18

Global Journal of Business Excellence

2017, Vol. 10, No 1, pp 18-26

A Review to Understand the Challenges a Prospective

Entrepreneur May Face in the Indian Emerging
Economy
Jishnu Bhattacharyya*
Master of Business Administration (Pursuing),
D-204, Block D, Behavioral Economics Experiments & Analytics Laboratory,
ABV-Indian Institute of Information Technology and Management, Gwalior
Morena Link Road, Gwalior, Madhya Pradesh- 474015, India
Telephone (O): +91-8972527324
E-mail: jishnubhattacharyyaeee@gmail.com
Manoj Kumar Dash
Assistant Professor (Management),
D-204, Block D, Behavioral Economics Experiments & Analytics Laboratory,
ABV-Indian Institute of Information Technology and Management, Gwalior
Morena Link Road, Gwalior, Madhya Pradesh- 474015, India
Telephone (O): +91-751-2449818
E-mail: manojctp@gmail.com

Abstract
The Entrepreneurship in emerging markets is certainly different from those in the developed countries. This difference brings
with it a series of challenges that an entrepreneur is exposed to. Currently, there are huge numbers of new limited liability
companies across India and a queue of new startup ideas waiting to launch themselves, which are the victim of Indian
business environment and needs a proper consideration, particularly by the government. This paper put a light on the
various bugs and problems in the business environment of the country that are creating a challenge for the existing companies
(particularly the startups and small scale firms) and also upcoming prospective companies to sustain in the market. A careful
consideration and understanding of these challenges will certainly help the policymakers and other stake holders in designing
strategies to overcome these issues to facilitate and support the healthy development of entrepreneurship in the country. This
will also help a prospective entrepreneur understand what are the various possible challenges that he/she may face in the
Indian emerging market? Thus aiding in decision making process.

Keywords: Business Environment, Challenges, Emerging Market, Entrepreneur.

Introduction and beyond, an entrepreneur needs to face a series of

barriers. Few of these barriers may be education barrier,
A business idea is just the start of a series of activities that
experience barrier, age barrier, regulatory barrier, cultural and
an entrepreneur needs to perform or take care in the process
social barriers, financial barriers, political barriers,
of actualization of the idea. There is no defined role for an
government policies, lack of resources, lack of government
entrepreneur, he may be sometimes a manager or sometime
and NGO support, government interventions, technological
an engineer or sometime a customer care executive or
barrier, international relations, and category based barriers
sometime even a hospitality manager or even something else
may be due to gender, being from minority community,
to meet the business challenges, but an entrepreneur’s one
belonging to deprived areas etc. Ease of doing business is
of the most prioritized role is that of a business environment
an important factor that defines the level of difficulty an
auditor. An entrepreneur is highly exposed to macroeconomic
entrepreneur may face in its journey. An entrepreneur is
and microeconomic risks. From an idea to its implementation
likely to face more challenges in the emerging economies like

