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Entrepreneurial Initiative: It is a strategic process which embodies calculated strategic choices. There are strategies open to the entrepreneur himself in terms of industry choice and individual and resource-task fit, and there are strategies open to regulators and support agencies in terms of industrial policy tools, incentives and explicit simulation of industrial sectors or branches. A conceptual framework that contains both dimensions will provide a convenient base for analysis and possible policy action. The analysis deals with a way of viewing the constraints embodied in the process of creating a new business or manufacturing operation. Barriers Prohibiting the Process of Entry into Activity: The slow propensity to enterprise is mainly due to the existence of a tangible set of barriers of entry, continuity in, and eventual exit from a business venture of a would be entrepreneur if it is a function of forces one may view as barriers limiting full-fledged business performance.
Entry barriers are those forces limiting access to identified
business opportunities and capitalization on these
Survival barriers are constraints on the conditions essential
for small business entity.
Exit barriers are constraints limiting the termination of
small industrial ventures that have outlived their business
viability or the growth of such ventures to a different size
Prepare a list of
(i) The existing Entry Barriers
(ii) Observed survival Barriers
(iii) Identified Exit barriers
Attributes of an Entrepreneur: Perceptions Restless urge to get going Dedication Sense of acquisitiveness to get things done Vision Insight High Goals/Objectives High achiever Thrift Initiative Vigorous energy Creativity Hard work Zest to explore the unexplored Clean living Problem-solving ability Willingness to assume Ability to marshal resources risk Unceasing curiosity To achieve one’s objectives and goals Quest for new ideas Administrative ability