11 COMMON CHALLENGES OF STARTUPS

11 COMMON CHALLENGES OF STARTUPS

11 COMMON CHALLENGES OF STARTUPS

 

Starting a business from the ground up is no easy feat. While many business empires may have started off from humble beginnings, not many starting businesses get past the first three years. In fact, there is a sad reality that at least 90% of startup companies fail during that early period.

The cutthroat nature of the business is a make or break for many who aspire to venture into the risky but lucrative world of business. But what is it really about starting a new business that causes so many to fail yet leaving others to success, sometimes beyond their expectations?

 

Money

It takes money to make more money. Nowhere is this logic perhaps truer when you talk about starting a business from scratch. Whether it is capital—which is perhaps the foundation of many companies—or the funds required in maintaining the business, money is basically the lifeblood of any business, even startups.

When the cost of sustaining the business becomes bigger than the revenue it earns during its operation, deficits occur. Consequently, prolonged negative income results to bankruptcy and closure of the business.

Wrong Team

The world is a big place to conduct business with. As your business grows, so does your need for added manpower to handle your business with you. Given the importance of the quality of the workforce in maintaining and growing a business, many startups essentially fail because they are comprised of people who are not competent in sustaining its survivability and growth.

You do not need to build a team based on people from prestigious schools. But you should at least be able to find the roster which is efficient and effective enough with regards to the roles to which they were assigned in.

 

Poor Time Management

We only have 24 hours in a day. Set in the idea that “time is gold,” every second count in business. Yet, while there’s plenty that can be done in an hour of operating a business, there are also plenty of distractions that hamper your business’ productivity. Many businesses do not succeed because they fail to trim down the inessentials from the essentials.

 

Insufficient Planning

Many startups fail because their level of planning did not meet the actual effort needed to enact it. Majority of startups, possibly due to being inexperienced, come shortsighted that they overlook to cover the critical bases of running a business such as funding, staffing, development, and skill shortage.

Another common issue about beginner businesses failing is their apparent lack of contingency plan which is pivotal in overturning bad circumstances which the business may encounter along the way. At the worst-case scenario, your business may be doing well one year, only to be turned upside-down. A well-planned business ought to know how to reverse this situation or otherwise survive through it until things improved for the better.

In the unpredictable world of business, optimism alone is not a strong foundation on which a business could rest from.

Weak Co-Founders

Not all poorly conceived teams are blamed on the employees alone. The heads of the company, too, may at times to blame for its bad management.

As the people responsible for some of the most critical decisions in a company, the co-founders of the company should exhibit good leadership and proper management lest the company they built crumbles.

 

Unable to Meet Up with the Demands of Growth

Making a business grow may be a good thing for any startup, but if the company itself is unable to meet up the demand that comes with its growth, the business will only become overburdened or, worst, less functional.

 

Unwillingness to Move Past Comfort Zones

Running a business is not necessarily easy. At times, there are certain conditions to consider but are out of the company’s comfort zone. Oftentimes, it is on that “other side of the fence” where the company’s continued survivability rests or growth can be attained from.

Stiff Competition

Unless yours is a business which capitalizes in a very lucrative “one in a million” idea, chances are you will be competing against businesses which offer like products or services. But it is not always just the pre-existing big players who are always the concern. Even future coming businesses are also a worry, especially when they themselves are poised to add to the saturation of the market yours belong to.

Branding

The world of business is saturated with companies which offer services that are not too different from one another. While in the industry, it is called “competition,” in reality, making an innovative business that truly stands out often come few and in between. Hence, many clueless entrepreneurs tend to copy ideas of which business to engage and tries too little to differentiate by coming up with something unique and helpful to the society.

But one of the major pressing problems with entering a market supersaturated of the same thing is competing against brands that have already entrenched themselves in the business. For startups, this might imply striving harder to be known and to offer better services and products than the bigger players already in the market.

Yet, as simple as it sounds like, real branding is anything but. After all, it is a procedure which entails sets of processes with a similar goal: to establish a brand that will be a symbol of a particular business.

The absence of Proper Mentorship

You may be a founder of a business who is confident enough in what you had learned from school as a business major, but without the right insight and actual experience in how business actually works in the real life, knowledge about business concepts alone may not amount to much.

