What Challenges Do Entrepreneurs Face in Gaining Legitimacy?
While gaining legitimacy is important, it is not without its challenges:
New ventures often start with low credibility, making it difficult to convince stakeholders of their legitimacy. Resource Constraints: Limited resources can make it challenging to invest in activities that enhance legitimacy, such as marketing and compliance. Market Resistance: Established players in the market may resist the entry of new ventures, making it difficult to gain acceptance. Regulatory Hurdles: Navigating complex regulatory environments can be daunting for new entrepreneurs, especially in highly regulated industries.