4 answers
Jaylen
Student
Rock Hill, South Carolina
1
Question
Asked
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what are the challenges that come with building your own business?
11th grader at rockhill highschool.
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4 answers
Prasanna Thiruvenkatanathan
Finance - Senior Manager
2
Answers
Bengaluru, Karnataka, India
Updated
Prasanna’s Answer
Building your own business is a big step. First, you need clarity on the product or service you are developing. That needs to be backed by your manufacturing plan, your go to market plan, your target audience, what your market research data on hand tells you about which customer groups to pursue and most importantly, the financial plan of when the business will turn around profits. A lot of good ideas don't necessarily turn to business plans without all of the above elements thought through and packaged. Hence, it is important that you have mentors who can guide you through the steps. Look up people in your community or maybe parents of your friends who are businessmen and seek out their advice. Ask about the struggles they underwent to secure funding, to launch their products, to even market their products.
Do remember failures are more learning events when you think of businesses. I have my brother who is in the middle of pivoting from a corporate job to launching his own business and the hard yards he is putting in now will be the seeds sown for a successful future. Think about convincing yourself as to why someone would invest in your product or your business and build the right business case for it, backed by all of the elements outlined above. And yes be ready to face obstacles as no businessman will ever tell you that their initial ride wasn't bumpy. Think of a differentiating factor as well..How is your product or service very different to what is out there in the market?
Dream big, seek advice and have the ability to communicate your key differentiating factor- those three would be my key takeaways to lay the foundational seeds. If you don't have all these nailed down before you decide on launching a business, you are likely to land in sticky situations sooner rather than later. All the very best!
Build you business plan
Seek and identify a few mentors across different functional elements- finance for funding, marketing and successful entrepreneurs for inspiration
Do a shortfilm to showcase your key differentiating factor
Do remember failures are more learning events when you think of businesses. I have my brother who is in the middle of pivoting from a corporate job to launching his own business and the hard yards he is putting in now will be the seeds sown for a successful future. Think about convincing yourself as to why someone would invest in your product or your business and build the right business case for it, backed by all of the elements outlined above. And yes be ready to face obstacles as no businessman will ever tell you that their initial ride wasn't bumpy. Think of a differentiating factor as well..How is your product or service very different to what is out there in the market?
Dream big, seek advice and have the ability to communicate your key differentiating factor- those three would be my key takeaways to lay the foundational seeds. If you don't have all these nailed down before you decide on launching a business, you are likely to land in sticky situations sooner rather than later. All the very best!
Prasanna recommends the following next steps:
Harry Clapeck
Manufacturing
27
Answers
Scottsdale, Arizona
Updated
Harry’s Answer
Hi Jaylen. Your question is a great one. I am sure that you will get many answers. I just want to point out some pitfalls. I would say the biggest pitfall is being too proud and not admitting that you don't know something. The road to a successful business contains many roadblocks. I believe, to be successful, you need to know, and admit, to the many weaknesses you, as an individual, have. Rely on your strengths - marketing - organization skills - finances - creativity, etc. But then realize your weaknesses and seek out those that have your missing skill-sets. I also recommend that you contact and use the Small Business Administration in your area. There are a lot of people who are dedicated to helping businesses get started.
Don't give up and don't give into getting discouraged - it will happen!
Don't give up and don't give into getting discouraged - it will happen!
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
174
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hello!
Please, note the following, concerning challenges pertaining to building your own business:-
1. How to consider the type of business.
2. Inadequate/lack of capital or finances.
3. Inadequate knowledge in the business.
4. Unfavourable marketing conditions.
5. Unfavourable government policies.
6. Unfavourable competition with other businesses and organizations.
Best regards in your vision.
Please, note the following, concerning challenges pertaining to building your own business:-
1. How to consider the type of business.
2. Inadequate/lack of capital or finances.
3. Inadequate knowledge in the business.
4. Unfavourable marketing conditions.
5. Unfavourable government policies.
6. Unfavourable competition with other businesses and organizations.
Best regards in your vision.
David Larsen
Supply Chain Manager
1
Answer
Eagle, Idaho
Updated
David’s Answer
Other challenges with starting your own business include the following:
Cash flow.
Getting and retaining qualified people.
Having to know and do so much including marketing, accounts payable, website development, taxes, insurance, etc.
Cash flow.
Getting and retaining qualified people.
Having to know and do so much including marketing, accounts payable, website development, taxes, insurance, etc.