Entrepreneurship Challenges and Types Decoded | Tips for Success
Explore the different types of entrepreneurship like Small Business, Scalable Startup, Large Company, and Social Entrepreneurship along with key challenges faced by entrepreneurs such as developing a vision, conducting market research, planning, raising capital, and building a strong team. Learn valuable insights and tips for navigating the entrepreneurial landscape successfully.
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Presentation Transcript
METHODIST COLLEGE OF ENGINEERING HYDERABAD
TYPES OF ENTREPRENEURSHIP Small Business entrepreneurship: (Ex: grocery stores, hairdressers, consultants etc. ) 1. Their definition of success is to feed the family and make a profit, not to take over an industry or build a $100 million business. Can t provide the scale to attract venture capital, they fund their businessesvia friends/family orsmall business loans. Scalable Startup entrepreneurship (Ex: Ola, uber) 2. attract investment from venturecapitalists Large Company Entrepreneurship 3. Changes in customer tastes, new technologies, legislation, new competitors entirely new products sold into new customers in new market Social Entrepreneurship 4. Creating products and services that solvesocial needs and problems Goal is to make the world a better place, not to take market share or to create to wealth for the founders
Challenges 1. Developing the Vision and Business Idea: Developing theVisionand Business Idea: The ability tosee whatotherscannotsee While others see problems, an entrepreneur must see opportunities Identifying a problem Seeing an opportunity in the problem Coming upwith a solution Forging the opportunity intoa business idea Integrating the solution intoa business plan
Challenges 2. Poor market research Before you invest a single penny in your new business, you need to conduct market research Identify potential customers, Set realistic targets, develop suitable strategies A common problem for new businesses is that they overestimate the size of their potential market.
Challenges 3. Detailed business plan. Business plan helps us to focus on the mission and scope of your business. Figure out exactly how the business will run Realistically project how much money the business will make
Challenges 4. Raising Capital for Startup After developing an idea, the next challenge that the entrepreneurs are going to face when starting a business from scratch is that of raising capital. An entrepreneur is the only one that knows business idea to the core. Trying to convince investors about something that doesn t exist is definitely a challenge. To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and vision to potential investors
Challenges 5. Developing a Business Team Most brilliant ideas and products never get funded because the entrepreneur is trying to raise capital as an individual. A business team is a vital, yet often ignored key to raising venture capital successfully. As an entrepreneur bound to have strengths and weaknesses. That is the more reason an entrepreneur needs a business team to cover up or compliment their weaknesses.
Challenges 6. Unforeseen Challenges An entrepreneur must be prepared for whatever comes. Unexpected challenges can come in the form of: Unexpected law suits, Inconsistent government policy, Not being able to make payroll Unpaid bills and taxes ,Unexpected resignation of staff from sensitive office Bad debts from customers, Loss of market share, unforeseen increase in business expenses,Inadequate stock or inventory These business challenges, if not handled properly can ruin the plan to build a successful business
Challenges 7. Competition Competition is a benchmark for creativity, the main engine that stimulates innovation and production of quality products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant.
Challenges 8. Keeping Up With Industrial Changes and Trends Change in trends is a challenge an entrepreneur must be prepared for when starting a small business. Trends have made and broken lot of businesses. profitable businesses that have been wiped out by slight industrial changes and trends. The only thing constant is change Today, information keeps changing. New facts and data keeps emerging and replacing old beliefs and trends. Due to this information overload, it gets difficult to find effective solutions. It becomes a challenge for a new business to sort through this data and come up with good decisions. However, one easy solution is to look for the authenticity of the data
