The Challenges for Business Start-Ups

The Challenges for Business Start-ups

Report

1. TERMS OF REFERENCE

The main aim of this report is to discuss or describe the different challenges which are faced by entrepreneurs when starting a new business.

Methods used by the entrepreneurs to start-up a business. Some rules:

 Learn about your market

 Write a business plan

 Create a ‘business' legally

 Get proper funding

 Find business premises

 Buy the right tech and equipment

 Developing products and services

 Distribution

 Recruiting staff

 Advertise and market your business

 Getting paid

Even with those rules there are several issues which need to be tackled, some of them are outlined below:

• Low funding

 Bank Issues

 Low private savings

 Low outside investments

• Low experience issues

 New in business

• Legal Issues

 Legal Restrictions or limits

 Intelectual Property (IP)

• Dealing with Competitors

• Small business Network

 New business

• Management

 Employee Management

• New product

 Untested market & Low consumer reliability

• Higher Risk

2. BACKGROUND

To understand the challenges businesses face during their start ups, it is important to understand the different start up methods used by those entrepreneurs. Although every business and their start up methods are different in style and execution but there are few golden rules which most of the businesses follow:

1) Learn about your market

Market research is one of the most essential steps which need to be taken before setting