Challenges of New Business Start Ups
“CHALLENGES OF NEW BUSINESS START UP, THE UNTOLD STORIES”
In a bid to preview this article, I will share with you my views on what a start up is, common challenges experienced and my untold story. I would however start with this quote by Ajaero Tony Martins a successful entrepreneur and investor:
"Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it 's either you quit or you swim back to shore, build a new ship and sail again. "
A start up is simply a new venture, an organization or a business. Startups are often referred to as Small and Medium Enterprises [SMEs]. There are many definitions of SMEs and these are significantly country specific. SMEs are the bedrock of most economies and they are the key source of economic growth hence they constitute the dominant segment in more countries. In Africa, particularly in Nigeria, they have more than 95% dominance when compared to large multinationals or blue chip companies.
Startupers or entrepreneurs as they are usually referred to [in my generation] experience similar challenges in their setup, deployment and continuity. These challenges can be categorized into three [3] major lines i.e. Planning, Financial, Strategy and Implementation.
COMMON ISSUES AND CHALLENGES
Planning - this is salient in the conceptualization process of a startup – according to a popular phrase: “failing to plan is a plan in itself to fail”. Planning is critical in the lifecycle of an entrepreneur. Indeed this is a recurring decimal.
Why is planning germane? It is critical to plan, by articulating the vision and idea which can be regarded as raw [unrefined]. Most individuals come up with a buzz, a sensation and immediately want to hit the road. The reality is such that there is need for adequate planning. This planning entails, charting a course or direction for an identified need
In a bid to preview this article, I will share with you my views on what a start up is, common challenges experienced and my untold story. I would however start with this quote by Ajaero Tony Martins a successful entrepreneur and investor:
"Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it 's either you quit or you swim back to shore, build a new ship and sail again. "
A start up is simply a new venture, an organization or a business. Startups are often referred to as Small and Medium Enterprises [SMEs]. There are many definitions of SMEs and these are significantly country specific. SMEs are the bedrock of most economies and they are the key source of economic growth hence they constitute the dominant segment in more countries. In Africa, particularly in Nigeria, they have more than 95% dominance when compared to large multinationals or blue chip companies.
Startupers or entrepreneurs as they are usually referred to [in my generation] experience similar challenges in their setup, deployment and continuity. These challenges can be categorized into three [3] major lines i.e. Planning, Financial, Strategy and Implementation.
COMMON ISSUES AND CHALLENGES
Planning - this is salient in the conceptualization process of a startup – according to a popular phrase: “failing to plan is a plan in itself to fail”. Planning is critical in the lifecycle of an entrepreneur. Indeed this is a recurring decimal.
Why is planning germane? It is critical to plan, by articulating the vision and idea which can be regarded as raw [unrefined]. Most individuals come up with a buzz, a sensation and immediately want to hit the road. The reality is such that there is need for adequate planning. This planning entails, charting a course or direction for an identified need