2. Explain the greatest challenges an entrepreneur faces and considers during the business set-up, start-up and growth...

2. Explain the greatest challenges an entrepreneur faces and considers during the business set-up, start-up and growth phases. Explain the greatest challenges you foresee related to your business idea during the business set-up, start-up and growth phases.

Expert Solution

The greatest challenges an entrepreneur faces and considers during the business set-up, start-up and growth phases are:

· Risk of discontinuing another career for set-up and start-up of new businesses.

· Sourcing finance for the setting up and starting the business is a cumbersome task. It there is no finance on-time, it might lead to failure of the business itself.

· Human resources is required. For businesses set-up, start-up and the growth phases, adequate human resources is required to run the business smoothly. If there is shortage in the human capital, then the business operations would be interrupted.

· Combat competition- As an entrepreneur, it is important to come up with visionary ideas and innovative concepts to combat competition.

· Unknown facts of the business- Since the business is a start-up, there is no past data or history to foresee the challenges or demand.

· Decision-making – this is the most challenging task for an entrepreneur. Strategic decisions need to be made by the entrepreneur for long-term sustainability in the industry.

The greatest challenge that I foresee related to the business idea during the set-up, start-up and growth phases is sourcing funds for setting up the new business. I have a good business plan however I find it really challenging to source sufficient funds to implement them. First, I need to convince the investors that the business would be profitable. Second, I need to ensure that the start-up has the capacity to accept large orders. Finally, there are lot of documentation and licensing procedures to set-up the business which also requires funds apart from the operational expenditure.

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keosha answered 7 months ago

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