What has been your major challenge to starting your own dream business

[Highflyer]

My major challenge preventing me from starting my own business yet is lack of capital, I also don't really have the time as I'm still a full-time student, though this isn't an excuse, I hope to start soon.

 

[Odebunmi ajewamiri]

The set back most people achieve in setting up new business is how to keep it running/bringing growth to the business ,that has being a major setback .economy of the nation having a negative effect on business and how your product or the awareness of your brand would be reacted to, because I believe it is not very products that are accepted by the consumer.

 

[Miracles04]

Capital

Capital is one of the biggest challenges that many entrepreneurs face when starting a business. Most businesses (if not all) require some level of financial investment during their early stages. Some require large sums of money while others do not require much.

The importance of capital in any business cannot be over emphasized, you need capital to acquire a space for your business, equipment needed for running the business, and even to pay your staffs at the initial stage until the business is able to sustain itself.

Raising capital to start a business is one of the biggest obstacles that prevents entrepreneurs from starting and running a business.

There are quite a few ways you can raise capital and start your business, we are going to look at some of them below:

Find a Partner

One way to get capital to start your business is to find a rich partner who will invest his money into the business and join you in running the business, and in return you will share ownership of the business with him.

Apply for Business Grant

There are many government agencies and international institutions that are giving grants to entrepreneurs with good business ideas and well thought out plan on how to execute the business idea. You just need to know where to look and find them.

It is important to note that grants are not like loans where you have to pay a percentage of interest monthly but rather it is like free money given to you to start your business.

Ask Friends and Family

Your friends and family are people who already know you, they care about you and they want you to succeed. They have a strong connection with you and may not mind giving you their money to start your business even though it’s a risk on their part.

So go ahead and ask your friends and family members, they might be more than willing to help.

2. Getting The Right Team

Many entrepreneurs say their biggest challenge when starting a business is finding the right people to work with. As a startup, finding the right team to work with is crucial to the success and growth of your business.

The problem is some members of the team are not (or may never be) as committed to the success of the business as you are, to most of them it’s just a job or a way to pay their bills and earn a living.

Finding the right people to work with also requires a lot of effort and sometimes it might mean constantly recruiting and firing your staffs until you find the right balance.

Alternatively, you might want to save yourself some time and stress by hiring a Human Resource Professional to do the work of finding the right team members for your business.

3. Acquiring Customers

Without customers, no business can survive. Customers are the bread and butter of every business. Established businesses are leveraging on the trust they’ve already earned to acquire more new customers and they are also doing all they can to maintain their existing customers.

As a startup, it is even more difficult to acquire customers no doubt, given the fact that you have not earned people’s trust yet and you have no track record and established businesses in your niche are not letting their customers go away.

So what can you do to get customers for your business? Well, there are few ways you can overcome this challenge as an entrepreneur:

Give your product or service away for free

Giving your product or service away for free is one of the ways you can gain loyal customers at the initial stage of your business. These customers will use your products, approve of you, tell their friends about you and even become your brand ambassadors.

Sell your product or service away at very cheap prices

You can gain customers by selling your product or service at a lower rate than the market price. Customers who are looking for cheaper solutions will find you and patronize your services and if they are satisfied they will remain your customers.

4. Fear

You have a high paying job, you are doing well at your work place, you are living well, paying your bills is never a problem, and you have a burning passion to start your own business but you are afraid of one thing – the unknown.

You are thinking, you may have to quit your job to focus on the business, what if it doesn’t work, what if the business fails and you now have to back to where you started.

Don’t worry. You are not alone, FEAR is one of the challenges that stop many entrepreneurs from starting their business.

However, there is a way to deal with fear: by simply being prepared for the worst thing that could possibly happen, you will be able to eliminate fear to a great extent.

Also, acquiring business education and better preparing yourself on how to run a business successfully will give you more boldness and confidence to start your business.

Arming yourself with proper business education will prepare you to tackle business challenges as they come.

 

[Briangsam]

The major issue I am having is the availability of start up funds which is the capital. Capital has been the problem for many intending entrepreneurs or business owners. Acquiring other things after won't then be a problem.

 

[Shayo]

I already have a business of my own, though it is still small, but it's growing and expanding.
The major challenge I had when I was still planning was funds. I didn't have enough capital and I had this this imagination of having a very big empire.