Some startup businesses fail because they come far too myopic to actually see the bigger picture and therefore neglect to learn to adjust their play and face competition.

Typically, relevant information such as of this nature would come from people or entities with sound knowledge of how business truly works.

 

Bad Management

When you talk about group or groups of people working under a similar cause, you refer to established rules and culture which everyone follows. If a startup company does not have a solid grasp as to how its regulations and culture should be like, the company loses a significant part of its identity, more so its integrity as an independent unit.

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47 Comments

  1. vincent A tranquilo

    The common challenges on staring a business is to competent the market plan and to create something that is new for costumer.

  2. kevin augustine peligrino

    In business you have a great personality to control and handle it the situation and balance to survive the business from crises …and i want learn more techniques about marketing to face the future business someday and to know to handle that carrier successful that’s why i choose marketing to study and understand carefully .

  3. Ma. Vilma Saldoa

    Running a business firmly is very difficult , it would take time, effort to make your business expand and elevated, as managing my business there are commonly problem that i facing right know. Debts is the most common problem in my business , it is very normal to have a debts for a business specially trying to start a small or big business, (why my business have a debts?) facing without a capital is very difficult, this is one of my mayor problem for start up my business ,and if my expenses are more much higher than my income , tendencies is that the expenses pull over my income, that’s why we need to about learn financial literacy. As a Marketing management student, I want to learn some of a techniques and strategy , how to resolve this certain problem.
    #etteapMM2018

  4. Reina Leah E. Retita

    Starting a business is a risk like gambling.It can be a failure or success.You will have to consider the advantages and disadvantages.For me challenges to encounter in the future in starting a business are money/capital and insufficient planning.You have to do a business planning and research of the nature of the business that you are going to put up.Know how much capital you need.You need to list down the possible expenses.Start a business that fits with your funds.
    I want to learn more about marketing strategies and business planning that I can apply in my future business.

    #etteapMM2018

  5. Alaine M. Voon

    Most of the time,we put up business thinking of making loafs of money forgetting that we need monet to fund the business from the start. Even in small businesses financial risk is also a big factor. You also have to consider lots of things such as staffing,marketing strategy and many more. As what they’ve said, the list goes on, the cost goes up.Also, you can only successfully launch a business wether small or big by good planning and preparations and always remember the putting up a businees involves taking risks.#etteapMM2018

  6. Ariel Treyes

    This article made me realized so much if I will be putting up my own business. I have limited knowledge in running a business since I never had a chance to own a business. I know, there will be so many challenges that I will be facing as a starter. I would say, Planning is the most important part. Insufficient planning can ofcourse result to a failure of a business. It is where I get to know my market, what brand/product to use that could stand out amongst the others, and to come up with a team that can help me make this business a success. I will make sure to do enough research and planning before starting up my business. It may not be easy at first, but I know, as I apply correct strategies, everything will fall into its place.

    It is indeed a great opportunity being in this class. I know I can learn so much that can help me when it comes to putting up a business and I am looking forward and excited to get all the help in planning and preparing for my future business.

    #eteeapMM2018

  7. Anne Margaret S. Salamat

    Having a business does not necessarily mean you’re inline for a greener pasture. One should be ready for all the problems you will encounter along the way. Like the saying goes, “money makes the world go round”, so is true in the business world. You need money to make money. Capital is essential and sometimes, what you prepare for capital is not enough and you’ll probably need a buffer. Another problem is time, as you need to juggle and balance your family, business and career. Punctuality is one key of success not only in life but in business as well.

    Bank loans would be a big help in preparing for your capital but you should be wary as it will be part of your monthly expenses. Setting your priorities would really boost your efficiency and would make time for important things.

    I would really like to learn more about how to or where to generate funds for capital and how to improve on managing time.

