The entrepreneurial ecosystem in many developing economies is characterised by complex structural and governance challenges that impede enterprise growth and sustainability. Understanding the lived experiences of entrepreneurs navigating this environment is critical for developing effective support mechanisms. This study aims to explore the perceived structural and governance barriers faced by enterprise leaders, and to analyse how these challenges influence strategic decision-making and long-term business viability. A qualitative, interpretivist study was conducted using semi-structured, in-depth interviews with 28 founders and senior executives of small and medium-sized enterprises. Data were analysed through a thematic analysis framework to identify recurring patterns and insights. A dominant theme was the pervasive constraint of inconsistent regulatory enforcement, cited by over 70% of participants as a primary obstacle to scaling operations. This unpredictability was found to foster a risk-averse strategic culture, diverting resources from innovation towards compliance management and relationship-building with officials. Structural and governance issues are deeply embedded within the business environment, creating a significant drag on entrepreneurial ambition and organisational development. These challenges necessitate targeted institutional reforms. Policymakers should prioritise the creation of a transparent and stable regulatory environment. Support programmes must move beyond financial aid to include governance mentorship and advocacy training for entrepreneurs to navigate institutional complexities. entrepreneurial ecosystem, governance, qualitative research, business environment, strategic decision-making This paper provides novel empirical evidence on the micro-level behavioural adaptations of entrepreneurs to macro-level institutional weaknesses, offering a integrated behavioural finance and institutional theory perspective on enterprise strategy.