ABSTRACT
Successful entrepreneurs clearly distinguish themselves from others but they need not have to be extraordinary people. They are highly motivated, result oriented and hardworking individuals working to achieve something in life. Entrepreneurs can be a small business owners but all small business owners need not be an entrepreneur. People would like to become an entrepreneur for becoming independent, wealthy which help them to get prestige, power and position in the society. Starting a new enterprise is easier these days but making a success story is still as difficult as before. As success rate is low entrepreneurs will face failures, but failures give great lessons to the entrepreneurs and they come back with renewed enthusiasm and as such failures never dampen the enthusiasm of entrepreneurs. Taking responsibility of the failures and learning from mistakes would be the key characteristics of an entrepreneur. There are numerous challenges that a start-up in the current environment will face which need innovative approach of problem solving and risk management skills to overcome. The passion, perseverance and patience, the 3 Ps every entrepreneurs must have to succeed. The chapter deals with the opportunities and challenges that an entrepreneur will encounter and how to address those.