    #eteeapMM2018

  8. Amelita V. Paurillo

    One of the major reasons which is also considered as a big challenge to most businessmen is the financial capacity for business. I, personally, is aiming at putting up a business, however, due to financial limitations, this aim remains unachievable at the moment. This challenge is true to most small businessmen and entrepreneurs, thus, improvement in income/profit is slow. Another challenge which needs also due attention is discipline and hard work. Similar to the challenge presented in the article, as a future entrepreneur, discipline and hard work are keys to success. These are the things that I need to apply for myself which will surely lead me to be successful in my future business. #ETEEAPMM2018

  9. Johnnalei A. Veñegas

    After reading the article, I’ve realize that starting a business is not a walk in the park. There are lot of challenges that I need to face before I can put up my own business. Branding, I think is the most important challenge that I need to prioritize and focus on, as this will actually make or break my future business. Since I am hoping to put up my own business, i know now that it’s going to be difficult for me to penetrate customers and have them try new product or services, unless it something out of the ordinary. I must need to find a catchy and unique branding, something that will make customers curious about my business and would be eager to try it. And so I need sufficient planning and rigid research, and make sure that I am ready to take on the risk before I start my own business.

    I am excited to learn about the most important things I need to consider when branding my business. I also want to learn how to understand the behaviour of customers when they buy something, so I’ll know who will be my primary target market. I can’t wait to know more about how to sufficiently plan for my future business. #etteapMM2018

  10. Jennifer A. Pabriaga

    Having your own business is good if you are also good at it in all aspects and if you can make the business grow and successful while facing all the business world’s challenges now a days. In putting up my own business, I think the problems that I will be having are: money, insufficient planning, branding/,originality, stiff competition, lack of proper mentorship. I want to learn a lot from this class about all these things for me to have the right preparation, skills and knowledge so that I will be able to put up a good and successful business one day.

  11. Rhea Mae Ponclara

    Based on the article that I have read there are a couple of challenges that I may face in putting up my own business. I can’t deny the fact that I am new in this type of environment and I may be lacking experience in putting up a business but I also believe that if I am determined I can make my business successful and will overcome this challenges. Example of one challenge that I may face is Unwillingness to Move Past Comfort Zones, because of being afraid to take the risk in doing differently from the usual. Being fine of having little instead of thinking big if I will come out of the comfort zone of my business. I intend to address this challenge by being brave and take risk of learning new things in order to gain success in my business. Accept new ideas and don’t settle with what keeps my business going but settle with what keeps my business going while growing.

    I want to learn everything that may help me passing this course and help me have a successful business by applying what I have learned.

    #ETEEAPMM2018

  12. Juliet C. Padilla

    I’ve been down that road before probably the reason why I’m in your class right now. My friends and I decided to venture on “customized t-shirt printing” before. We we’re so enthusiastic about it at first. We have tons of ideas just sprouting out everywhere. Everyone was “on fire”. We felt like we’re on top of the world, our business is going to be big. Later part, we found out that enthusiasm is not enough. It required more than what currently we can offer and sure is beyond our capability back then. Soon we lost all-will to keep going. We were too focused with the designs of the shirt and where to get good quality fabric. No one really paid attention to marketing and how do we sell them all. We tried posting it on several social media sites but we didn’t really generate enough traffic to have a self-sustaining operation. Looking back at it now, we indeed lack concrete planning and work designation. Turns out, having NO buyers imposes much bigger problem. On the brighter side of things, I don’t think it was a complete failure because I acquire valuable facts about owning/running a business. With the help of this course I would like to step back on the “business stage “again and take my chances. Only this time, I have a much suitable mind-set on how to tackle the risk and potentials that may arise.
    #etteapMM2018

  13. Ralph Daniel Portodo

    Building a business is like running is a steep hill full of obstacles and challenges. But for me, challenges are nothing if you have guts and courage to face it. Let’s say you will start in a small capital and choose what to sell you like the most. Nowadays, by the use multimedia is one of the best marketing plan for your product to be recognized by the public. There is no need to have the big establishment or branded products to be recognize. All you need is time and patience to deal with different customers. And by end of the day, it is up to you in how you will manage your own business. #ETTEAPMM2018

  14. MARIVE VARGAS

    Opening or starting a business can lead to sucess or failure.But, we should not focus on the negative side rather we should focus on the positive one. Putting a business is always accompanied with challenges. One of the challenges that we may encounter is the competitors. In business field there is no doubt that there are some competitors. We should monitor the competition and have a size control into it. We should not just relax because there’s always someone who is willing to take pot shots at you so he/she may take over and be on top.
    Another challenge is “stepping outside the box” this means that in the business we have our objectives to follow in order to be concrete on what we are doing. But sometimes, these objectives can be rejected in some situations in order to take actions to the customer want and satisfaction. Thus,we should always think and take a look of the good result not only to the customer but most importantly in our business. Moreover, whatever challenge a business may encounter, the person/s behind this should stay firm and strong.
    I want to learn more marketing strategies and how to enhance leadership skills in managing a business.#ETEEAPMM2018

