There are many personal rewards of being an entrepreneur. Further, entrepreneurs
generate higher rewards for the economy as well. One of the mechanisms of
the development of a country is entrepreneurship. Yet many are reluctant to be
entrepreneurs.
1. High recognition given to salaried jobs
The dream of everyone is to do a highly paid job. The reason for this
is the tendency of the society to judge the success and the recognition of a person
from his or her job. Owing to this attitude, many are used to wait expecting a job
by suppressing their entrepreneurial skills.
2. Reluctance to accept risks and challenges
A main characteristic of an entrepreneur is the readiness to accept manageable
risks. They should accept the challenge of making their innovations successful.
Therefore, the unwillingness of people to accept risk and challenges is another
barrier to the entrepreneurship.
3. Lack of encouragement from education
The present traditional education system does not support the generation of people
who can see the world with a creative mind, change the status quo and accept risks
and challenges. This acts as a barrier for entrepreneurship.
4. Insufficient government support
Weaknesses of policies which are for the development of entrepreneurship in some countries in world and insufficiency of incentives given to promote entrepreneurs are barriers
for entrepreneurship.
5. Dependent mentality
Most of the countries today have high expectations towards what they inherit
from their parents and try to live by spending what they have inherited thereafter.
Further, they expect subsidies given by the government. People are reluctant to earn
what they need through their own effort. Such mentality acts as a negative factor
which demotivates people from being entrepreneurs.
