Motivation, Challenges and Success Factors of Entrepreneurs: An Empirical Analysis

Abstract

The purpose of this paper is to investigate the motivation factors, challenges and success factors of entrepreneurs in India. Primary data have been collected from entrepreneurs and analysed to approach the objectives. The results indicate that the main motivation factors are intrinsic factors like following one's dreams, being one's own boss and earning lots of money. Self-confidence and a high degree of commitment are the most important success factors, and the biggest challenges are the raising of funds and hiring and retaining of the workforce. The study might help young technocrats in understanding entrepreneurship in the Indian context. It may also aid policymakers in taking steps for promotion of entrepreneurship in India. However, more evidence-based information is needed on the entrepreneurs in India before any generalisation of results can be made. Additionally, the empirical tests were conducted only on the entrepreneurs in the National Capital Region in the period from 2009 to2010 and, hence, the results of the study cannot be assumed to extend beyond this group of entrepreneurs or to different study periods.