challenges of entrepreneurs
Jimarie Calderon June 19, 2014
BSBA 3C
Challenges of the Entrepreneurs
Starting
A common denominator for all entrepreneurs is the challenge of starting a business, be it through inventing something, looking for a new idea within a business, finding the right opportunity to break into a business, or buying into a franchise. And all of these takes planning — organizing all the aspects so that you reach your goal.
Capital/Funds
This is by far the greatest of all challenges facing entrepreneurs. Most entrepreneurs go into business with inadequate capital hoping to secure more once the business begins to grow. Self-made business-people often struggle to obtain loans from banks, grants from agencies and investments from individuals or organizations. Loans must be paid back and investors expect returns; even those providing grant-money need evidence of success to keep the money coming should it be necessary.
The real issue is most entrepreneurs face capital challenges a few months after operation. It is therefore important that entrepreneurs do the necessary research to be informed before starting a business, to avoid capital challenges before the first year of operation.
Sticking to a budget is one way of avoiding capital challenges. Also, starting small and letting a business grow at its own pace also ensures that the capital generated from doing business can adequately cover all operational expenses and future expansion plans.
Management
Management problems are also critical internal challenges. Management of a business controls all the very important aspects of a business. And when the business’s capital is scantily managed it will result in a business failing within no time.
• Self-management
Becoming an entrepreneur requires you to be able to self-manage. There is no manager or superior spurring you on each
BSBA 3C
Challenges of the Entrepreneurs
Starting
A common denominator for all entrepreneurs is the challenge of starting a business, be it through inventing something, looking for a new idea within a business, finding the right opportunity to break into a business, or buying into a franchise. And all of these takes planning — organizing all the aspects so that you reach your goal.
Capital/Funds
This is by far the greatest of all challenges facing entrepreneurs. Most entrepreneurs go into business with inadequate capital hoping to secure more once the business begins to grow. Self-made business-people often struggle to obtain loans from banks, grants from agencies and investments from individuals or organizations. Loans must be paid back and investors expect returns; even those providing grant-money need evidence of success to keep the money coming should it be necessary.
The real issue is most entrepreneurs face capital challenges a few months after operation. It is therefore important that entrepreneurs do the necessary research to be informed before starting a business, to avoid capital challenges before the first year of operation.
Sticking to a budget is one way of avoiding capital challenges. Also, starting small and letting a business grow at its own pace also ensures that the capital generated from doing business can adequately cover all operational expenses and future expansion plans.
Management
Management problems are also critical internal challenges. Management of a business controls all the very important aspects of a business. And when the business’s capital is scantily managed it will result in a business failing within no time.
• Self-management
Becoming an entrepreneur requires you to be able to self-manage. There is no manager or superior spurring you on each