A business enterprise comes into existence due to the efforts of entrepreneurs who come together with experts & professionals who are well integrated to form the startup functions.However, there are several issues and problems faced by entrepreneurs while giving shape to their idea.
The entrepreneur might be having a very good business idea. But an idle entrepreneur is one who can implement these ideas into an actual business. The entrepreneur in order to do so has to study the market to know whether the idea of products or services could be accepted by the customers. For this purpose, the entrepreneur has to do an in depth study of the market and determine the demands of the intended products/services. This would help the entrepreneur to determine whether the venture would be successful and profitable or not. There are various options available to the entrepreneur as far as the choice of business form is concerned. He could go in for sole proprietorship, a partnership or a joint stock company. A company form of organization is suitable in case of large-scale business, while sole proprietorship or partnership is considered more suitable for small scale and medium scale business. No business can start or progress without initial capital. Capital is needed for the entrepreneur to buy fixed assets like land and building, machinery and equipment. Further, finance is needed to meet day-to-day expenses of the business.
The problem of locating the business unit is another issue that should be carefully handled by entrepreneur. Location of a business unit depends upon many factors like availability of raw material, availability of transport, power, water, nearness to market etc. Size of the business is influenced by several factors like technical, financial and market considerations. When entrepreneurs feel that they can market the intended products or services and can raise sufficient amount of capital, they can start their operations in a big way. The choice of machines, equipments and processes is a delicate problem before starting a new venture. This depends on various factors like availability of funds, size of production, and the nature of production process. It is important for the entrepreneur to identify the right people for the correct area to work in. He should boost the employee morale and that in turn would improve employee efficiency. If the size of business is large, the entrepreneur has to find
Suitable competent persons for various functional areas. The entrepreneur has to find solution too many problems and issues while launching a new business. A lot of people simply would love to do things later than having to do them right away. People tend to develop a procrastination habit and entrepreneurs are no exception to that. Some entrepreneurs want to perfect every aspect of their business all at once. Their standards are so high that it becomes impossible for others to live up to them. There’s nothing actually wrong with setting high standards so long that these standards are realistic.
An entrepreneur is a true leader, one that is looked up to by his employees. He should have confidence and a positive attitude towards his work. He should be able to divide the work amongst all the employees evenly, and not do it all by himself. He has to hone delegation skills. Some entrepreneurs have the fear of delegating things so they usually end up doing everything by themselves. This is not an advisable practice because as a competent entrepreneur you should be able to delegate tasks with sheer confidence.
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