  15. May Lucille Perez

    Challenges in a business are constant. We cannot avoid it but we have to be knowledgeable to cure it. Competencies is the biggest challenge for me. You need to be unique, strategic and smart with your business not to be compared to the business already known. Place. Good ambiance for you may not be good to others. Comfortable for you may not be comfortable for others. Travel to places thats similar to your business, reasearch, survey as much as possible, be open for feedbacks.

    I would want to learn Strategic marketing plan and to enhance my skills in business.

    #etteeapMM2018

  16. Business is a bit challenging and it takes more effort and strategic planning to make it prosper in the future. When I started working in a BPO industry, I just realized that business is my passion. I always dreaming to have my own coffee shop, grocery store, cake house and gasoline station. I even came up how the place look like, and the types of tables and chairs I will use.
    One of the challenges that everyone needs to consider is the capital. How can we run a business if we dont have money in our savings bank account. This is the main source that we need to address to finance our business. Most of us always choose the nice place to chill out with good interior design, great music, yummy food and friendly staff. Selecting the best place where we going to put the business by surveying the area if it will suit to the needa of the consumers. Additionally, competitors is one of the challenges as well. There were lot of famous existing businesses nowadays. So our business should be unique, classy and affordable to attract more customers.
    Communication between your business partner and staff can help a lot to the growth of the business.
    How to make the best marketing plan is the one thing I would like to learn from our class.
    #eteeapMM2018

  17. April Rose Tan

    Venturing into any kind of business is indeed akin to a leap of faith. It requires loads of analysis, courage, and of course, hard work in order for you to see your desired results. Among the myriad of factors that you need to take into consideration, you first need to determine the best kind of business to invest on which would give you a higher chance of succeeding. Next is finding out how much money is necessary in order to start your venture. Finding a strategic location is also a crucial part of your business plan. You must take note of the demographics, accessibility, competition, and as well as the overall lifestyle of the people within and around the area. Look for a place where there is a lot of foot traffic and visibility. Go for affordability without undermining quality. Develop a strategy that’s specifically tailored to your business’ needs. What I want to learn in this marketing class is how to determine the kind of business you want invest, what to do if a problem arises and strategic planning in order for the product to be sold. How to manage employees and the pros and cons in a business. #ETEEAPMM2018.

  18. Maria Carmila Sanchez

    In our current family business, the challenges would be (1) running capital, (2) time, (3) addressing market demand and most importantly the (4) delivery of customer-focused services.

    I’d address the challenges by being attentive to detail/s and being open to creative ideas. Carefully designing and realizing the business potential matters when executed because there is so much discovery in the process. If the business model/ design is skillfully applied, new opportunities are spotted and will potentially grow the business well.

    What I want to learn in our class is how to break the traditional business mindset or status quo and learn business innovation.

    #eteeapMM2018

  19. Maverick Villalon

    To own a business needs to be assessed and studied in a way that loop holes are addressed and gray areas are being covered in a timely and effective manner. We have seen so many business fail because of their invalid projections and more of lapse in judgment along the way. It can be safe to say that running a business or even just putting up one can determine the growth and results of the business in a given timeline. However, it is also inevitable for one entity to determine the kind of market the business will enter. To me it is more like a battle at the onset. It is imperative that a business knows how to choose its battle just as the kind of market it is going to attack, hence, a feasibility study. Trends have a reputation for greatness in putting up a good traction to an entity, but to determine the health and stability of a certain product always depend on the longevity and endurance that a product can deliver to approve staying power of its clientele.

    They say the proof of the pudding is in the eating, what gives? Yes! I would say half of the time it is always in what your client says and what they found out to be beneficial when they use your product. I might be beating around the bush but I’m going to prove a point (so please stay with me). Before I even answer the question, perhaps I can post a query. How many repeat customers do you have in your current state and in the season of your business? I mean how many of your loyal customers say, “I’d definitely come and pick up as soon as I ran out of my favorite product from your company”. This might be one of the question that you have not asked yourself when you first came up with this light bulb idea of a business.

