Challenges to expect in any business.

[Bookwormlux]

In life, when you are able to think ahead and analyse what possible problems may present, it would be very easy to start planning how to conquer them easily and at the end of the day they do not really become a problem to you anymore since you are already able to identify them and proffer feature possible solutions to them even before you get to encounter them.

When you refuse to take some time and do an appropriate analysis like this, so as to ground yourself with the necessary measures to adhere to whenever you encounter things like this, life will become a struggle for you and it will be very difficult to ever make it big in that business you are going into.

Some of these challenges are:

- Finances: this is your number one reason that has caused so many businesses to fail so you have to plan how to conquer this challenge even before you get into the business.

- Natural disaster: this has caused a lot of businesses to fail to and you have to make sure you factor it in while you are doing your business plan.

- Scam: this can come in any way but the most common way is when he go into partnership with someone who is not trustworthy.

Any addition?

 

[sincerem]

You have rightly stated some important factors an individual or aspiring entrepreneur should note before embarking on a business venture it would also suffice if they put into consideration the challenges of getting a good location or area of concentration for the business. As most businesses aren't doing reasonably well today because they didn't proffer good solutions surrounding the problems of location.

A business location has the ability to influence good market growth and products success because you products are seen by the right kind of audience who will be willing to pay good amount of money for the product which you bring out to the market.

 

[TOZZIBLINKZ]

Business owners who own huge firms and huge commercial Enterprises can testify to the fact that running , owning , managing , controlling , and facilitating a business and other business-related activities is not an easy Job . Just as individual face challenges business also face challenges both from externally and internally . Some of these challenges that business has to face is the challenge of competition . sometimes a particular business might be initially established in an area thereby attending to the needs and wants of the individuals living in that particular area and as time goes on another person establishes the same business that render similar services or sell similar goods that the other business sells or render thereby bringing in some sort of competition of who sells and who do not sale . Sometimes business competition not called for , they just happen .

Another challenges that business owners face in the course of carrying out their business activities and practices is the challenge of customer satisfaction . some business owners are sometimes anxious whether they are indeed satisfying their customer thereby keeping their customer loyalty to them . Some of them have been able to answer this question why others have not .

 

[eldavis]

Another challenge you will definitely come across as a business owner is dealing with difficult customers or clients. As a business owner you will definitely come across so many persons from various backgrounds, cultures and ways of reasoning. Some of these persons might be really annoying, you simply have to find a way to work with each and everyone of them, since your major goal and aim is to satisfy them.

 

[funmi]

Hmmmm, there are a lot of challenges to expect, starting from the planning stage as it will really take a lot of effort to even gather all the required information that will help you to make a very robust and well informed decision on the type of business one wants to start. So when one has scale through the hurdle of getting all the necessary information from the field on the type of business to run, one will now have to battle with the problem.of raising fund, this is the stage where many business ideas get to either become a reality or a big mirage. This is where one will look out ways of funding, and as at this time it is very difficult to raise funds because of the economic situation now in the country, so many depend mostly on loans and this has made their business venture not to growth due to the issues bothering on interest and payback period. Then there is also a problem of getting a good location where you customers will be able to gain access to you business venture. Then there is also the problem of bad road and lack of power supply.

 

[Rubz]

One thing i've come to know about businesses is that no matter how much time you invest in the business, would always have challenges. It's a normal thing in business. Like you said finance is a very big challenge for most business. You see most business failing because of inadequate money to fund the business. Also Location is another challenge of businesses. A business should be located in a place that would attract customers.