Challenges Overcoming of starting a new Business

Challenges Overcoming of starting a new Business

Challenges are normal in businesses and anyone that wants to succeed in business must be ready to withstand the challenges that come along with it. According to Mahatma Gandhi, spiritual leader and father of the nation of India, "every worthwhile accomplishment, big or small has its stages of drudgery and triumph; a beginning, a struggle and a victory". This is true in general life but much more in starting new business.

For me l think challenges in business can be likened to teething problems encountered by babies when growing up. Just as the babies get over the challenges of teething, challenges in business are meant to be surmounted. As a mother will not allow her child to die, we should not allow our business facing challenges to die. But unfortunately most businesses die within the first and fifth year of existence. This l believe is due mainly to lack of persistence or inadequate knowledge of some basic and fundamental principles that make businesses to be successful.

The first step you need to take before starting any business is to have an idea of the type of business you want to embark upon and map out your strategies. You will agree with me that nothing works outside planning and that anybody that fails to plan is surely planning to fail. Starting a business without having adequate plan on ground to match can be frustrating. Therefore having a critical plan means you know and are ready to face the challenges ahead. With proper planning and implementation, you are likely to overcome the initial challenges most entrepreneurs face at the start up stage. This planning l am talking about includes how much time required to complete each business transactions, knowing areas to delegate those to personally handle and the business intricacies.

In most cases the toughest challenges in business is improper funding and almost every entrepreneur faced this challenge at the start up or in the course of their business. When you are faced with the challenge of sourcing for capital to start or to improve your business, do not panic. Have your mindset that you will overcome the challenge and continue with what you have, after all efforts to secure loans have failed. By committing more efforts into the business you will eventually overcome the challenges, if you refused to cave in.

Finally l will advice that focus and continuous persistence should be your watch word if you really want to overcome challenges in your business.

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