BLOG #3: CHALLENGES WHEN STARTING RUNNING A NEW BUSINESS

          In recent years, it seems like startup has been a new trend when more and more young people want to start their own business instead of working for distinct companies. However, startup is never easy since it requires tons of skills and it's also risky. But once you succeed, your earning per day may be far higher than the money you make in a full year as an employee. So, if you are an ambitious and determined person and enjoy challenges, startup is not a bad idea. In this blog, I'm going to write about some of the challenges that you might face when starting a new business. 

(Retrieved from http://platform.votigo.com/fbcontests/rules/Startup-Challenge)

1) Lack of finances: I believe that all of the young people when starting their business have to face this challenge. Start running a business, which means you have nothing at first and you are definitely unable to found a company and maintain it without capital and money. To make it clear, let's take a simple example. Mark Zuckerberg is currently the CEO of Facebook, a social media which is being used by billions of people all around the world. But do you know, in the early days of Facebook, one of the biggest that he faced was how to attract investors and bring money to the company. It was said that Facebook must reach 1.5 million users by the end of 2004 in order to get the first angel Investment and it is completely a big challenge for him. Maybe if he hadn't reached the requirement that time, we might not have had Facebook like today. 

(http://www.businessalligators.com/7-biggest-problems-mark-zuckerberg-faced-early-days/)

(Retrieved from http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10082689/Lack-of-investment-costing-SMEs-billions.html)

2) Business ideas issue: Basically, when you want to start a business, what you need to do is find an issue that humans face in their life which hasn't had any solution yet. Your work is to find a problem and find a solution for it. For example, Bill Gates becomes a billionaire and a successful entrepreneur since he knew what people need, which was Microsoft, an operating system needed to be installed in a new personal computer or laptop. However, this is not an easy thing when in these days and ages, people's life becomes much more convenient due to different types of available services and it seems like they don't meet any difficulties. 

(Retrieved from http://www.entrepreneur.com.ph/tag/december-to-january-2015-issue)

3) Hiring employees: Besides money, a company is unable to survive without the work and support from employees. And it's true that hiring employees is not a simple thing. Firstly, if your company is not a famous one and make profits, people will not want to work for you. There are a lot of companies that have to stop working due to lack of workforce. Another difficulty is you need to go to several stages like viewing resumes, doing interviews and this process might repeat so as to find best employees and it takes much time and effort. But once you can have best employees, your company may be able to be successful. So hiring workforce can be seen as one challenge that an entrepreneur need to face. 

(Retrieved from http://yourbizsuccesscoach.com/category/employee-hiring/)

4) Marketing and Customer Loyalty: Market is changing everyday! It is clear that today, the customers need your products but tomorrow, they possibly don't need it anymore. Besides, as time passes, more and more companies have been founded which sell the same products as yours with better function. Then, the market is much more competitive and that will be definitely a fight in terms of marketing. You need to find and think of marketing strategies that can attract your new customers and retain existing customers and make them buy your products as much as possible. It can be advertisements, social media, billboard or something more creative and attractive. If not, you will lose your customers and this is a big risk to your company. 

(Retrieved from http://www.seo-company-india.net/)