Abstract:
As a powerful economic driving force, entrepreneurship holds the potential to foster sustainable
development, particularly in struggling economies. However, the nascent phase of entrepreneurial
initiatives introduces individuals to several influences, which can significantly impact their
venture. This qualitative study explored the challenges encountered by nascent entrepreneurs,
their sources, and the coping strategies they use to overcome their obstacles. Semi-structured
interviews were conducted with fifteen (15) nascent entrepreneurs who have been an
entrepreneur for a minimum of 12-24 months. Purposive and snowball sampling were used to
gather diverse and insightful participant perspectives. To discern the underlying themes and
patterns, the Reflexive Thematic Analysis (RTA) method by Braun and Clarke (2019) was used
for the analysis. The study's findings unveiled the myriad challenges nascent entrepreneurs
encounter, stemming from both internal and external sources. Internal struggles involve factors
such as cognitive vulnerabilities and emotions to name a few. Externally, the challenges were
compounded by societal, political, legal, economic, gender-related, and financial factors, among
others. These diverse sources collectively contributed to financial, motivational, and
mentalhealth-related challenges of nascent entrepreneurs, while also impacting their physical
wellbeing. Despite these hindrances, nascent entrepreneurs utilized their planning and
management skills, volitional capabilities, and other arrays of individual coping strategies to
navigate through the entrepreneurial landscape. Regardless of all these challenges, nascent
entrepreneurs try to overcome their struggles and work as an agent for sustainable economic
growth.
