Categorizing Entrepreneurial Challenges: Survey Evidence from Budding Entrepreneurs’ Perceptions

Entrepreneurship refers to the capacity of an individual to innovate, design, process and create a new solution (in the form of a product or a service) to an existing problem and market it profitably among those who are in need of it. Many studies have examined the challenges faced by new and existing entrepreneurs, more particularly the women entrepreneurs. This study attempted to record the perceptions of budding entrepreneurs from diverse educational background in Puducherry towards entrepreneurial challenges and categorize those challenges using factor analysis. The study identified three components consisting of 9 factors, and named them as Hygiene, Comfort and Motivating Factors. The study used online survey and obtained data from 215 participants. This is considered a limitation as it deprived the participation by those who did not have access to internet facility. Future studies could overcome this limitation and use other tools to facilitate generalization of the findings.