ANSWERS: 7
  • It all depends on what type of business. The challenges faced with opening a restaurant are much different than opening a clothing store. Check with your local business incubator.
  • The challenges faced when setting up a business totally depends on the type of business you are setting up. Some of the challenges are: Capital. Hiring employees. Time management. Delegating tasks. ... Choosing what to sell. Marketing strategy. Strapped budget.
  • Accepting tha fact that for about 3 years you'll be in the red!
  • There are countless businesses that emerge every year; thus, challenges are inevitable. Here are the following challenges that startup businesses may encounter: 1. Cash flow management - It is vital to monitor unpaid invoices because if those are paid late, one's cash flow will be greatly affected in which no money will be generated which makes businesses go under. 2. Hiring employees - It is best to hire the right applicants by requesting them to present their previous work as well as asking them behavioral questions. The tendency of hiring the unqualified is that there will be low levels of productivity. 3. Time management - Not managing one's time will result to goals not achieved at a specific time; therefore, it is important to set goals/business plan that will guide one to complete tasks on time. 4. Delegating tasks - As mentioned earlier, hiring employees that do not correspond to the needs of a company may have a negative feedback to one's business; thus, hire employees that are able to multi-task and handle different responsibilities wihout creating conflict. 5. Choosing what to sell - Nowadays, there are a lot of competitors of a business. It is essential to execute a market research regarding products that will really hit target audience over time. 6. Marketing strategy - It is not sufficient to have employees and products; digital marketing should be incorporated with one's business because there are billions of people that can be targeted which will make a successful grow. 7. Capital - Capital is one of the biggest challenges in starting a business, for a business will not be complete without a capital; however, it is not necessary to have a huge amount of capital. 1 month or 2 months salary can be used to invest in a business. On the other hand, if one has to launch a multi-million dollar company, one may reach investors, traditional banks or family and friends. 8. Business growth - Being complacent can be one of the factors that a business go under. With this, it is crucial to monitor every activity of a business as well as to appoint trusted employees regarding the situation.
  • Universally, there will be a lack of resources. If you survive through the early phase, and obtain resources, next you'll be faced with the challenge of converting those resources efficiently from their raw form into whatever you need them to be.
  • Paying taxes.😆
  • Paying taxes

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