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Top 3 challenges you may face when starting your business

BY: David Prakash Kumar | Category: Business and Finance | Post Date: 2009-10-26

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   David Prakash Kumar
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Starting a business is not a simple task. This is especially so in these times of recession. Making money with minimal investment is not a joke. Initial investment into a business too needs a lot of courage. There may be many challenges in starting a business. The risks and challenges associated with a business can be many. The risks may vary from time to time as the economic conditions vary. The risks are also dependent on the geographical location of a place.

The list of challenges that a person or group may face while starting a business are:

1. Fear of taking risk:

For any business to be successful, the individual who is running the business should be able to take calculated risks. There are people who run the business but are scared of taking a decision at times. These businesses are sure to either fold up or lose their profits on the long run.

People who are too aggressive in their business may also not fare well. People who have a hard look at the problems in their business and take a calculated risk without fear of the consequences, but only with the knowledge that they are doing things right are the ones who will be successful in the business. Fear should be a guiding force in the business, but the fear should not be a hindrance for the business.

2. Insufficient income:

The business may not have sufficient income for the individual. This is one of the reasons for the folding up of hundreds of businesses every year. The lack or decrease of income may be due to various reasons. This may be because of the decline in the management concerns over the business. The lack of money may mean low salary for the employees of the business. The low salary results in decreased motivational levels of the employees.

This results in decreased productivity and finally a decrease in the profits again in the next year. This vicious cycle may lead to folding up of the business. Unless the management is proactive, insufficient income will be one of the major challenges of the business. The main aim of the starting of business is to earn more income, so when the income of the business is less, the reason for the starting the business itself is lost.

3. Low motivation:

The third most important reason for the failure of a business or the challenge that a business can face is the low motivation level of the management. The reason for this may be that in a company that has been started by one person and the second generation of the family is running the business, it can lead to a lack of motivation to build the business and to make it successful. This low motivation is common in many companies that are continuously making losses too. So low motivation too plays a major role as a risk or challenge for the company.

These are the 3 main risks and challenges associated with a business.

Article Source: http://www.saching.com

About Author / Additional Info: I am a physiotherapist and also a freelance writer. I have been writing for many blogs and websites and also take up freelance assignments. Comments are welcome at prakashdavid@rediffmail.com

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