Abstract:

This study seeks to provide an insight into the benefits and barriers of entrepreneurial ventures. The study contributes to the world of knowledge by not only providing an understanding of the benefits and barriers of entrepreneurial ventures but complement previous studies done within the same area of study. In pursuance of the aim of the study, a comprehensive literature review was carried out on the benefits and barriers of these ventures. The paper finds that entrepreneurial ventures contribute significantly to national economies globally through employment creation, competition, innovation, inflation reduction, production of goods and services, gross domestic product, balanced regional development, social benefits and improved standards of living and knowledge enrichment and entrepreneurship development. The paper also identified the barriers of entrepreneurial ventures including but not limited to lack of access to finance, lack of information/ knowledge, lack of skilled workers and management skills, lack of infrastructure, escalating corruption, policies/law and regulations, cultural and social barriers, poor record keeping, economic influences and market.