Starting a new business has been an uphill task with several challenges deterring the success of upcoming entrepreneurs in the market. Most the businesses have collapsed at preliminary levels while those who survive make their owners enjoy huge returns in future. This is the reason why a serious businessperson must be ready to get consultants to help them manage and survive in the market. As a business consultant, it is important to outline the several challenges that will affect the new entrepreneur in the market.
When starting a new business, several business considerations must be considered including the challenges to be faced. A new business may lack constant flow of finances to manage and maintain the business. A business may kick off well but finally collapse because of lack of proper startup funding (Sitkin & Bowen, 2013). It is therefore advisable for any entrepreneur to partner with commercial banks or to loan urgencies to ensure the stability of that business. Another challenge faced is lack of proper time management. Time management contributes largely to the success of any business since it helps in avoiding time wastage. Therefore, it is essential for a business advisor to help the new entrepreneurs in time management.
New businesses suffer from ups, and down hence the owners of the business must be ready to stick it out whatsoever. According to Perkins (2004), the business may start of a smooth path and start experiencing profits. The owners must be in their right minds to manage such success and maintain good performance. However, in case of negative returns, the owners must work as a team to turn the weaknesses into strengths and experience profits. Another aspect that may lead to the failure of the business is lack of knowledge. As such, the two business partners must do wide research and consultation with those who have been in the same line of business. This will enable them to acquire enough knowledge to be able to run the organization. They will also regularly interact with people with experience of such business thus seek advice when necessary.
In the process of working to make the business success, one can overlook balancing their lives. The two must be ready to control their lives and enable them to balance stress that might come up. They also need to eat well and have time to relax (Sitkin & Bowen, 2013). Daily exercise should be in their schedule so that they maintain a healthy life. Business is very stressful and can largely affect the health of those operating it. As such, lifestyle balance must be the priority of the two new entrepreneurs.
Since the duo is trained engineers, they will come up with creative ideas which they can work around the clock to commercialize them. Therefore, the two must be ready to develop intellectual properties and gain patent of them. This, in turn, makes them unique in the market thus making them have a strong client base (Sitkin & Bowen, 2013). Another important aspect that should be considered by the two before starting operations is registration. The two have to register as a corporate so that they can be legally identified by law. This is important, so that incase of any catastrophe or setback, they can be protected and legally represented in a court of justice. The process of starting a new business very involves hence the clients must widely research and invest only when convinced beyond doubt of possible smooth operations.
Perkins, B. B. (2004). The medical delivery business: Health reform, childbirth, and the economic order. New Brunswick, NJ: Rutgers University Press.
Sitkin, A., & Bowen, N. (2013). International business: Challenges and choices.
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