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Challenges faced when starting a business
Abstract
There are many challenges that an owner might face while starting a business depending on what a business might sell due to the current difficulties. Which is when taking proportions and answering every detail and being ready for any flaws that might occur and ruin the business. such as the pandemic and how businesses may tend to struggle with how they could operate and make a profit by selling their goods to their customers. They must also pay attention to their market and the competition that is selling against them and might lose them to customers such as sanitizers against wet wipe companies because of the pandemic crisis going on. Including keeping up with peoples trends and desires. Owners should be able to tell if their stock prices match the customer’s demand and or if they are going to be stable for the next month for the business to survive. They should also be prepared for what their consumers want most at their current moments and try to come up with ideas that would help them get safer.
Keywords;(stock, desire, demand, survive)
Challenges faced when starting a business
A business might face a lot of difficulties when starting such as knowing the exact proportion of demands that their customers want so they dont overly supply and waste their money. Businesses should be able to handle a crisis when it comes their way and be able to handle their financial downfalls and rise up again. They should also be prepared for any type of recession that might happen without their knowledge. They should handle a crisis such as the pandemic that is going on right now . to figure out ways that they can profit while staying at home. Schools profit by using online teaching for their students to learn at a distance. overtime entrepreneurs learn to make better decisions and make their businesses succeed. An example of real-life risk is how many businesses got shut down because of a pandemic going on due to a sickness called Covid-19, Businesses struggled with how could they make a profit when people arent allowed to visit any shops, so it led to businesses creating an idea such as online shopping for people to order at a distance and be able to protect themselves, not only does the business reduce its risk of getting sick but they could also gain profit from customers. Such as the supermarket where people order online the necessary supplies that they want and they deliver them to their houses safely with limited risk of human contact and at a safe distance from getting ill. Another type of business that seems to be benefiting are salons such as The salon I go to just announced it would create custom color kits for clients, providing everything they need to touch up, plus FaceTime support, says Kristen Elworthy, Opening a business through this type of situation might be very hard cause they need to consider the fact of employment and how products are going to be supplied or produced. they need to think of ways such as making online for ordering and delivering to their customers safely and also hiring employees to live chat with the customer in case they needed help in their online ordering. They should be ready for problems that havent even happened yet they should keep a wide eye for what may happen in the future and be prepared .. Covid-19 has led to reducing business hours and which meant limiting their time in selling their products. For example, some countries place curfews for their citizens and try to protect them, while others reduce the employee’s shifts or working hours. The outbreak of the disease has led to a high rate of unemployment some jobs were useless if workers had to stay away from each other and their jobs could not have been handled at a distance. Some examples of jobs that have been shut down such as dentists, working staff, schools, and coffee shops. businesses should be ready to have a negative demand for their supply because when a crisis comes the last thing people might want is useless things that won’t help them stay safe or get through it example in a pandemic people won’t even think of going to malls just so they can buy clothes if they are going to stay indoors or going to the cinema for their entertainment. The pandemic of covid-19 the lack of resources has been increasing people are buying more than what they needed and are creating a shortage of food and raw materials for other people and their needs as to what they want. The lack of toilet paper in some countries such as America and Australia. the lack of food and raw materials for people is also becoming a problem because it would lead to starvation. Some businesses, in this case, are benefiting a lot such as hand sanitizer companies, medical supplies, and tissue companies because they keep their business working so they can supply more and more for their customers and yet profit a lot from it. People will also start funding medical institutions to try and develop a cure for solving the problem. Another type of world crisis that is going on is the increase in plastic in the environment which lead to people getting mad and stopping buying any products made out of plastics, which lead to a lot of companies losing profit but they came up with an idea such as making metal straws to reduce the pollution and stop killing turtles for their plastic. Making a funding business or campaign to volunteer and save the turtles from plastic where would benefit a lot because thats what people want. An example is a business called Eco-Maniac which is located in the indigo icon tower. Their website gives more information as to what they do such as Our mission is to provide you with eco-friendly alternatives to the single-use plastics that are littering our planet. Rethink, Refuse, Reduce, Reuse! We can help you with products designed to help you live a more sustainable, earth-friendly, ocean-friendly lifestyle! . They try and spread awareness and help the environment stay safe. Also helping the habitat of animals. Businesses try to come up with ideas to benefit the world and at the same time profit from it.
References
- https://www.ecomaniaccompany.com/wp/
- https://www.nbcnews.com/better/lifestyle/11-ways-help-small-businesses-affected-coronavirus-right-now-ncna1178261
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