Challenges and Opportunities facing Young Entrepreneurs

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    Challenges and Opportunities facing Young Entrepreneurs

    By Andrei Blajin

    Dominic Burke

    Institution of Technology Carlow

    Thursday, March 21, 2013

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    Acknowledgements

    I would like to express my deepest appreciation to my supervisor, Dominic Burke who

    continually helped me with the creation of this dissertation by being flexible and providing the

    support needed. Without his guidance the dissertation would not have been possible.

    I would like to thank all the entrepreneurs that participated in this research, without their

    help the thesis would have not see the printing phase. I am indebted to many of my colleagues

    who supported me throughout the months.

    A special word of thanks to the members of the dissertation committee, for taking the

    time to read the work and for their helpful information in regards to the dissertation.

    I also would like to thank my friends for being such helpful friends during this academic

    year. Among those people I know, I would like to thank Denis Godoroja, Irina Avyazova,

    Cristian Dorneanu, Gheorghe Florea and Mohamed Al Akab.

    And last, but surely not least, I address this special thanks to my family, they offered the

    support throughout the years and provided the encouragement needed for the completion of the

    project.

    Abstract

    The following thesis enabled the researcher to create an entrepreneurial model that starts with

    the experience entrepreneurs are facing, such as opportunity identification, risk-taking, main

    challenges and last but not least, the whole persona of an entrepreneur. To create a better

    understanding of the whole entrepreneurial background, the researcher has analyzed different

    aspects of the entrepreneurs life, such as the main motivators, risks and the fear of failure, all of

    these having a direct impact on the venture creation and development process.In this paper, it is argued that many novice entrepreneurs will find it rather difficult to

    succeed unless there will be adequate support provided by the Government or other third parties.

    It is with this view in mind that the researcher found the information empirical and proposed a

    few ways to develop a more positive behavior towards creating and succeeding in the field of

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    entrepreneurship. The following thesis, developed qualitative data with a focus on the main

    challenges and opportunities that might arise in the process of venture creation.

    Table of Contents

    Challenges and Opportunities facing Young Entrepreneurs .................................1

    Table of Contents..................................................................................................3

    Chapter 1: Introduction ........................................................................................ 5

    1.0 Research Topic in a glance ..........................................................................5

    1.1 Background Study .......................................................................................5

    1.2 Problem Statement .....................................................................................7

    1.3 Underlying Principles of the Study .............................................................81.4 Research Questions .....................................................................................9

    1.5 Research Aims and Objectives ..................................................................10

    1.6 Outline of Research Work...........................................................................10

    1.7 Summary.................................................................................................... 11

    Chapter 2: Literature Review...............................................................................11

    2.1 Introduction..................................................................................................11

    2.2 Importance of Entrepreneurship...................................................................14

    2.3 Entrepreneurs and Opportunities.................................................................14

    2.4Role of Universities as a source of creating opportunities...........................18

    2.5 Challenges from an entrepreneurs perspective........................................18

    2.6Conclusion...................................................................................................21

    Chapter 3: Methodology......................................................................................22

    3.1Introduction ................................................................................................ 22

    3.2Overview of Research Methods................................................................... 22

    3.3Conceptual Framework ..............................................................................23

    3.4Research Approach.....................................................................................23

    (a)Qualitative Approach................................................................................24(b)Advocacy or Participatory (Emancipatory) Approach................................24

    3.5Research Strategy ......................................................................................24

    (a)Survey...................................................................................................... 25

    (b)Ethnography.............................................................................................25

    (c)Action Research........................................................................................25

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    3.6Data Collection Method ..............................................................................25

    (a)Primary Data Collection ........................................................................... 26

    (b)Secondary Data Collection .......................................................................26

    3.7Sampling Method........................................................................................ 27

    3.8Data Analysis Method .................................................................................28(a)Qualitative Data Analysis..........................................................................28

    (b)Quantitative Data Analysis .....................................................................28

    3.9Research Ethics .......................................................................................... 28

    (a)Plagiarism.................................................................................................29

    (b) Conflicts of Interest.................................................................................29

    3.10Limitations.................................................................................................29

    3.11Chapter Summary .................................................................................. 29

    Chapter 4 Findings ........................................................................................... 30

    4.1Introduction.................................................................................................30

    4.2Results & Findings.......................................................................................30

    4.3Chapter Summary....................................................................................... 48

    Chapter 5 Conclusions & Recommendations....................................................48

    Bibliography ....................................................................................................... 50

    Appendices.......................................................................................................... 54

    Questionnaire................................................................................................... 54

    ......................................................................................................................... 56

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    Chapter 1: Introduction

    1.0 Research Topic in a glance

    A situational analysis of challenges and opportunities being faced by the young entrepreneurs

    in Western and Eastern Europe trade world.

    1.1 Background Study

    Experts found the persona of young entrepreneurs in some distinctive ways. According to

    most of the researchers, the role which these young entrepreneurs play is actually the formation

    of innovative policies in the development of new trade markets that make them the true and key

    drivers of economic intensification and evolution (Hisrich & Peter, 1995). To put it in plain

    words, a number of business experts deemed Young Entrepreneurs as the birthright of business

    circle; in fact many researchers have evidently proved them as escorting factor for rising

    economy round the globe. Moreover, young entrepreneurs are the means of turning the economic

    crisis upside down to a large extend. This reveals that they could simply be those individuals

    who have no superior substitutes for employment, who pine for more sovereignty within their

    work lives or even those who just take pleasure in playing wi