Three Common Problems Entrepreneurs Face When Starting A Business

1221 Words 5 Pages
This report includes information on three common problems that entrepreneurs face when starting a business. Those three common problems are funds, marketing issues, and sustaining a proper business model.
When starting a business, entrepreneurs invest their own time and money with the initiative to make profit and better the economy and create more jobs. Approximately 543,000 new businesses get started each month but more employer businesses shut down than start up each month. Three common problems entrepreneurs face when starting a business are inconsistent cash flow, marketing issues, and an unsustainable business model. If these problems are not handled correctly, it could result in failed projects and loss
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When raising funds for starting a business owners or entrepreneurs should always have a rough estimated total of everything. Going off of how big the business may be what are the businesses goals for their intended audiences. Raising funds could be as simple as donations, having angel investors others that are willing to put their own money in an entrepreneur’s business to gain profit just like the entrepreneur. Building relationships with larger or duplicate businesses could also work in an entrepreneur’s favor it allows promotion for the company under a bigger …show more content…
Finding gaps in the market, and being better than the opponent and why are you better than the opponent. Developing a unique model Is not just about the product it is also about the vision for the business or project as a whole. What are the long term goals for this business and if it doesn’t work out what is the backup plan? Developing a unique business model is very important it lays out the long term goals and what needs to be done to be a top tier business. Developing a unique business model means having a business plan which is not as easy as it sounds it may take weeks or months before it’s completed. This step in creating this will better your confidence level in the planning of creating this business. It carries out the aspects what products or services are this business going to have, and why it best fits the customer not only that but why it tops other competitors from the

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