* Corresponding author

Global Journal of Business Excellence

 Jishnu Bhattacharyya and Manoj Kumar Dash 19
India. India is one of the largest economies in the world, Entrepreneurship has played an important role in the growth
and certainly, one of the most prominent emerging markets of economy, innovation, and competitiveness in the nations
in the world, in discussion. India’s economic development where entrepreneurial nature in the economy is well
is highly dependent on its entrepreneurial strength/potential/ appreciated, and it may also play an important role over time
competency. In one of the report from Mckinsey and in the alleviation of poverty (Landes, 1998). Through
Company-Nasscom, it is estimated that India may need at entrepreneurship, a country grow economically and also
least eight thousand new businesses to achieve its target encourages sustainable business activity. Entrepreneurship
of building a US$87 billion Information Technology sector. is thus a key ingredient in the growth of developing
In the coming years, more than 100 million Indian citizens countries (Parker, 2009). The competitiveness of these
will be searching for jobs, which may include a large entrepreneurial ventures is a key factor that determines the
population looking for their first jobs. This is a serious success in accelerating the growth of the nation, and this
concern and can be met through new business development. is fundamentally dependent on the capacities of the
An entrepreneur in an emerging economy may need to face entrepreneurs and the managers (Cuervo et al., 2008). In
lots of challenges due to improper business environment of developing countries, there is information asymmetry
the country. In India, these concerns are increasing day by between entrepreneurs and potential international
day as more new companies are entering the market but in marketplaces due to the lack of knowledge and inability to
a similar scale they are becoming sick in short run. Currently, take risk because of financial circumstances (Malhotra et al.,
there are huge numbers of new limited liability companies 2006). Many entrepreneurs are vulnerable to the changing
across the country and a queue of new startup ideas waiting market conditions due to the short term fluctuations in
to launch themselves, which are the victim of Indian pricing and quantity needs from consumers (Teal, 2002). A
business environment and needs a proper consideration, limited geographic position may lead to financial problems
particularly by the government. This paper put a light on due to corruption and bribery (Shane, 2003). Opportunities
the various bugs and problems in the business environment are often lost or hindered in developing nations due to
of the country that are creating a challenge for the existing government influences or interventions that may have a
companies (particularly the startups) and also upcoming negative impact on entrepreneurship (Dana, 2004). Often
prospective companies to sustain in the market. A careful entrepreneurs in developing nations avoid formal business
consideration and understanding of these challenges will practices (Like having business licenses or registrations) due
certainly help the policymakers and other stake holders in to high time and cost requirements (Nichter and Goldmark,
designing strategies to overcome these issues to facilitate 2009). Government intervention may help to promote
and support the healthy development of entrepreneurship entrepreneurship in the developing nations (Ghanem, 2013).
in the country. This will also help a prospective entrepreneur More policy work is required on evaluating the role of
understand what are the various possible challenges that he/ governments in developing nations in helping the
she may face in the Indian emerging market? Thus aiding in entrepreneurs (Vanessa, 2014). Political instability is often
decision making process. seen as a barrier for entrepreneurs in many developing
nations due to the fact that it brings uncertainty in taxation
Objectives of the Study
system and employment (Dana, 2004). Starting a new
The objectives of the study is to highlight the various business may be very difficult in developing nations due to
challenges that an entrepreneur faces in the Indian emerging the bureaucracy problem and the inflexibility of adjusting to
market. This will help the policymakers and other stake changing market conditions (Vanessa, 2014).
holders in designing strategies to overcome these issues to
During the literature review we couldn’t came across any
facilitate and support the healthy development of
recent research in the concerned topic and could find very
entrepreneurship in the country. This will also help a
few related paper on the business environment of India. Even
prospective entrepreneur understand what are the various
we couldn’t came across any empirical research on the topic.
possible challenges that he/she may face in the Indian
emerging market? Thus aiding in decision making process. Analysis (Primary Challenges)
Research Methodology An entrepreneur can’t afford to be in doubt or to commit
mistakes in any form in operation management and more
The paper is based on the literature review from various
specifically in case of startup companies. It is of utmost
journals, books, newspaper, and conference paper. It also
importance to take care of the operations of a company
includes some data taken from various government websites,
because services continue to drive any business, particularly
reports, and other trusted sources. Literature is studied to
in the developed countries and is a big challenge for
understand the possible problems that an entrepreneur may
companies in developing countries. Indeed, proper operation
face through the research which has been already
management may provide a huge opportunity for revenue
undertaken in this field.
generation and in maintaining the stakes of the company,
Literature Review and they continuously play a pivotal role for the further
development of the organization. Operational challenges
The wealth and poverty of nations in developing stage has come in the administration of business practices and creating
been linked to the entrepreneurial nature of their economies. the highest level of efficiency possible within an
© 2017, Global Institute of
Flexible Systems Management
20 A Review to Understand the Challenges a Prospective Entrepreneur May Face in the Indian Emerging Economy
organization. There is a huge challenge in converting should be such that it has easy access to tier one cities,
materials and labor hours into goods and services of global industrial hubs, trade center, consumer market, well
superior quality in an efficient and effective manner in order connected roads, railways with national and international
to have a maximum profit for an organization and the concern airports, proper telecommunication facilities etc. But due to
is more in case of newly established companies. lack of data new ventures face great deal of difficulty in find
A business idea, even before it is implemented faces a a right place to start their business. Often startups need to
series of problems till its implementation. These problems start their business in an alienated piece of land due to high
may be from financial, business process, communication, price of land and time consuming process of accruing land
geographical, data management aspects etc. All this problems in industrial belts like delay in receiving construction permits,
holds almost equal importance. Like, the type of location is electricity connection etc. These inferences is validated by
a very important choice for a new venture. If the location is the following results of analysis which puts a serious
not connected with the global constituents, it would concern on time required for construction permits, cost of
eventually prove to be a dangerous sign that could bring land, and other essential factors like time to register a
down a venture to it sick stage. Location of a company property, cost of property registration etc.

