Starting a business is always exciting and challenging. One from the outside only sees the idea, criticizes it for the way it is being carried out and point out where all the entrepreneur has gone wrong. Very few people sit back and absorb what is happening and appreciate the efforts that has been put in or even give helpful suggesting along with the criticisms.
As a person fresh from college or after quitting a well paying job, one is under tremendous pressure to not only earn good money but will also have financial commitments to keep up and other financial responsibilities, which make it a must for them to earn well.
It is easy to sit back and tell someone to start a business, just because there is a future in it or they are good in that field. Here are some of the difficulties faced by startup companies and their owners:
It is anyone’s guess that starting a business and running it requires funds. When you are a startup, the funds required will me much more than what is required by an established business. This is because, everything is new and everything has to be acquired. One cannot enjoy the regular customer discounts and the like, that are specifically reserved for existing companies that have a good rapport with the supplier.
Also, since one is inexperienced, expenses will definitely be more than what was accounted for, as most of the time one expenditure will lead to the other and there is hardly a way to avoid it.
No matter how unique the product or service is, there will be competition. If it is similar to something already existing in the market, one will have to create a name for themselves and get recognized enough for people to give them a fair chance.
If it is a totally new product or service like the online trading platform The Brit Method, people will have to be convinced that it is legitimate and they can trust their money with this product. To change people from their old habits is quite complicated.
When you run a business, be it small or big, you will need employees. These employees can make or break your business, hence it is important to ensure they are good, capable and trust worthy. Selecting the right employee is very important and requires a lot of time and effort
Whether you are alone or have a partner, the decision making can be quite complicated.
For those on their own, they would be skeptical about their own decision and for those who have a partner, will have to brainstorm and convince one another for any decision to be taken.