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What's Your Greatest Challenge As An Entrepreneur? - Business - Nairaland

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What's Your Greatest Challenge As An Entrepreneur? by Newsoodles: 3:25pm On Sep 08
Entrepreneurs Greatest Challenge In Business.



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!



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 Kendumazy(m): 3:32pm On Sep 08
My greatest challenge at the moment is payment on delivery model. Some customers are messing it up. Am a shirt seller and it's a unit item. What you are interested in, another customer may be interested in it as well, whereas yours is on the way to be delivered to you already and we told the new customer that the shirt has been sold. Unfortunately, you weren't at home or phone number wasn't going when the delivery person gets to customer address. Delivery person will have to bring it back and we can't tell the new customer that it's available again. Working on how to stop it very soon. Will be payment before delivery. May God bless our hustles. Entrepreneur isn't easy though but it's interesting and you only survive with a none giving up spirit. Remember, it takes a lion heart to have a lion share.

Once again, I sell UK men's shirts and have got new stock available. You can reach me on whatsapp 09090287555 to see my stocks.

You can also check the link below to see our thread.
https://www.nairaland.com/5272537/1st-grade-2nd-grade-3rd

41 Likes 4 Shares

Re: What's Your Greatest Challenge As An Entrepreneur? by shamecurls(m): 3:32pm On Sep 08
Women , Beer and Cat-fish

39 Likes 2 Shares

Re: What's Your Greatest Challenge As An Entrepreneur? by BlackAlbinoo: 3:33pm On Sep 08
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
Finance Management

9 Likes 2 Shares

Re: What's Your Greatest Challenge As An Entrepreneur? by ceeroh(m): 3:34pm On Sep 08
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 MasterRahl(m): 3:34pm On Sep 08
angry
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
Capital

2 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by SavageResponse: 3:34pm On Sep 08
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
Making Money.

2 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by TemmyT002(m): 3:35pm On Sep 08
Rendering services to clients at a cheap price just to help them and they still keep trying to haggle prices.
Weird people everywhere.

20 Likes 1 Share

Re: What's Your Greatest Challenge As An Entrepreneur? by SmilingScorpion: 3:35pm On Sep 08
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 therealakuko(m): 3:35pm On Sep 08
Dealing with demanding customers..... sad sad sad
Re: What's Your Greatest Challenge As An Entrepreneur? by RexTramadol1: 3:35pm On Sep 08
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
Human resources!

7 Likes 1 Share

Re: What's Your Greatest Challenge As An Entrepreneur? by wonder233: 3:36pm On Sep 08
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: 3:36pm On Sep 08
Money to say the truth I have over 4 business ideas which will surely bring in good ROI but since money says no watin man go do
Re: What's Your Greatest Challenge As An Entrepreneur? by analysta: 3:36pm On Sep 08
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
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
,
Re: What's Your Greatest Challenge As An Entrepreneur? by ornicus: 3:37pm On Sep 08
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
Manipulative employees.

3 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by iCauseTrouble: 3:37pm On Sep 08
Time management

1 Like

Re: What's Your Greatest Challenge As An Entrepreneur? by Checked86: 3:37pm On Sep 08
idea
Re: What's Your Greatest Challenge As An Entrepreneur? by Angelfrost: 3:37pm On Sep 08
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
I don't know why funds and finance starts with letter "F" angry

1 Like 1 Share

Re: What's Your Greatest Challenge As An Entrepreneur? by Newshubs: 3:38pm On Sep 08
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
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
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
Newsoodles:
Entrepreneurs Greatest Challenge In Business.



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!



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
Mehnnnn!Na market ooo.

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