Challenges Facing Entrepreneurs Essay
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…
Management problems are also critical internal challenges. Management of a business controls all the aspect of a business. For instance, poor management of a business’s capital will result in a business failing within no time. Other aspects of management that can also affect a business include poor delegation of duties. This is a common challenge among all the management challenges facing entrepreneurs today. Most entrepreneurs starting businesses tend to delegate crucial duties that should be done only by owners to others. Poor delegation skills are common poor management practices that may cause problems to a business especially during the first year of operations. Entrepreneurs should therefore be very careful when delegating duties that are crucial. It is usually advisable for a business owner to be involved in each and every aspect of their business when starting up to avoid management challenges brought about by delegation.
Poor time management is also among the common management challenges facing entrepreneurs. Most entrepreneurs tend to be reluctant in terms of observing the time they get to work or the time they dedicate to their business. Giving enough time to your business is important in ensuring that all aspects of your business receive the attention they deserve. Time management also helps an entrepreneur supervise all delegated duties. Poor time