Question

The theme this week deals with the creation of a new venture and managing that new business. Based on the videos, readings, and your own experience/knowledge, what are the TOP TEN biggest challenges facing an entrepreneur starting a new business (and explain why, for each issue)? List these TEN challenges in order of priority and place an importance factor on each challenge (a number 0-100, with 100 signifying an enormously important challenge). Some students argue that it depends on the type of venture, and if you believe this to be true, then select a specific type of venture, identify it, and answer the question.

Answer 1

Top TEN challenges in order of priority and place an importance factor on each challenge are :

• Hard to locate the correct Set of individuals: Because they are ones who will really drive the beginning up and relatively few of them are eager to work for a little firm.
• Right Estimation of Break-even point: Because the costing relies upon that and an erroneous gauge may bring about loss of good measure of cash.
• Persuading the Investor: It is a test since it is exceptionally hard to persuade someone to burn through cash on your thought having an extremely questionable future.
• Promoting: Not many know the craft of publicizing and regularly wind up going through cash which brings about no addition.
• Execution of the arrangement: many new companies do make arrangements however right execution isn't generally there and in view of this new companies come up short.
• Government Policies: Tough government rules and guidelines at times represent a test before new companies to go along and submit to all the referenced principles and guidelines of leading a business
• Trouble in Globalization: Different nations have distinctive business rules and diverse tax collection strategy, for another association it is difficult to consent to every single state of every single nation.
• Inner Conflicts: These outcomes in weakening of the group who really started the beginning up.
• Extreme rivalry: It represents a test as the association can't chop down the expenses and on the off chance that the expenses are not less than impressive, at that point their item would not sell at first.
• Dynamic and overseeing funds: It is additionally a significant test as accord is frequently not made and to deal with the costs is once in a while a major undertaking which many new companies couldn't do productively.

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