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special issues for an entrepreneur

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special issues for an entrepreneur

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

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