Challenges Facing Entrepreneurs

1057 WordsMar 9, 20135 Pages
Challenges facing entrepreneurs Before looking at the challenges facing entrepreneurs, it is important to define who an entrepreneur is. Entrepreneurs are basically people who organize and operate businesses. They are commonly known as businessmen because they take the financial risk of running businesses. When a person decides to start or run their own business, there are a number of entrepreneurial challenges that are likely to be faced. Real entrepreneurs who love what they do don’t let these challenges stop them from starting or running the business of their dreams. Entrepreneurs can face challenges from numerous many sources that include both internal and external challenges. Common external challenges can be brought about by…show more content…
Poor time management can pose a great challenge to the prosperity of a business especially when an entrepreneur forgets critical appointments and commitments. Poor organization Lack of proper organization is also among the challenges facing entrepreneurs today. Most upcoming businesses are facing poor organizational issues such as poor paperwork storage. Paperwork is very important regardless of the size of a business. If an entrepreneur can’t be able to organize their paperwork, then they are most likely to misplace valuable documents such as invoices, customer information that may affect debt collection and competition strategies among many other vital operations of a successful business. Getting organized is the first step towards being a prosperous entrepreneur. It is advisable for entrepreneurs to be perfectionists so that employees can learn these skills from example. If an entrepreneur is very organized, then his staff is bound to learn organization and do things the exact way they should be done. Poor organization is also among the common challenges facing entrepreneurs because it leads to lack of focus. When an entrepreneur is not organized, they can’t be able to create goals for their business. Lack of focus can shrink growth of a business as a company lacks goals. Lack of focus also eliminates innovation as an entrepreneur doesn’t brainstorm
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