What has been your high letdown when starting a business.

[Donkiz]

Business comes with its ups and downs and sometimes things might not turn out as we anticipated. I remember when a particular product was very popular, and the patronage was really high so I decided to venture into the business, few days after buying my third batch of the product the company was hit by a big scandal, the price of there products dropped drastically and I had to sell off the stock I had with me at a giveaway price while taking a huge loss.

 

[MizzLala]

I think like most people who start out in business, we were naive to believe that we'd have business opportunities falling in our laps. We mistakenly thought it was all about merit. But we woke up and smelt the coffee because in my country, it's all about who you know, connections in high places, which we don't have. A lot of people tell us we do fantastic work, yet nobody is banging our door down. If it weren't for clients from around the world who discover us via our website, we'd have had to close down soon after we launched our business. So, yeah, the fact that we don't have much local support has been one bitter pill to swallow but life goes on.

 

[Nurudeen]

My downtrend line when starting a business is to get the capital it self. I have been looking on the lookout to set up a pos and gaming center Business for quite some time now but getting the capital Is a while lots of issue for me. Even the finanacial Institutions here are not helping matters at all

 

[tuna89]

It is always advisable to have multiple income sources even at a start, my biggest letdown was depending on the business for all my expenses thereby causing the business to fall at some point and not being able to secure new goods, in business you have to be strict in following the lay down budget as regards your resources.

 

[Adebayonle7]

Even after many effort running around gathering capital, the downtime is mostly in the other materials needed to keep the business running after it has commenced. It might be human resource, an additional owners capital, and might be paying off liabilities used to get the business started.

 

[Alogakho Esson]

My highest let down when thinking of starting business is capital but this lead to procastination where I deas fade in my heart and is not easy to secure loans to begin a business

 

[Erik4150]

My biggest letdown is raising enough capital to start my business. Taking loans from the bank is not an option because they come with strict regulations and getting a loan request approved is difficult. At the end of the day you will have to save money or borrow from family and friends.

 

[Khezo]

The major for me and a lot more other people is capital. Capital is the starting point of business without there is no such thing as business. Ones I have the capital I would be able to start a high profitting business

 

[Kelvin7656]

EDITORS' PICK|Jul 15, 2018,01:10pm EDT

The Complete 35-Step Guide For Entrepreneurs Starting A Business​

Richard HarrochContributor
AllBusinessContributor Group
Small Business Strategy

More From Forbes





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Starting a business entails understanding and dealing with many issues—legal, financing, sales and marketing, intellectual property protection, liability protection, human resources, and more. But interest in entrepreneurship is at an all-time high. And there have been spectacular success stories of early stage startups growing to be multi-billion-dollar companies, such as Uber, Facebook, WhatsApp, Airbnb, and many others.
In this article, I give an overview of 35 key steps for entrepreneurs who are starting a business, with links to additional articles addressing some of the topics in more depth.

1. Understand the Commitment and Challenges Involved in Starting a Business​

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Starting a business is a huge commitment. Entrepreneurs often fail to appreciate the significant amount of time, resources, and energy needed to start and grow a business.

Here are some of the biggest challenges to starting and growing a business:

• Coming up with a great and unique product or service
• Having a strong plan and vision for the business
• 
  
  
  
• Having sufficient capital and cash flow
• Finding great employees
• Firing bad employees quickly in a way that doesn’t result in legal liability
• Working more than you expected

 

[Abdulmumeen]

Many time, I draft out a lot of good business ideas but I fail to implement them, I will say the major let down are fear ( the fear of leaving my current paying jobs.

 

[Johnbami]

I have involved in a lot of business before ranging from poultry to water business to honey business but I think my biggest let down in business is in the area of Poultry when I invested in birds and my birds died

When I made my first start up I was not aware that cash flow is very important. All I thought that once I could start the business then sales will be coming and the revenue can take care of the needed cash. Maybe I was too naive not to think of the cash flow. When the sales was increasing that was the time that I started to feel the pinch on my pocket. No cash to buy for supplies. I had to go on consignment basis because I cannot purchase the products. But in a consignment my profit was very little. If I had a bigger capital then that would have saved my business.

 

[Khezo]

My biggest letdown is been scammed. Buying courses and all just to know and understand the business I love to venture to only to get scammed buying courses that as no relevant info

 

[Frank]

Lacking a mentor was my greatest undoing when I began a side business few months ago. However, I would say that with what I have learnt so far, mentorship is a great tool you can use to your advantage when starting a new business.

 

[BrolySSJ]

As an entrepreneur when you venturer out to start your business what was your biggest let down

The biggest let down for me personally was the fact that there are people that are interested in your product when you are doing your research as to what you should sell and how they would react to it and so forth however when it comes to the actual time when the store is opening and running the same acceptance is not shown and as much as the research show differently it is hard to predict the habits of people.

 

[Jonaville1]

I haven't personally had the experience because I'm not into business yet but a relative of mine did, and he suffered serious setbacks. He had unfulfilled expectations. He expected his business to start booming immediately, and when it seems like it wasn't forthcoming, he lost all hope and fell into despair.
Took some services are to help get him back on his feet and he is doing fine now.

 

[shakky2]

this happens often and it might be interms of so many expectations like capital or profit wise hoping to make a particular profit by the end of the month but there is fall in price but the important thing is that you should keep trying

 

[Life drama]

The highest letdown or obstacles most occurred in business by private or public buisnesses is capital, other problems are lack of social amenities, security, infrastructure and lack of sustainable economy.

 

[eenya001]

The basic challenge for me is getting more customers and manpower, most at times it is hectic to get new customers and without customers you practically wouldn't generate more sales.

 

[Afrinish]

Is very risky invest the amount of the on line business of the investment of the logic is the investment amount of the start of the new bussiness some.time let strt new business no profit of the new business only loss so disheart of the business man but some time strt new business use new trick and logic so profit the business uses some trick and logic

 

[Taimoor Jutt]

Arranging a capital is one of the biggest challenge to start any business. So Capital is the letdown for anybody before the start. So my income resource is just online. Snd i came here only 4 days ago, so far no letdown by me to start up.