Some of the key challenges faced by entrepreneurs include:
● Developing the vision and business idea
This is usually the first challenge of any entrepreneur, Thomas Edison once said:
“To have a great idea, have a lot of them”.
● Raising capital for start-up
An entrepreneur is the only one that understands the business idea to the core.
Making an attempt to convince investors about something that does not yet exist
is a definite challenge.
● Assembling a Team
Most brilliant ideas and products do not get funded due to the fact that the
entrepreneur is attempting to raise capital as an individual. A business team is an
important, yet often overlooked key to raising venture capital successfully.
● Finding the right business location
The perfect location that has a fast growing population, good road network and
other facilities is often very difficult.
● Dealing with competition
Competition is a standard for creativity, the main apparatus that stimulates
innovation and production of quality products at affordable prices. Without
competition, there is no innovation.
● Keeping up with industrial changes and trends
Change in trends is a challenge for any entrepreneur and requires calculation
and preparation when starting a small business. Trends have made and broken
many businesses.