PERSONAL CHARACTERISTICS OF THE ENTREPRENEUR (RISK TAKER, GO GETTER ETC.)
UNWILLINGNESS TO DEVOTE THE IMMENSE AMOUNT OF TIME AND EFFORT REQUIRED TO MAINTAIN THE BUSINESS.
THEY MAY HAVE TO LITTLE KNOWLEDGE OF THE BUSINESS AND HOW TO RUN IT.
FAILURE TO DEVISE AN ADEQUATE FINANCIAL PLAN FOR THE BUSINESS AND TO ASSESS ITS ABILITY TO RETURN A PROFIT.
FAILURE TO UNDRSTAND THE MARKET IN WHICH THEY ARE SELLING THEIR GOODS AND SERVICES.
COMPETITION FROM OTHER BUSINESSES MAY BE TOO SEVERE.
THEIR OWN PRICES MAY BE TOO HIGH TO SUCCESSFULLY COMPETE FOR CUSTOMERS.
MARKET MAY BE TOO SMALL FOR THE PRODUCTS THEY HAVE TO OFFER.
BUSINESSES MAY TAKE MONTHS OR EVEN YEARS TO BUILD UP SUFFICIENT CUSTOMERS. IF THERE IS INSUFFICIENT CASH IN THE INTERIM, THE BUSINESS MAY FAIL.
IN ESTABLISHING A BUSINESS, IT IS EASY FOR AN INDIVIDUAL’S JUDGMENT TO BECOME CLOUDED. THE DESIRE TO GO INTO BUSINESS MAY ENCOURAGE ENTREPRENEURS TO PLUNGE INTO THE FIRST BUSINESS THAT THEY CAN AFFORD, WITHOUT STOPPING TO CONSIDER ITS POTENTIAL EARNING POWER.
Leave a Reply