As for me one of he limitations I'm facing in setting up !y business is lack of capital. I don't have enough capital yet to start my personal business. Taking a loan to start a business isn't an option because we can't control what thing's run.
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What has been your major challenge to starting your own dream business
- Thread starter Lyrrex
- Start date
Psalmsavatar
Legendary member
Competition.
Lack of capital.
Divers commitment.
Staff management.
Time.
Problem of trust.
Lack of capital.
Divers commitment.
Staff management.
Time.
Problem of trust.
Brand building is a complex, long-term initiative, and measuring results isn’t easy. But the effects of a powerful brand are indisputable.
Employer branding is an extremely powerful weapon for recruitment, especially at rapidly growing organizations.
The return on investment in brand building for large corporations is the leading reason hundreds of millions are poured into street billboards and TV ads. Believe it or not, it pays off with time.
Employer branding is an extremely powerful weapon for recruitment, especially at rapidly growing organizations.
The return on investment in brand building for large corporations is the leading reason hundreds of millions are poured into street billboards and TV ads. Believe it or not, it pays off with time.
Capital.
This is one major problem of business plans not coming to reality. There are several standard and wonderful business plans and idea out there but no capital to actualize it.. another reason we can look at is corruption. In this part of the world, you need to settle Mr A to get to B who will also ask for a bribe to take you to the person to want to see.
This is one major problem of business plans not coming to reality. There are several standard and wonderful business plans and idea out there but no capital to actualize it.. another reason we can look at is corruption. In this part of the world, you need to settle Mr A to get to B who will also ask for a bribe to take you to the person to want to see.
My main challenges starting my own own private business is lack of capital.and then coupled with the fact that i have got some doubts in me or better still lets say fear of failure, thinking that i would loose should i do that business.
Psalmsavatar
Legendary member
Challenges facing startup businesses are found in many areas of a business.3 min read
1. Diversity and Product Validation
2. Market and Culture
3. Limited Resources and Communication
4. Industry
5. Finances and Marketing
Challenges facing startup businesses are found in many areas of a business and can include.
1. Diversity and Product Validation
2. Market and Culture
3. Limited Resources and Communication
4. Industry
5. Finances and Marketing
Challenges facing startup businesses are found in many areas of a business and can include.
Yes,you're right but I'm looking for a way of advertising my goods to thousands of people online. Who knows I can get interested clients. I do my best to make sure clients are satisfied with my goods and I have a high satisfaction rate so far. Issue is getting across to more people. I'm trying to use Facebook ads to see if it'll work.
Miracles04
Recognized member
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.
In Conclusion…
Don’t let anything stop you from achieving your dreams, to achieve success in anything, you must overcome challenges. Most times the challenges we face are not meant to break us but make us stronger and prepare us for the future ahead.
Starting a business has its challenges, but knowing those challenges before hand gives you an advantage over them. So, go ahead and start your business and use the information you’ve gotten from these article to overcome those business challenges. Wishing you all the best.
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.
In Conclusion…
Don’t let anything stop you from achieving your dreams, to achieve success in anything, you must overcome challenges. Most times the challenges we face are not meant to break us but make us stronger and prepare us for the future ahead.
Starting a business has its challenges, but knowing those challenges before hand gives you an advantage over them. So, go ahead and start your business and use the information you’ve gotten from these article to overcome those business challenges. Wishing you all the best.
Rainlover207
I love rain
Well I'm kind of person that dream big but what keep holding me down is fund, I have go true research about the business I want to do but without fund I can't start it so I have to look for fund for before I can be able to execute my dream business
Identifying New Sales Channels
Most small and medium businesses leverage one or two sales channels. These are usually insufficient and risky.
On top of that, they may be expensive. Attending trade shows for closing a couple of leads requires a lot of preparation, travel, and accommodation, and building a team capable of closing.
Over time, new sales channels emerge. Are you actively seeking them?
The same goes for regularly experimenting with channels that didn’t work back in the day.
If cold calling wasn’t efficient a year ago, it may work better now. A new hire may be more competent in reaching out through LinkedIn. Your brand may have contributed to the better positioning of your business, contingent on having the right offer to pitch.
Most small and medium businesses leverage one or two sales channels. These are usually insufficient and risky.
On top of that, they may be expensive. Attending trade shows for closing a couple of leads requires a lot of preparation, travel, and accommodation, and building a team capable of closing.
Over time, new sales channels emerge. Are you actively seeking them?
The same goes for regularly experimenting with channels that didn’t work back in the day.
If cold calling wasn’t efficient a year ago, it may work better now. A new hire may be more competent in reaching out through LinkedIn. Your brand may have contributed to the better positioning of your business, contingent on having the right offer to pitch.
According to my own point of view, My major chanllanges in starting my dream business is the found. I don't have enough capital to start up my own business and I don't want to borrow money. I want to save to start up my own business
Fear of failure always runs through my mind. That thought of not making it and then wasting money to start. I know we can accomplish everything we set our mind to do but that lack of confidence that makes you feel you cant do it has been my major challenge. Especially after watching people start a business and it turns out unsuccessful.
The only challenge I have in starting up my own business is that I do not have enough resources to start up and manage a business because if I want to start up a business I will not like to start all this small small business I will start up a business that was up to 20 million or so.
My biggest challenge towards starting my own business for me has to be procrastination. I can draw up a good plan with solid plans to pluck failures away but actually starting it out will be a problem. As I will keep second guessing unnecessarily and giving reasons why I can't start now. This is my greatest challenge and I am looking forward to outsmarting it this time around by been a lot disciplined.
Abelcairo43
Loyal member
It's capital, it has been my major challenge and obstacle of starting up my dream business. If I could get hold of my target money today then in no time I would be starting my business and making some huge profits from it
Finance has been the main challenge. Believe you me, finance I still the major challenge hindering young people out there in starting their own businesses.
KvngMurphy
Go Hard or Go Home
Lack of capital has been my major challenge as to why I haven't been able to Startup my personal business and I know it's same for majority of people. Ideas and plans are all set but inadequate start up funds is limiting my potentials. I know it would take a while to be able to save up as to venture into my dream business but I'm definitely going to establish it this year by God's grace
[automerge]1612438129[/automerge]
Lack of capital has been my major challenge as to why I haven't been able to Startup my personal business and I know it's same for majority of people. Ideas and plans are all set but inadequate start up funds is limiting my potentials. I know it would take a while to be able to save up as to venture into my dream business but I'm definitely going to establish it this year by God's grace
[automerge]1612438129[/automerge]
Lack of capital has been my major challenge as to why I haven't been able to Startup my personal business and I know it's same for majority of people. Ideas and plans are all set but inadequate start up funds is limiting my potentials. I know it would take a while to be able to save up as to venture into my dream business but I'm definitely going to establish it this year by God's grace
Usama Iqbal
Loyal member
It is very true that start a business is very difficult . There are many challenges when someone can start a business. I think first challenge to start a business is our experience about the business . The second thing is our interest and passion . Money is a major challenge to start any type of business. If someone have all these requirements he can easily start their own business.
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