Stats: 3,188,223 members, 7,934,015 topics. Date: Wednesday, 28 August 2024 at 04:20 PM |
Nairaland Forum / Nairaland / General / Business / What's Your Greatest Challenge As An Entrepreneur? (16760 Views)
16 Reasons You Should Be An Entrepreneur And Own A Business / 3 Advantages Of Starting Small As An Entrepreneur / 10 Things No One Will Tell You About Being An Entrepreneur (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)
What's Your Greatest Challenge As An Entrepreneur? by Newsoodles: 3:25pm On Sep 08, 2019 |
Entrepreneurs Greatest Challenge In Business. [img]https://4.bp..com/-czO-B5BhfsQ/XGfvaDGJSDI/AAAAAAAAAhM/UO_h4w28-TgevFekJM4E9XltfyiehuTgQCLcBGAs/s1600/Entrepreneur.jpg[/img] I met a young businessperson some years back and asked him what was his greatest challenge in business. Dude went ahead and said marketing. He was with no doubt on the right track but at a profound dimension, it isn't marketing but... But what? Competition! [img]https://2.bp..com/-iqRwzlxfwSY/XGfuyMup9fI/AAAAAAAAAhE/sWIwpjhl_SoVX-UL11yJg8Y7MVmUO7gLACLcBGAs/s1600/Competition.jpg[/img] Many years ago, an Austrian-born American management consultant, author, and the popular “founder of modern management,” Peter Drucker cited that “Business has only two functions — marketing and innovation.” Business can be challenging when paddled with a quack marketing but nonetheless, competition is a greater challenge. Envision that you are the main advertiser on the web or you are the only one publicizing your products online. Regardless of your showcasing approach and expertise, you will have your audience and always gain peoples attention. Marketing becomes a problem due to the fact that the computerized world has become a hybrid civilization of interdependent economy with millions of small businesses springing up daily and billions of entrepreneurs finding common ground. Everyone wants to be known and recognized, and this quest to gain an abiding relevance and popularity on the web led to an eternal struggle of endless competition. With billions of potential businesses competing against yours, you will want to figure out a way to outperform your rivals. That's why your business either has to be competitive or anticompetitive in nature. If your business is competitive, you have to make use of good business intelligence and employ all forms of strategy such as competitive strategy & customer retention strategy, and sometimes based your competition on price factor and customers relationship management. But if your business is anticompetitive, you provide rare value and amazing qualities are already crafted at the core of your products. You wouldn't have to compete on prices because you already provide values like no one else have done. Apple, Samsung, and Microsoft are the most suitable example of befitting companies. With a smartphone and a laptop costing over $1000+, people will still cue on ground competing to buy. Meaning that if your business is anticompetitive, your customers will do the competition for you irrespective of the price attached. With my points clearly stated, kindly drop in the comment below any useful suggestion and contribution. Source: https://www.newsoodles.com/2019/04/entrepreneurs-greatest-challenge-in-business.html 2 Likes 3 Shares |
Re: What's Your Greatest Challenge As An Entrepreneur? by shamecurls(m): 3:32pm On Sep 08, 2019 |
Women , Beer and Cat-fish 39 Likes 2 Shares |
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 3:33pm On Sep 08, 2019 |
Having 24/7 power supply was my biggest challenge as an entrepreneur,I was able to solve that using a portable inverter and solar system for my laptop.....I dropship tech products and accessories on foreign platforms hence I need to be online always to attend to orders,also identifying quality products for my store, identifying unique products that will sell well , selling with the wrong price is also a major challenge for me. 13 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by OGand99others: 3:34pm On Sep 08, 2019 |
Finance Management 9 Likes 2 Shares |
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 3:34pm On Sep 08, 2019 |
Breaking even. If you're not careful, you might run a business for a year or two without making profit or loss. You will just be pushing it until a breakthrough comes your way. Funniest part is you can't afford to quit at that point, cos if you do... To start all over again would be almost impossible. Just have another steady source of income. Shikena 55 Likes 4 Shares |
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 3:34pm On Sep 08, 2019 |
![]() I'm a freelancer and Kindle Author. My greatest challenge is electricity. To write a book (KDP) or do freelance jobs (Fiverr & Upwork), I need a very conducive, well-lit, environment. I spend roughly N700 daily on petrol for gen to power my home office. Electricity is very important. Sadly, the Nigerian government doesn't want to do anything about it. We gained Independence in 1960. It's been 59 long years and Nigeria cannot boast of 24 hour electricity. 29 Likes 1 Share |
