Describe the entrepreneurial process, structure and barriers?

Question # 1. Describe the entrepreneurial process, structure, and barriers?                          The entrepreneurial process can be defined as the steps taken in order to establish a new enterprise. It is a step-by-step method, one has to follow to set up an enterprise. In other words, we can say that the process of starting a new venture is embodied in the entrepreneurial process, as it allows the entrepreneur to assess. An entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities.                         One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them. The entrepreneurial Process is a leadership function that centers around the dynamics of entrepreneurial growth and change. It is a process comprising several distinct stages. The first stage in the entrepreneurial process is some change in the socio-economic environment leading to changes in every aspect of life in the country. Inter alia, the change creates needs for new goods and services. The second stage is by starting a new venture. The third process is intrapreneurship. It is the process of extending the enterprise's domain of competence by exploiting new opportunities through new combinations of its available resources. The fourth process is to coordinate the varied activities to achieve the entrepreneurial goal.   Structure Structure represents the formal, official task relationships of people in entrepreneurial activities. In other words, the structure is the logical culmination of authority and responsibility at different levels. It implies a system. In entrepreneurial activity, policies, programs, practices, and measurements make possible for innovation and growth. They create the proper attitudes and provide the proper tools.                   Entrepreneurial activity confines to the tasks of planning, directing, controlling, marketing, leading, motivating, and channelizing the activities of individuals and the groups towards entrepreneurial goals. The structure and relationships should be such that they allow people to be entrepreneurial. The main requirements of such a structure are as follows: 1. The new enterprise should be organized separately from the existing. 2. There should be a special law for the new venture. 3. The new enterprise should be the specific responsibility of entrepreneur / intrapreneur in top management. 4. The new innovative project requires different policies, rules, and evaluation criteria. 5. The entrepreneur is accountable for the success or failure of the enterprise. 6. The returns on innovation are distinctively different from existing businesses. 7. An. the entrepreneurial project requires the right relationship, right rewards, and the right working culture.   The entrepreneurial structure is thus the cornerstone of success in business, whether it is in production or marketing, or service. The empirical studies have shown that the solid structure determines the growth potential of entrepreneurial activities. Barriers 1. A large number of entrepreneurs particularly in small enterprises fall due to several problems and barriers.  2. Lack of a viable concept. 3. Lack of market knowledge 4. Lack of technical skills 5. Lack of seed capital 6. Lack of business know-how 7. Complacency - lack of motivation  8. Social stigma  9. Time presences and distractions  10. Legal constraints and regulations 11. Monopoly and protectionism 12. Inhibitions due to patents