The challenges entrepreneurs face can vary widely. It depends on what business they are going to run and how much resources they have. Identifying and coming up with a viable business idea is an entrepreneur’s first challenge. Other challenges could be related to how they choose the right location, raise capital, manage operations and business finances.
In general, challenges also vary over the life span of a business. The challenges faced when starting a business can be different when growing a business. And, this article will focus on the challenges entrepreneurs face when starting a new small business.
Identify viable business opportunities
Screening and selecting viable business ideas is an important part before starting a business. It can determine future success.
Entrepreneurs often find various business ideas from their daily problems. There may be many available. However, not all of them are worth running.
For example, entrepreneurs find business ideas from their hobbies, skills or personal experiences. Another source is from previous work experience. Small-budget research and attending franchise fairs can also be potential sources for business ideas. In fact, some entrepreneurs may come across the idea by chance.
Although there are many business ideas and market opportunities, not all …