Re: What's Your Greatest Challenge As An Entrepreneur? by Sunofgod(m): 3:34pm On Sep 08, 2019 |
Capital 2 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by SavageResponse(m): 3:34pm On Sep 08, 2019 |
Getting finance is the biggest challenge faced by an entrepreneur 6 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by WORLDPEACE(m): 3:35pm On Sep 08, 2019 |
Making Money. 2 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by TemmyT002(m): 3:35pm On Sep 08, 2019 |
Rendering services to clients at a cheap price just to help them and they still keep trying to haggle prices. Weird people everywhere. 21 Likes 1 Share |
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 3:35pm On Sep 08, 2019 |
Funds to finance my business and we lack catfish here in Rivers State. If you have catfish farm and will love to sell pls dm me. Asap! 07061886012 wats app 4 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 3:35pm On Sep 08, 2019 |
Dealing with demanding customers..... ![]() ![]() ![]() |
Re: What's Your Greatest Challenge As An Entrepreneur? by RexTramadol1: 3:35pm On Sep 08, 2019 |
Customers wey no know pass to blame Buhari After dem go dey find credit Alawin 3 Likes 1 Share |
Re: What's Your Greatest Challenge As An Entrepreneur? by Lottied: 3:35pm On Sep 08, 2019 |
Human resources! 7 Likes 1 Share |
Re: What's Your Greatest Challenge As An Entrepreneur? by wonder233: 3:36pm On Sep 08, 2019 |
So far, for me it's been the dearth of reliable people to work with, there's so much dishonesty out there. 46 Likes 5 Shares |
Re: What's Your Greatest Challenge As An Entrepreneur? by Johnsonbet365(m): 3:36pm On Sep 08, 2019 |
Ok next |
Re: What's Your Greatest Challenge As An Entrepreneur? by analysta: 3:36pm On Sep 08, 2019 |
There are certain dependencies that can make or break an entrepreneur, alot of people think that there is a secret to success as an entrepreneur. Research has shown that there is no one path. This why I like the book “ Foreignpreneur; the 9 dependencies of success “ you can understand more about the most important challenges that you need to be aware, to build a successful business 1 Like
|
Re: What's Your Greatest Challenge As An Entrepreneur? by Brooke60(f): 3:36pm On Sep 08, 2019 |
As a Digital Marketer, many times, I have to bring my price down to satisfy clients. People look down on small brands. Also, financial aspect is always a Problem. Incase you have issues in running sponsored ads, I train, I help to run, I handle social media pages, I can trend your business on Twitter e.t.c. I am a digital marketer 11 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by Wolexdey(m): 3:36pm On Sep 08, 2019 |
, |
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 3:37pm On Sep 08, 2019 |
getting your customers to pay in a timely fashion customers repeatedly changing their requests we have agreed on this design. we have agreed on price. then you start making multiple change requests. all this is burning my energy and reducing profit and taking time from other jobs. unfortunately, it is what it s 5 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by Amalekki: 3:37pm On Sep 08, 2019 |
Manipulative employees. 3 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by iCauseTrouble: 3:37pm On Sep 08, 2019 |
Time management 1 Like |
Re: What's Your Greatest Challenge As An Entrepreneur? by Checked86: 3:37pm On Sep 08, 2019 |
idea |
Re: What's Your Greatest Challenge As An Entrepreneur? by Angelfrost(m): 3:37pm On Sep 08, 2019 |
Two main challenges bedevil small and medium scale business growth in Nigeria: Capital base and purchasing power of the client base. Competition becomes an issue if you are either in a crowded market, or you are in the wrong biz. 5 Likes 1 Share |
Re: What's Your Greatest Challenge As An Entrepreneur? by lenghtinny(m): 3:37pm On Sep 08, 2019 |
I don't know why funds and finance starts with letter "F" ![]() 1 Like 1 Share |
Re: What's Your Greatest Challenge As An Entrepreneur? by Newshubs: 3:38pm On Sep 08, 2019 |
Of course connecting to the audience has always been the Devil face old and new Businesses Anyway, get a PROFESSIONAL Logo for your Product or Business for 1k Only. Offer Available Today Only. See beneath this post for my WhatsApp link |
Re: What's Your Greatest Challenge As An Entrepreneur? by ednut1(m): 3:38pm On Sep 08, 2019 |
Employees. They would finish you and run you down 13 Likes 1 Share |
Re: What's Your Greatest Challenge As An Entrepreneur? by Offpoint: 3:38pm On Sep 08, 2019 |
Mine in descending order. 1. Nigeria pathetic power supplies 2. Useless Nigeria Network 3. My neighbor's who think I'm a yahoo boy.... 4. Funds to boost facebook and google ads. 15 Likes |
Re: What's Your Greatest Challenge As An Entrepreneur? by loshybab(m): 3:39pm On Sep 08, 2019 |
Newsoodles:Mehnnnn!Na market ooo. |
(1) (2) (3) (4) (5) (6) (7) (Reply)
Old Naira Notes: Nigerians Fear Massive Losses As Deadline Draws Near / Gtbank Dominates CBN E-payments Awards, Wins 8 Out Of 12 Banking Honours / Barbershop Brings More Profit Than Cybercafe. True/ False ?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 29 |