Various Problems Faced By New Entrepreneurs In Business

posted in: Business, Entrepreneur | 0

Problems New Entrepreneurs Face in business

Can a business exist without a problem? Problem defines the quality of a business, it determines the success or failure of a business. You want to start a business? Then you must know you can’t escape having a problem to deal with but how do you deal with this problems?

Like I normally say, “Starting a business is easy and complicated“. A business being easy as in you having the ideas on what you want to offer to people, having the money to start makes it easy to start what you want, knowing the proper location to place your business makes it easy for you to site your business in a particular place but all of these and many more all follows the word “Start “.

Starting a business is easy if you have all the necessary things needed to start the business but starting a business is different from ”maintaining the business”.

Problems are what comes and goes just like day and night, but sometimes this problems being so easily compare to-day and night causes a lot of troubles for most people doing a business.

It’s a normal feeling which am sure you would agree with me that “when you just started a business you become so happy that yes! You would tell yourself that you have finally done it, your dreams are starting to come to realization and infact some might start having fantasy of becoming rich already”.

Business really is a way of making a life for yourself and becoming who you have destined for yourself but sometimes life really play games with us.

Business and Problem, can a business really exist without facing a problem?

Am sure everybody wants their business to be successful, then before starting a business you should prepare your mind. Problems come in different ways when affecting a business, here am going to discuss some of it.

      • Failed Business Plan

Starting a business demands plan but how does plan becomes a problem for a business? A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

Lot of businesses failed due to poor planning, it isn’t easy to make plans for a business because sometimes an unexpected event might occur that hinders the business plan that has already being laid down with no choice but to change the plans, so how do you solve that?

      • Unplanned Strategy

We already talked about what planning is and how it determines the success of a business ( business can’t be successful without proper planning ) but making a plan is different from executing a plan, that’s why a strategy is needed after or when making a business plan but how can strategy becomes a business problem?

Strategy is a high level plan to achieve one or more goals under conditions of uncertainty, Strategy generally involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions. How to execute a strategy depends on the plans made for it, so what kind of plans is needed to execute your business strategy?

        • Uncertainty about yourself and your business

Talking about how business plan is making out a list of what you want your business to achieve and a business strategy is taking those plans into action but how does uncertainty affects the business too?

A state of having limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome or not sure of what to do.

Often times, however, we find ourselves in a situation where we have incomplete information, which ultimately disrupts our interpretation of reality. This uncertainty is viewed by most people as disruptive, and they try to minimize uncertainty in their lives as much as possible.

As much as we try to avoid it, the fact of the matter is that uncertainty is inevitable. Every once in a while, you are likely to find yourself in a situation where you are completely oblivious of what will happen next.

The good thing, however, is that although we do not have much control over how things turn out, we do have the power to come to terms with uncertainty.

In making out a business plan, uncertainty is very much likely to occur and when formulating a strategy, uncertainty is very much likely to occur, so how can you prevent that?

      • Not Enough Fund

Starting a business always demand a sum of money to function, we can’t start a business without money and that’s just the fact to it. Most businesses start with a limited amount of money and, in the turmoil of the first years, it’s the hardest challenge to maintain regularity in the cash flows.

At the birth of a business, the invested money returns mainly from the payments received. When the savings is empty, it’s hard to fill the gap because of payment retardation.

We already talked about planning and strategy, but can you execute those plans and make them into realization without spending or investing money?

      • Overconfidence in your plans

We already talked about uncertainty in a business which is not having full confidence in your plans but here again, we are going to discuss about the problems that occur in a business due to being overconfidence in your business plan.

The overconfidence is a well-established character in which a person’s subjective confidence in his or her judgements is reliably greater than the objective accuracy of those judgements, especially when confidence is relatively high.

Having confident in your plans is really advisable when making out your business plan but being overconfident about it really is a bad thing.

why?

One manifestation of the overconfidence is the tendency to overestimate one’s standing on a dimension of judgment or performance.

Overconfidence really is a bad advice when starting a business or making out your business plans, one major effect of being overconfident in business is refusing to listen to other people’s advice or protest. So how confident are you in your business plans?

     • Making Fake Promises

One of the major problems face in businesses today is due to fake Promises. Claiming your business can do what it can’t, driving customers to not only rebuke your business but also curse you as well with whatever languages they can speak.

Truth be told, that’s really bad for a business, not only the business but the owner as well because it led to a bad reputation. Why make a promise you can’t fulfil?

Making your business successful all depends on the promises made to your customers. Sometimes a fault might occur in the promises you made to the customers that is not due to your fault but an inevitable problem that occur in the business, but how you address it really is very important.

     • Too Much Love For Money

Loving money isn’t so bad but too much love for money really is a bad advice for a business success. Starting a business with the aim of making profit which is money, starting a business which also involves money gives us every reason to want money, so why is it a problem if you want money?

Don’t get me wrong am not saying wanting money is bad for your business success, no, it’s very good if you really want your business to keep going but too much love for money is very bad.

why?

It influence your mind when making out a plan for your business. Before thinking of proving me wrong, first ask yourself: Who are your business targeted to?

A business success always depend on your customers, so why must you make things hard for your customers by making the price of your product so high? Isn’t that too selfish?

     • Unavoidable Competition

I presume we all know what a competition is, right? Incase some of us are still confused about what a competition is, am going to talk about it just a bit. Competition is all about rivalry, where two or more people try to prove they are the best in what they are doing.

A business competition is when two or more businesses offering the same products or services try to prove to their customers that they are the best. That’s just the simplest explanation I came up with, so then, how is a competition a problem?

Before starting a business, one of the major questions you ask yourself is: Are you the only one offering that product?

Establishing your own business where competition on that particular product your business also wants to offer is not easy. There are a lot of questions you need to answer by yourself or make research on when thinking of starting your own business in a competitive market;

1. How popular is that product?
2. Who are the ones (companies or business) leading in that product?
3. What area is less competitive?
4. How much is the market price of that product?

There are a lot of questions to answer when thinking of starting a competitive business, so how do you deal with it?

     • Trying To Take Shortcuts

One of the problems business owners have today is trying to take shortcuts in making their business successful. When thinking of starting a business don’t just assume you will make tons of money from the start, it takes time for your business to reach that stage.

Shortcut always come with risk to back it up.

When trying to make your business successful, the thought of making profit should be your second motive while your first motive is trying to make your business known to the people, that’s if you want your business to be long run business.

When you suffer a loss from the beginning of your business, don’t lose hope and worst of all don’t start comparing your business to other businesses already Successful. Just know they too start from somewhere even if some of them were so lucky to succeed in the beginning of their business, just believe in yourself and keep trying to make your own business successful. It’s really a long road but it’s worth it. Are you that impatient to succeed in your business?

That’s some of the problems that occurs in business, before starting a business you need to be thorough and clean about the steps you take or you need to take but one major advice which is very important when starting a business and maintaining that business is “calmness“. No matter what situations or problems the business faces, you always have to be “Calm ” when dealing with it.

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