Challenges faced when starting a business

1. Stiff competition

Due to factors like lack of innovation and creativity .

2. Estimating marketing demand

One is for for inti conducting the market first

3. Estmating the start up and operating capital

Start up- initial capital to start up a business.

Operating capital- is for the continuining/progress of business

4. Meeting collateral requirement

Include things like Tittle deed or log book

5. Meeting legal requirement

Include lincensing and educational skills

6. Financial institution are reluctant to renr money to start up business.

7. Identify reliable sources of supply

8. Selecting suitable location for business

9. Lack of adequate managerial and technical skills

10. Lack of enterprenurial traits

11. Lack of general marketing information

12. Determine the form of business ownership to adopt


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