The Challenges, Obstacles and Barriers to Start-ups amongst the Young Essay

The Challenges, Obstacles and Barriers to Start-ups amongst the Young Entrepreneurs in the 21st Century Enterprise - Essay Example However, the gap between the young and old entrepreneurs differs greatly not only in terms of their real-life experiences when it comes to managing a business but also in having a better chance of getting bank loans for their start-up capital (Muffatto and Giacon, 2012, p. 685). In most cases, the process of identifying and learning more about the challenges, obstacles and barriers that can impede the potential of young entrepreneurs in starting-up a business can be considered as the first step towards narrowing the gap between the old and young entrepreneurs. Therefore, by learning more about the weaknesses of the young entrepreneurs, the UK government together with the community members and the local universities can play a significant role in empowering the young entrepreneurs through self- awareness (Lorrain and Laferte, 2006). The young entrepreneurs are enterprising people below the age of 35 (Kelley, Singer and Herrington, 2011; Lorrain and Laferte, 2006). According to Blundel and Lockett (2011, p. 5), entrepreneurs are â€Å"those person who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new prodcts, processes, or markets†. On the other hand, social enterprises are â€Å"organizations seeking business solutions to social problems† (Thompson & Doherty, 2006). ... The young entrepreneurs are enterprising people below the age of 35 (Kelley, Singer and Herrington, 2011; Lorrain and Laferte, 2006). According to Blundel and Lockett (2011, p. 5), entrepreneurs are â€Å"those person who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new prodcts, processes, or markets†. On the other hand, social enterprises are â€Å"organizations seeking business solutions to social problems† (Thompson & Doherty, 2006). As part of identifying and examining the challenges, obstacles and barriers that most of the young entrepreneurs in the 21st century enterprise are experiencing when starting-up a business, this study will purposely examine the situation of the young entrepreneurs in a public, private, and not-for-profit organization. In support of the main discussion, examples will be considered in determining how the young entrepreneurs can overcome these obstacles. Challenges, Obstacles a nd Barriers of the 21st Century Enterprise that are Affecting the Young Entrepreneurs A lot of past and current literature tackles the issue with regards to the challenges, obstacles and barriers that can hinder young entrepreneurs from setting up their own business. Based on the research study that was conducted by Lorrain and Raymond (1991), â€Å"one of the major problems encountered by the young entrepreneur is the lack of credibility given by the business and government representatives, on account of their young age†. Furthermore, support that young entrepreneurs will receive from their friends, family members, and the community as a whole can also affect the professional