 

[Profuk57]

To be sincere my major challenge for my business has been money that is the capital if I am to have the required capital right now when I think of you almost all my problems
we'll be so I just need the money even if it can be in form of a loan then my problems are over

 

[Jimmie150]

Funding has over the years proven to be a challenge for me and believe it's the same for many other person as well. But in spite of all this we must stay focus and be optimistic always because I believe things we work in our Favour soon.

 

[EMMANUEL]

My major challenges has been financing, with look of things now, the price at which I tend to get the requirement is now on the high side whereby I need to work harder to be able to meet up with the current price rate.

 

[Senator]

Everyone loves flexibility and wants to be his/her own boss because there are lots of benefits that comes with owning a business which are too numerous to mention.
Have you started your dream business yet? If not, what could be the major setbacks stopping you from starting your own business!

I like to know your thoughts on this

Starting a new business in my region is complicated. First and for most government policy on registering your company is expensive, if you pull through you provide all amenities yourselves eg light, road, security and all that. After which they double tax you.
Government those not encourage new business instead for political reasons makes it easy for already big businesses.

 

[Obaterof]

my major challenges to start my own dream business is capital. No firm want to give loan to individual that don't have a valid collateral.

 

[Life drama]

Most of the problems being faced by the majority of people basically are capital and economy woes due to low patronages of people basically because of the situation we find ourselves in this part of the world.

 

[Alogakho Esson]

My biggest challenge in starting my own business is Capital and time mostly here in Nigeria as youths you may a thausand ideas but nobody will be willing to support your dreams

 

[Osaz96]

Everyone loves flexibility and wants to be his/her own boss because there are lots of benefits that comes with owning a business which are too numerous to mention.
Have you started your dream business yet? If not, what could be the major setbacks stopping you from starting your own business!

I like to know your thoughts on this

I have not started my dream business yet honestly because I do not have the courage to begin and also the cash to start. It is quite a big one and I am trying to wait so I do not mess it’s up from the beginning.

 

[Kelly5]

Everyone loves flexibility and wants to be his/her own boss because there are lots of benefits that comes with owning a business which are too numerous to mention.
Have you started your dream business yet? If not, what could be the major setbacks stopping you from starting your own business!

I like to know your thoughts on this

What has been my major challenge in my pursuit for establishing my own business. I would think it is the proper citing that is the major challenge. The type of physical business requires citing it in an industrial layout, and that is not going to be easy to come by you know.
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Everyone loves flexibility and wants to be his/her own boss because there are lots of benefits that comes with owning a business which are too numerous to mention.
Have you started your dream business yet? If not, what could be the major setbacks stopping you from starting your own business!

I like to know your thoughts on this

What has been my major challenge in my pursuit for establishing my own business. I would think it is the proper citing that is the major challenge. The type of physical business requires citing it in an industrial layout, and that is not going to be easy to come by you know.

 

[jay]

What again if not capital? It has always been capital, it will be capital and it will continue to be capital. Capital in aspect of money and not labour force. Raising capital has always been the difficult task to complete in quest to start up business.

 

[Shivay]

Everyone loves flexibility and wants to be his/her own boss because there are lots of benefits that comes with owning a business which are too numerous to mention.
Have you started your dream business yet? If not, what could be the major setbacks stopping you from starting your own business!

I like to know your thoughts on this

Wow! .. Very good question brother . actually, i am not able to start my dream business because of lack of funding required and since i am a newbie so, i will gain some experience first .

 

[Chizfab]

Lack of required capital, passion, fear of failure and enough managerial skills to pilot a business into making enough profit to cover my expenses. I have lots of business ideas but when it's time to start, doubt kicks in and it has always been my weak. I prefer working for someone to achieve a great business rather than heading the business.

 

[jimmann247]

I have two major challenges from starting my dream business, initially it was location I was looking for good location that will suite the kind of business I want, it took me about 3 - 5 month to get the location, but after getting the location the fund to pay for the location was high that I could not afford it. Fund became my second challenge.

 

[sam386150]

The challenge I have in starting my own business is that I don't have enough capital and I don't have a simple business idea location is also a challenge for me so I believe once all these are fixed it will be easy for me to move on.

 

[ansahweh]

There are numerous risks in running a business, starting from what kind of business to location to cash flow etc. but the major challenge to me is determination and perseverance to succeed. Once you are afraid of the future of your business, that’s the beginning of business failure.