LIKELY CHALLENGES AN ENTREPRENEUR CAN FACE IN ENTREPRENEURSHIP

Likely challenges an entrepreneur can face in entrepreneurship

1.      Lack of infrastructure: The first entrepreneurship challenge you will face in running your enterprise is lack of infrastructure, particularly in under developed and developing countries of Africa. If you are going to be a successful entrepreneur, then you must have the financial muscle to provide your own infrastructure.

Take some for instance if you want to start a manufacturing firm in Nigeria, you will need to build your own factory, provide your own water supply and other amenities that smoothens enterprises operations.

This single factor lengthens the time frame from initial planning to full entrepreneurship operations when compared to developed countries that have the basic infrastructure in place. Presence of infrastructure challenge will directly or indirectly increase your startup overhead cost so you have to properly factor in, this challenger in your enterprise plan.

2.      Poor power supply: Poor power supply is the next challenge militating against the successful growth of small enterprises in developing and under developed countries. Successful enterprises operating in developing counties like Nigeria has found a way to deal with the challenge of power supply by providing their own power.

3.      Inadequate security: Security is the next challenge an entrepreneur will have to tackle for successive entrepreneurship. Countries that have security challenges tends to affect successive entrepreneurship. So therefore, an entrepreneur needs to find a way to wage war against security challenge if there will be success in the enterprise.

4.      Inconsistent government policy: This is often common in west Africa countries like Nigeria. Governance is something entrepreneurs have no control over; all entrepreneurs can do it to try to influence government’s policy with respect to enacting favorable business laws. But you must have a political clout and massive resources to be able to influence government laws.

Now you may not have the political clout or financial muscle to influence government policy so the best strategy to combating the ever changing  government policy is to keep an eye on government laws and swiftly adjust your enterprise to align with the policies.

5.       Transportation challenges: One of the likely challenge in entrepreneurship is poor transportation standard. As expected; the dependable source of raw materials you need may not be situated close to your target market. So you will decide if to locate your enterprise close to the raw materials or close to your market. Furthermore; transportation of either raw materials or finished goods will be involved and this can be a great challenge to the entrepreneur if this problem exist.

6.      Inability to access sufficient funds: Of all entrepreneurship challenge, this one interest entrepreneurs the most. Inabilities to access funds and unwillingness of banks to give loans to entrepreneurs are one of the major challenge one can face in entrepreneurship.

However, this challenge can be surmounted if you are a de hard, creative entrepreneur. Hard core entrepreneurs are not held back by the lack of support from banks; they are not  discouraged by the unavailability of startup capital. Rather than lament over the predicament, they look for creative ways to finance their business plans and ideas.