Special issues for an entrepreneur

1. SPECIAL ISSUES FOR
AN ENTREPRENEUR
PRESENTED BY
KIFFAYAT ALI
IMBA ROLL No. 24
IX SEM

2. Entrepreneurs face many challenges in today’s
ultra-competitive business world; fortunately,
contemporary times have also blessed
entrepreneurs with more resources for tackling
those problems than ever before. The following
lists the “Top 10” challenges faced by
entrepreneurs today, defines why each problem
exists, and offers solutions so you can operate an
efficient and successful business.
INTRODUCTION

3. It takes experience to be able to tell whether a business
idea is good or not. It also takes some reasoning about
what it means for a business idea to be good. For
example, building a Google search engine was a good
idea in the 1990s, but 99.99% of the population could
not execute that idea2 to the level of quality that would
have been required.
1. BUSINESS IDEA ISSUE

4. An entrepreneur’s life is not enviable, at least in the beginning.
It’s extremely easy to get discouraged when something goes
wrong or when you’re not growing as fast as you’d like. Self-
doubt creeps in, and you feel like giving up.
Having a good support system will help: family and friends who
know your goals and support your plight, as well as an advisory
board of other entrepreneurs.
2. SELF DOUBT

5. You want to start or grow your business, but you have
little capital to do it with.
There are many ways to earn funding, from traditional
bank loans to family and friends to Kickstarter
campaigns. You can choose these routes, certainly, but I
prefer the self-fueled growth model in which you fund
your own business endeavours.
3. CAPITAL

6. The hiring process can take several days of your time:
reviewing resumes, sitting through interviews, sifting
through so many unqualified candidates to find the
diamonds in the rough. Then, you only hope you can
offer an attractive package to get the best people on
board and retain them long-term.
4. HIRING EMPLOYEES

7. Lastly, most entrepreneurs struggle with understanding
three key legal themes:
 How they should structure the business when
incorporating.
 The licences and permits required by their city,
county, state and country.
 The level of protection needed for the business in
terms of patents, copyrights and trademarks.
5. LEGAL QUESTIONS

8. Proper budgeting and planning are critical to
maintaining cash flow, but even these won’t always
save you from stressing over bills. One way to improve
cash flow is to require a down payment for your
products and services. Your down payment should
cover all expenses associated with a given project or
sale as well as some profit for you
6. CASH FLOW MANAGEMENT

9. You’re just unsure how to pick a niche.
Have them conduct market research and create a report with
suggested niches, backed by potential profit margins and a
complete SWOT analysis: Strengths, Weaknesses,
Opportunities, and Threats.
7. CHOOSING WHAT TO SELL

10. You don’t know the best way to market your products
and services: print, online, mobile, advertising, etc. You
want to maximize your return on investment with
efficient, targeted marketing that gets results.
If you’re not adept at creating marketing plans and
placing ads, it’s a good idea to outsource your
marketing strategy to someone who is.
8. MARKETING STRATEGY

11. Every entrepreneur faces this issue at some
point. While some businesses can be
bootstrapped (operated without a cash
injection), most businesses will need a cash
injection of some sort to help it get the
resources it needs.
People often over focus on investors. But
investors are not the only option. In addition to
possibly getting an investment, people can try
to get donations via crowdfunding or various
fundraisers, loans, or grants.
9. STRAPPED BUDGET

12. Time management might be the biggest problem faced by
entrepreneurs, who wear many hats. If you only had more time,
you could accomplish so much more.
 If any tasks do not mesh with your goals, eliminate it or
delegate them
 If any tasks do not absolutely have to be completed by you,
delegate them
 Consistently ask yourself: “Is what I’m doing right now the
absolute best use of my time?”
10. TIME MANAGEMENT

13. THANKS