Entrepreneurship development is currently one of the most important area of concentration, as it has enormous potential for producing jobs and self-employment, as well as contributing to economic development. In the last few years, India has experienced a rapid increase in the number of start-ups and new-age entrepreneurs. Both the Central and state governments have been engaged in encouraging the growth of entrepreneurship in the country. The government has implemented several initiatives aimed at attracting investors and developing a healthy entrepreneurial environment. The government takes every step to encourage youth of our country so that they become an entrepreneur. But despite initiatives and various schemes launched by the government, new and existing entrepreneurs are still facing so many problems and challenges while starting their businesses. On the other hand, so many prospects are available to entrepreneurs. In this research paper we explore what problems and challenges are faced by new and existing entrepreneurs and what prospects are available in entrepreneurship.

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Keywords: Entrepreneurship Development, Entrepreneur, Problems, Obstacles, Prospects.