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What are the challenges of setting up a business?

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alw6r | eNoter

Posted October 29, 2011 at 3:31 AM via web

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What are the challenges of setting up a business?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted October 29, 2011 at 3:42 AM (Answer #1)

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Regardless of the kind of business one wishes to start, there are many challenges.

For some, the first challenge is simply deciding what sort of a business to start.  Some people know that they want to "be their own boss," for example, but are unsure as to what sort of business would be best for them.

A second challenge is to determine whether or not there is a market for the business you wish to start.  This can be very difficult to determine, especially if you lack the money to do a real study of the market.  You have to determine whether there is unmet demand for your good or service in your market and you have to determine whether that demand is sufficient to allow your business to make enough money to survive.

A third challenge, once the business is started, is attracting customers.  It can be difficult to get people to be aware of your business and to give it a chance.

Finally, there are other challenges that are less obvious.  These are the mental and emotional challenges that go along with being completely responsible for a business.  There is no longer anyone else to blame for your problems and you have to deal with the stress of wondering how to make your business succeed.

These are some of the more prominent challenges faced by people who wish to start a business of their own.

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