Question

Which of the following is not barrier of entrepreneurship? a) Environmental barriers b) Financial barrier c) Personal barrier d) Societal barrier e) Team barrier​

Answer 1

Personal barrier is not a barrier of entrepreneurship.

Answer 2

e) Team barrier is not a barrier of entrepreneurship.

Entrepreneurship:

"Entrepreneurship is the creation or extraction of value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones."

Barriers of Entrepreneurship:

• Environmental barriers - These barriers are materialistic and includes adequate land area, machinery, infrastructure, availability of raw materials, and availability of quality labor.
• Financial barriers - This includes monetary source availability. The required funds essential for the business and the profit gained comes under financial barriers.
• Personal barrier - These are emotionally associated barriers like lack of confidence, support, fear of failure, motivation, and patience.
• Society barrier - This involves the external influence by the society which includes family background, family support, culture and religion.
• Political barriers - This involves obstacles from the socio-economic status, government incentives, and opinion towards economic development of the country.

Entrepreneurship is usually associated with a single person mindset hence there is least chances for an obstacle as 'team barriers' since the neccessity for a team is rare.