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Challenges of a business.

Discussion in 'Business' started by Ohanga, Nov 5, 2017.

  1. Ohanga

    Ohanga Member

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    What are the various challenges that are common in most businesses?
     
  2. MattTolentino02

    MattTolentino02 New Member

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    I have recently opened my own small physical store. Here are some challenges that I face:

    1. Time management - I have to do it all at first. Researching, buying of supplies, inventory checking and manning the shop. I am left with very little time to do other things.
    2. Staffing - I cannot afford yet to recruit someone from an agency. Eventually I found an employee from a referral. Her work quality is not yet satisfactory so I am finding ways to make sure that she does better in the future.
    3. Lean days - Sales are not always good. My rent rate, utility rate and the salary that I give to my staff does not change even if the sales of the day are low.

    There are more challenges that I have faced and will continue to face but the ones I mentioned are the most common.
     
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  3. ebuka

    ebuka New Member

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    Business challenges differ according to the type of business involved and the business location, the most common challenges one could face while doing business according to my experience are ;

    1. low sales; daily sales are relatively low because of the of some hinges which are beyond the control of the business owners, and it is mostly caused by weather, for instance, during mid-year ( may, June July and August), during the heavy downpour, the volume of sales reduces. most time during this period you won't be able to pay your staffs and physical rents.
    2. Running cost; the cost of running a business here in Nigeria and other African countries are very high, which could be related to low level of infrastructure. For instance, the cost of transporting physical products faces major challenges like bad road because road is the only and available means of transportation most physical product to their various markets, in other words, business owners pay high and incur damages before their goods could be sold and these reduce their business profits
    Power generation is also another common challenges related to the cost of running a business. Here in Nigeria, almost all the area where business are done lack electricity and power supply which has prompted most business owners to rely on the power generator to run their business.
     
    Last edited: Nov 21, 2017
  4. Ohanga

    Ohanga Member

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    Am glad to hear that you are your own boss and you posses qualities of a good entrepreneur that is taking risk of which they are the challenges that you are currently facing,and also you have to make your own decisions without consulting any one and this include even critical decisions.

    This also slows down the store operations but at long run as the store continues to exist it will pick up very easily and you will eventually enjoy your business. Bravo for being an entrepreneur.
     
  5. wanyonyi chrispin

    wanyonyi chrispin New Member

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    Most businesses face the problem of mis management. A lack of the required skills in the management of business has led to the collapse of many businesses. I t i advisable that you hire qualify personnel to manage your business,otherwise you risk the eventual downfall of the business in the wrong run. If it is yourself that is managing the business,then it is only goof that you research extensivlely before you make any decission in as far as business management is concerned.
     
  6. wanyonyi chrispin

    wanyonyi chrispin New Member

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    Most businesses face the problem of mis management. A lack of the required skills in the management of business has led to the collapse of many businesses. I t i advisable that you hire qualify personnel to manage your business,otherwise you risk the eventual downfall of the business in the wrong run. If it is yourself that is managing the business,then it is only goof that you research extensivlely before you make any decission in as far as business management is concerned.
     

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