Graph 1: Dealing With Construction Permits across Cities in India, Time Based Analysis
(Data Source: http://data.worldbank.org/)

Graph 2: Dealing With Construction Permits across Cities in India, Cost Based Analysis
(Data Source: http://data.worldbank.org/)

Global Journal of Business Excellence

 Jishnu Bhattacharyya and Manoj Kumar Dash 21

Graph 3: Registering Property across Cities in India, Time Based Statistics

(Source: http://data.worldbank.org/)

Graph 4: Registering Property across Cities in India, Cost Based Statistics

(Source: http://data.worldbank.org)

The conclusion derived from the above analysis indicates venture capitalists, business incubators, angle investors,
that all the Indian states and/or cities are not equally peer to peer lending system etc.
favorable to start a business. Overall, these issues are
Bootstrapping is way of self-funding, where fund is
certainly a matter of concern for any entrepreneur.
raised using personal savings, or with support from family
Another important challenge is to get finance from the or friends. But this is suitable only if initial requirements are
right place, in a right amount, in right terms, and rightly on small and have a high risk of loss because there is saying
time. For an entrepreneur this is one of the toughest “Do business with others money and not with your
challenges to overcome and is a reason for establishment savings”, primarily to reduce risk and expand capital. But
of sick companies. Strong financial base is a fundamental still this is the best option for those who are facing great
need of any company. According to some statistics as much difficulty in getting investment or unable to meet investment
as 90% of startup fails to continue beyond one year due to conditions. They policymakers have designed a number of
lack of proper finance. From the business idea to its schemes to counter such problems and boost business
implementation, one of the most important fuel for success environment but such schemes are often found in short and
in capital fund. There are many ways of having these funds often have high complexity in term of process and often time
for fueling the venture like bootstrapping, crowd funding, consuming. With increasing requirement for such schemes,
government should take care that the schemes meet the
© 2017, Global Institute of
Flexible Systems Management
22 A Review to Understand the Challenges a Prospective Entrepreneur May Face in the Indian Emerging Economy
rising demands. Another option is crowd funding where change, ever increasing water shortage etc. and increasing
entrepreneur can seek more than one person for investment cost of raw materials, services and human resource that an
by providing details of the project in a crowd funding entrepreneur need to face.
platform. It will contain goals of business, plans for profit
Managing data is a challenge for an entrepreneur with
making, fund requirements etc. An add-on facility is that
low financial, technical, and manpower strength in the
apart from fund generation there is an awareness developed
company, which is very common for a new company.
about the business and thus marketing its product. Then,
Security and maintenance of business process data creates
Venture capitals are professionally managed funds that
lots of difficulty for a new venture specially due to cost
invest in companies with promising potential. Generally they
incurred in managing big data, using cloud storage (though
invest against equity and exit when there is an IPO (Being
sometime cheaper than physical storage), and in
public) or on an acquisition.
implementations of enterprise resource planning system
It is an increasing trend to go for incubators to start a which may cost 2 to 4% of the value of a company or even
business. But the capacity and support of most incubators more.
are often falling short as per the requirements of the
Another challenge is to identify target customer and
company. Hardly any incubators finance more than even 50
reduce customer churn in this high competition market where
lakhs of rupees. These days a lot of higher education
it takes few days in launching a substitute for a particular
institutes have establishes incubators like IIITs, NITs, IITs
product. Teambuilding is especially hard if an entrepreneur
and private university like Amity University etc. But their
is a new manager and doesn’t have an EDP training or
commitment in term of number of years and the amount they
required experience. The availability, quality and sometime
can finance is limited and often insufficient for many
cost of such EDP trainings may fail the need/purpose. It’s
startups. To set an example, The Centre for Innovation
not enough to just find the candidates to fill certain
Incubation and Entrepreneurship was set-up by IIM
business roles but one need to consider their cost to the
Ahmedabad, India with support from the Government of
company, value fit, and their suitability in the team. Getting
India and Gujarat Government with an investment structure
the right human resource is a big challenge. Such
of INR 20 lakhs only). Funds in these scale are often
considerations are exceptionally hard when recruitment need
insufficient to many startup companies specially the
to be done in short time.
manufacturing companies. And most of these funds go for
IT startups and such funds are not well distributed across Sometime and nowadays quit often startup does find
all sectors. Even time commitment typically ranges from 4 excess growth rate beyond their prediction when demand for
to 8 months to maximum of 2 years, in general. their products and services sees a sudden surge. Now, it’s
a challenge for the company to grow and adapt to this new
Apart from these options there are options from angle
height of customer expectations and fulfill their needs in
investors, who have surplus cash and keen interest to invest
order to retain the customer base. Growing and adapting in
in new ventures. Such investors have helped to start up
such a fast rate is a challenge for small companies and may
many prominent market leaders like Flipkart, Alibaba and
lead to its collapse.
Google etc. Apart from capital they often provide mentorship
and advice to these new ventures. Giurca Vasilescu (2009) Analysis (Business Environment Challenges)
presented the business angels as an important link between
India’s huge expansive market is among the most attractive
funding and developing startup ventures right from their
market globally and the government of India is keen to
initial stage to the stage at which the ventures are ready to
leverage this advantage to promote investments in India
be on the capital market. Business angels provide the much
across various sectors ranging from trade, transport,
needed financial and managerial support to help survive the
education, manufacturing, etc. But the results of our analysis
venture in the competitive market.
revels a series of challenges that entrepreneur in India may
It is also critical to every new business to have a process face due to its business environment where the main
to keep track of the money flowing through their company challenges are the following:
at every phase to avoid leaks, theft, and unaccountability
India is sufficiently left back in the ease of doing
etc. New companies in order to get permits for business like
business among the south Asian countries. It is found that
construction permits, tax waving etc. often need to deal with
among the south Asian countries Indian business face great
corruptions in the government mechanism. Understanding a
difficulty in getting credit. Though the taxation system in
stakeholder in term of relevant stakeholder requirement, their
India is found to be less effective for business promotion
power, interest and level of impact on their project is
when compared to some south Asian countries but the new
essential to avoid problems from stakeholders. It is seen
GST policy is expected to ease the taxation system with
often that stakeholders mistrust the company, leaves, and
economic growth and may prove to be a business facilitator
withdraw their investment in the mid-way which severely
and aid the entrepreneurs in their journey. The trade across
damage the company’s financial base.
the border needs to be increased to facilitate business. The
Even there are challenges due to macro economy of a south Asian countries like Bangladesh can certainly prove
country, political scenario, and natural process like climate to be a potential treat and lure business in their territory.

