Berglund and Johansson (2007) had proposed that “there is some of mystification regarding the assumptions that can be attached to the concept of entrepreneurship” (Berglund and Johansson, 2007). There are many researches, which highlights the critical issues experienced by the entrepreneurs during the start-up of the business. Likewise, Black et al (2010) had reported that the personality of the entrepreneurs is different from the general people. The entrepreneurs have the capability to take risk for establishing a new venture. DeNoble, Jung and Ehrlich, (1999) had continuously tried to identify the specific skills that are required for being a successful entrepreneur. Nevertheless, the attempt had turned futile as entrepreneurs have separate capabilities, which help them to become successful in building up their innovative ideas (Berglund and Johansson, 2007). The entrepreneurs have the urge to start a new business venture, which needs both business and financial plans. The ventures fulfil the demand of the common mass and aims at serving them for their own benefit. The entrepreneurs have to take into account a number of factors before they plan for setting a business. This are related to internal and external factors that can affect the operation of the business or they can also harm the success of the same (DeNoble, Jung and Ehrlich, 1999).