I am researching on the difficulties when the people decide to start a new business, If they had any problems or difficulties when they began with their entrepreneurial project.
Start with market research as per the best sources, budgeting, fund flow management (at least for a year plan), check all the legal aspects, maintain all record lawfully, work on risk management, manpower resources, work allocation all respective assignments .
They will not face any problem for sure.
Following are the top tough things one must diagnose and drill before stepping in :
1) SWOT analysis of the project - so that the idea initiate is well conditioned and nourished.
2) DPR (Detailed Project Report) - this is where you go through the pros and cons of your project and also can be helpful in case if you opt for Bank funding.
3) Capital Management - Aim should be at Minimum Investment Optimal returns for a beginner.
4) Rapid Review - This is where you channelize your potentials
5) Test Marketing
ALL THAT MATTER IS HOW YOU TRY AND LEARN FROM THE MISTAKES.
AL THE BEST.
DIFFICULT THINGS OFTEN LEAD TO BEAUTIFUL DESTINATIONS! CHEERS !
The most difficult thing is that the leadership team needs to do EVERYTHING necessary to stay in business ... even the things that you don't know you need to do. Didn't know your state has business personal property tax (yes, that's a thing) you get to pay it PLUS penalties. Don't know about fair labor standards and have statutory employees - possible lawsuit.
The startups I work with often resist getting the professional support they need because they "can figure it out themselves - use Google - read a book - and save money". Most startups need a team - cofounders and professionals.
So - the most difficult thing is deciding what you want to be - a founder, cofounder, contractor - business owner, freelancer, franchisee - the next multi-billion-dollar multinational or a lifestyle business. What are the results you want to produce and what effort are you willing to put into producing them?
Get realistic. When I get people to do the "why am I starting a business?" exercise, we often find the expectation of developing a billion-dollar business, retaining more than 50% of equity, while being able to leave work early ("employees work, I OWN the business") and having an 7 or 8 figure exit in less than 2 years. You may THINK you are more realistic, but until you get SPECIFIC about how much work you will do and what results you expect ... you're probably more pie-in-the-sky than you think.
I found the most difficult thing is like in my country Bhutan, the poor people like me are not getting a single loan because of lack of mortgage though we come up with a positive business proposal.
everything is difficult therefore to keep going is most difficult
I think first of all you need to have an innovative idea or something that bring the plus in the market then as first step you need to make the market research to see the opportunities and the threatness and you need to focus on step because it s the important step that will decide if you project gonna be a success or a fail
Staying mentally sane during the process of driving the Business forward. Staying Mentally strong while thinking unconventionally (that is, if you do).
Sticking to the core vision of your Business, the "WHY ?" of your Business, Your WHY ?
the right product / serivce is the main thing to start your business , all other elements are easier !
funds are a big hiccup. Some entreprenuerial projects do not need you to start too small. you still have to buy that smallest machine required for your production. When you spend all that you have, and you only need some extra money to start production, and nobody comes to pull you along, you know you cant go anywhere and the project stalls