Saturday, December 28, 2019

Challenges in Starting a New Business - 1584 Words

Starting a new business can be very exciting as well as challenging. It can be exciting because it might be a transition from being an employee to owning a business and becoming one’s own boss where there is freedom of doing things without anybody’s influence. The idea of being a business owner can be very exhilarating in itself. Bateman states that ‘The control and ownership of a business is a very powerful feeling. Having ownership is like an adrenalin flow. It gives you more energy – you start to see what you can achieve.’(Smith, 1997, p. 149) There are numerous advantages of having one’s own business. The potential to earn a higher income, independence, being one’s own boss, ability to fully implement one’s creative talents, choosing†¦show more content†¦A large number of small businesses fail each year due to insufficient funds or capital. Many entrepreneurs miscalculate the amount of money they need to start and operate their business. They may later find that they need more capital in order to sustain till the business is fully established. Others are likely to suffer as they may not be able to market themselves or their product or because they find that they are unable to supply all the required products. Yet others may not even have the ability to pay for any extra help. This one fatal error in calculating the capital may cause the business to suffer heavily and lead to its eventual downfall. It is always wise to explore the possibility of having extra capital in an event that the business required more funds. However, the crucial point still remains that the entrepreneur take great care in determining how much funds are needed in order for the business to survive till the time it can be properly established. Generally, a new business would take around but is not limited to six months before it starts to generate enough income to fully sustain itself. Thus the entrepreneur needs to keep this time frame in mind when determining the initial capital. It would also pay to have a separate living expense for the first six months of starting the business. The third challenge is to find a niche. Knowing which product to sell and the sort of market it will have is another big challenge for all entrepreneurs. 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