October 27, 2020, 10:21 am
Problems you will face as a new business owner and how to tackle them

Problems you will face as a new business owner and how to tackle them
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By Admin

Published on Tuesday 25th December 2018
Last Updated Saturday 21st March 2020

Topic: Problems you will face as a new business owner and how to tackle them comment by Emmanuel at 25-12-2018 06:47

Entrepreneurship is a path with different hurdles, either you are just starting up or you have been in the game for long. You will surely face challenges, the ability to manage these challenges effectively and efficiently turns you into a successful entrepreneur.

There are some common problems that every business owner should look out for, I will be sharing some of it alongside the possible solutions to tackle such problems.

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Here are the six possible problems you are likely to face as a new business owner

1. Capital

What can you do without capital? Most likely nothing!

Funding is one of the major issues that is being faced in the entrepreneurship journey today. We have so many people with brilliant ideas out there, they have nothing to make it a reality. Banks are not even situations, in addition to the huge interest attached to the money given to you, they will also demand for big collaterals which you may not have.

Solution

You can get financial aid through any of the following means

  1. Personal savings
  2. Loans from family and friends
  3. Government grants and subsidies
  4. Partnership
  5. Local cooperative societies

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2. Right Business

You should not just jump into any business because you think people are making it big in such area, you need to sit and think if you have what it takes like knowledge and capital to go into such businesses. Remember, if you rush in, you will definitely rush out. It is very important that you have a plan. Do not jump into what you may regret later. Think deeply, is this business really for me?

 

3. Too many competitors

Perhaps the business you are venturing into is already flooded, having your way in this situation can be quite challenging and requires adequate planning.

Solution

Sit and strategize how to break into the market, you should never give up because you saw too many people doing what you have passion to do, your first objective should be how you will stand out from the crowd, how to make your product unique. Do not copy others in doing exactly what they are doing, do something different in a meaningful way. If there is a need to consult expert in the field, make sure you do. A little advice will never hurt.

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4. Time management

This problem is mainly faced by new entrepreneurs, probably because they are not used to doing what they just ventured into. Most likely, in your previous job, you are always beentr told what to do. But as an entrepreneur you have to decide what to do, how to do and when to it.

Solution

  1. Create a goal list
  2. Never procrastinate
  3. Be determined
  4. Access yourself often

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5. Finding the right business partner

Getting reliable and trust worthy business partners can be a very tedious task to entrepreneurs. Choosing a wrong partner will definitely leave you with a very bad reputation, which is definitely bad for your business

Solution

It will difficult to judge someone at first sight, the only way out of this is to take your time within a very short period to know type of person they actually are.

6. Lack of confidence

Whatever you do without confidence will most likely fail, your clients need to see the fire of confidence burning in you, they need to be sure you are good at what you do, you need to build this confidence right from the moment they stepped into your company. You cannot expect anyone to buy a product you don’t even know what it does.

Solution

Believe in yourself, do not overhype what you are giving out just because you want to sell, it may backfire, when it does, it will leave a negative mark on your business.

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Conclusion

There is no business without it's own obstacle, you only need to be Passionate, Hardworking and Determined. 

 

Tradelify cares!


  

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