Global Journal of Business Excellence

 Jishnu Bhattacharyya and Manoj Kumar Dash 23
Table 1: Business Environment, India and South Asian Countries (As on 2016)
Parameter Rank
Ease of Doing Business (Rank of India) 5 th
Starting a Business (Rank of India) 1st
Getting Credit (Rank of India) 8 th
Trading Across Boarder Rank of India 5 th
Paying Tax (Rank of India) 4 th
Overall Among South Asian Countries 5th (Rank of India)
Countries Considered: India, Pakistan, Bangladesh, Bhutan, Maldives, Nepal, Sri Lanka, and Afghanistan
Note: The above analysis is based on the data sourced from World Bank database.

Table 2: Business Environment, India and World (As on 2016)

Parameter Compared To The World
India (%) World (%)
Degree of business freedom 47.6 64.1
Investment freedom 35.0 58.0
Trade Freedom 71.0 76.1
Financial freedom 40.0 48.8
Government spending 78.1 65.7
Fiscal Freedom 77.1 77.8
Labor freedom 48.0 60.0
Monetary Spending 72.8 75.7
Property rights 55.0 42.0
Freedom from Corruption 38.0 42.6
Note: The above analysis is based on the data sourced from The Heritage Foundation.

When compared to the world, India is at advantage of creating more problem for an Indian entrepreneur The
low cost of labor, availability of large English speaking business environment of India is a serious and critical
manpower, cost and quality of telecom infrastructure etc. concern for an entrepreneur and more because of the low
which makes India a favorable place to invest in business rank in ease of doing business.
and/or start a business, thus indicates benefit for an
Analysis (Macro Economic Challenges)
entrepreneur .But The economic freedom score of India when
compared with the rest of the world seems to be mostly The various macroeconomic challenges faced by an
unfree that hinders the business environment of the country, entrepreneur in the Indian emerging market are discussed in
the following tables.
Table 3: Challenges in the Indian Economy

