Challenges Faced by Entrepreneurs
Entrepreneurship can be defined as the process of starting a new business. Through the process of entrepreneurship, individuals create entrepreneurial ventures or organizations that pursue opportunities. This are often characterized by innovative practices with the main aim and goals being growth of their business ventures and profitability. However, this individuals are often faced by different challenges through their diverse entrepreneurial processes. This document analyzes some of the challenges faced by individuals in this industry and some of the recommendations that can help find strategic solutions to this challenges faced in this industry. ……Challenges Faced by Entrepreneurs
One of the challenges faced by new entrepreneurs in either starting or growing their business ventures is the lack of adequate capital required in the industry. This is because, capital is among the very important requirements needed by entrepreneurs in the establishment and growth of their ventures. In cases of inadequate capital, individuals are recommended to seek financial funding’s from traditional banks who often offer loans at specified interest rates. Working with loans from banks also need patience from the entrepreneurs which can be easily achieved by starting from a lower level and slowly developing your business idea in a way which guarantees one revenue needed at the time of repaying the loans.
As the business ventures grow, entrepreneurs are also faced with the challenges of managing their various growing businesses. This is because individuals are often reach points where they can no longer participate in the day to day activities of their bigger and growing business ventures. The structures of the ventures change and in order to maintain the quality of output, individuals are often expected to employ the assistance of employees. In order to adequately manage a growing business, work delegation is one of the recommended ways of finding a solution to the expanded work flow in the business. However, the entrepreneurs will still be faced with challenges when they delegate work because every time work is delegated, things seem to go wrong in the quality and quantity of output.