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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s