© 2017, Global Institute of

Flexible Systems Management
24 A Review to Understand the Challenges a Prospective Entrepreneur May Face in the Indian Emerging Economy

Table 4: Personal Challenges

Table 5: Other Challenges

Recommendations and Suggestions Ranking by improving business freedom in India, making

reasonable taxation system etc.; creating a network of
Based on the understanding inferred from the study, it is
institutions that provide business related help /assistance/
recommended and suggested that the government
guidance i.e. connecting academics and industry; strict
mechanism should ensure that honest entrepreneurs who
regulation on labor union issues like strike etc.; government
have faced bankruptcy get a chance to come out from the
should ensure corruption free system; and government
debt either by providing a second seed fund or by providing
should ensure equal development of infrastructural facility
some waivers schemes like waving the debt etc. and should
across the country.
also simplify government rules and regulations The
government must ensure to extend and expand the capacity Conclusion
of entrepreneurship accelerators, incubators etc. and should
also ensure fast credit facility, fast and cost effective The study revealed a number of challenges that a
availability of land for business, and fast registration of prospective entrepreneur may face in the Indian emerging
property, patent etc. Government should redesign tax market. These challenges need strategic solution to boost
incentive schemes, initial seed fund limit for startup, entrepreneurship in the country and thus boost economic
incubation time period for startup companies, environment growth by introducing new technologies, products, and
regulations etc.; create an information system that hold services, provide new job opportunities, improve the
regular updated record on new companies and analyze its productivity of the firms and thus improve the economy of
vulnerability form time to time in order to check the number India. The country’s economic policy, political system,
of sick companies; the government should work on its government mechanism, business environment etc. must be
policies in order to achieve better Ease of Doing Business favorable for new ventures to achieve efficiencies,

Global Journal of Business Excellence

 Jishnu Bhattacharyya and Manoj Kumar Dash 25
effectiveness, and relevance to meet challenges arising from Gyampah, K.A., and Boye, S.S. (2001) Operations Strategy in an
globalization, increase demand of employment, increased Emerging Economy: The Case of the Ghanaian Manufacturing
Industry, Journal of Operations Management, 19, 59-79.
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Age of Globalization, Emerging Markets Finance and Trade, 47(3),
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reliance, and prosperity.
Malhotra, M., Chen, M.Y., Criscuolo, A., Fan, Q., Hamel, I.I., and
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Flexible Systems Management
26 A Review to Understand the Challenges a Prospective Entrepreneur May Face in the Indian Emerging Economy
Manoj Kumar Dash earned his M.A. with
specialization in Econometrics, M.Phil. with
specialization in Econometrics, Ph.D. in Economics
Key Questions on topic ‘Econometrics of Complete Demand System’
and M.B.A. in Marketing from Berhampur University,
Berhampur (Orissa). He had published more than 67
• What are the various challenges that an entrepreneur research paper in various journals of International and
faces in the Indian emerging market ? National repute. He is the author of three books and
edited five books till date. He received several prizes in the Research
• Where India stands in term of ease of business Paper presentation competitions in both National and International
globally? Seminar/Conferences. He was involved as Chair Member in
International Conference of Arts and Science held at Harvard University,
Boston (USA. He had conducted 22 Faculty Development Pogramme
sponsored by AICTE, MHRD and IIITM on Multivariate Analysis,
Econometrics, Research Methodology, Multi-Criteria Optimisation,
Multivariate analysis in Marketing, SPSS software etc.. He introduced
many course in Marketing such as Digital Marketing, New Product and
Service Development, Multivariate Analysis in Marketing.

Jishnu Bhattacharyya received his B.Tech

degree in Electrical and Electronics Engineering
from West Bengal University of Technology,
Kolkata, India. He is presently pursuing his MBA
degree from ABV-Indian Institute of Information
Technology and Management, Gwalior, India. His
major specialization is in Marketing with
Technology and Operation Management as minor
specialization. He is also engaged as a
postgraduate research student with Behavioural Economics and
Experimental Analytics Lab, ABV IIITM Gwalior. He is also the
coordinator of ECell (Entrepreneurship Cell), ABV IIITM Gwalior.
His research interests include data driven decision making and
analytics, techno-managerial research and information technology
management. He had published a number of research paper in
international and national journals and conferences of repute like
that of IIT and NIT etc.

Global Journal of Business Excellence