISM provides reasonable facts to examine why and what factors need more attention for the generation of new business starters in the economic crisis.

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“…The impact of different factors on the new entrepreneurs is still a question raised in the scientific community [44,45]. Along with the spectrum of successful perspectives for such ventures, most scientists agree on a long list of challenges a new entrepreneur may meet [46]:…”

Section: Literature Review: Contextmentioning

confidence: 99%

Fostering Entrepreneurial Ecosystems through the Stimulation and Mentorship of New Entrepreneurs

et al. 2022

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Existing definitions of entrepreneurship highlight the functional role of entrepreneurs, emphasizing their responsibilities for coordination, allocating resources, making decisions, supplying capital, innovation, and bearing uncertainty. This research analyzes the impact that external funding and supportive soft-skills mechanisms such as mentorship, advice, and networking with experienced entrepreneurs have on transforming the entrepreneurial attitude of new entrepreneurs. In measuring attitudes regarding entrepreneurial success, a series of variables specific to the nature of the analyzed entrepreneurial ecosystem are revealed and adapted, starting from psychological research. This approach is implemented to evaluate the self-perception of efficacy and transformation of entrepreneurs after initiating their companies. The survey of Romanian new entrepreneurs is considered as the database. The Global Entrepreneurship Monitor (GEM) data set is used to consider entrepreneurial motives and impacts at the macrolevel. The correlation analysis, statistical tests, and ANOVA helped to reveal the differences in attitudes to mentorship and similar indicators in the Romanian business environment. The novelty of the research is seen in the consideration of field cases and a global monitoring data set through the prism of ground mathematical methods. The focus on boosting new entrepreneurs with a mixture of finance and soft skills support simultaneously addresses a research gap that is slightly closed by this research. The study showed that the mentoring program for new entrepreneurs increased their self-confidence, especially for young people, taught them how to run a company without outside interference, and significantly transformed the mentality of the participants in the experiment. Thus, the policy of supporting new entrepreneurs not only financially, but also in skills, has good prospects and needs to be intensified.

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Challenges Faced by New Entrepreneurs and Suggestions How to Overcome Them

Cited by 11 publications

References 6 publications

Examining motivations and challenges of black wine entrepreneurs using the push–pull theory of entrepreneurship

Examining motivations and challenges of black wine entrepreneurs using the push–pull theory of entrepreneurship

Understanding the dynamics of entrepreneurial implementation during the COVID-19 pandemic

Fostering Entrepreneurial Ecosystems through the Stimulation and Mentorship of New Entrepreneurs

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