    Profitability (is that all there is?)

    We take for example a small B2C company, I’m pretty sure profit is not the end of goal of every company that you see excel in every market. That is because they have a goal in mind, the goal to hit the need of a market. Once we know we hit the need, we support with how often does he need the product. Anyway, we’ll have more time for these things.

    The only thing that can make a business push through without experiencing challenges that well over across the board, is a good back up plan. A contingency that gets stronger and more stable through time. A study that will determine your forecasting backed with data analysis and plottings that addresses ulterior motives before it even begins. We don’t have time for premature thinking of a business just because we want it to be profitable. We need a good plan to ensure we cover all areas from the ground up. A posture of humility armed with confidence to be 100% sure you are going to push through and pursue a product entering the market that you are trying to pursue.

    Execution

    I expect that our class would not only depend on theories. I expect to learn how to fuse being amiable and driver at the same time in a see full of sharks. I want to learn how to determine data and get to know the pareto principle regardless of the size of the business we may enter. Most of all, I want to see and learn the goodness of marrying customer acquisition through effective marketing coupled with customer experience that works! #etteapMM2018

  20. Roberto T. Sumilang

    Failure to plan is planning for failure. For me, the imminent and top challenge of putting up and keeping up with business venture is how to lay-out the proper, holistic business plan; planning not just with what your business has to offer or what target market to penetrate but also with day-to-day activities such as staffing, organization of tasks and processes, and so much more to enumerate. All of these should have that proper planning that is geared towards the main objectives of why we put up that business.

    Proper planning would help visit a lot of major factors that affect the success of the business enterprise. It clearly sets your vision and magnify your objectives. It keeps you on track of where you are or on what level of returns you have received, so far. It assists you in identifying the possible future growth of your business and come up with proper contingency planning and crisis management once the need arises.

    Since planning helps magnify the objectives why we enter into business, this would help us ensure that we have appropriate cash flows, having the right people for the right responsibility, proper systems in place, supply the demands appropriately, and create that image which sets us apart from the rest.

    All of these are just some of the reason why I identify that planning is always a challenge in business. Everything for me should start with a plan. Planning is the seed of successful business operations. It is a challenge but it should be a skill that should be developed and enhanced. Since it is a seed, it should be nurtured by actions and attitude to help it grow abundantly. Above else, we should learn to develop such plans that are specific, measurable, attainable, realistic, and time-bounded. Smart Plans for business success.

    #eteeapMM2018

  21. JAMES ANTHONY E. PADILLA

    Challenges are already part of the business world because the business will not grow if there will be no challenges to face. For me, in putting up a business the challenges mostly faced by the owners are time management, poor marketing strategy and lack of fund/budget. Time management can be solved when you have list of goals and objective to be followed. As a starting business there are usually lots of errors in the marketing strategy so it needs improvements, revises and adjustments to be made to make the business grow. Funds or budget is one of the biggest factor in starting a business and there are several ways to have the amount needed in putting up a business like having a loan and make partnerships in your family or friends to decrease the amount in your part and afford to put up a business.
    #ETEEAPMM2018

  22. mary rose yaman

    in the beginning of putting up a business,there be a lot of obstacle and challenges that you will encounter.Business can lead to financial and rewards in the future,but the demand on your time and enough funding to keep your business going.And also choosing the right business partner and manpowers,strategies in choosing the place that your business will trend to the costumer,and bringing out the unique and best idea to make your business click to the costumers.And with the correct tactics with the cashflow,right marketing plan.You can anticipate some of the challenges and you will overcome of it.
    PRO’S AND CON
    Learn about the aspects,and gain knowledge,
    Cons
    risk in financial aspects.
    example of franchise business-
    (dunkin donut)
    in my insight dunkin is one of the interesting business here in bacolod.because their business become successful and they already a lot of brances here.
    #ETEEAPMM2018

  23. Starting a new business is not easy, and you will encounter challenges along the way.
    These are the common examples of the challenges in starting a new business. Money/Capital, Proper planning & Competitors. Firstly, Money/Capital is the main requirement in starting a new business, there should always be a sufficient money/capital to run a business. at the same time it could expand your business in the future. On the other hand, you have to do proper way of managing your money with discipline. If this was not managed properly it could result the business to fail. Other challenge in business is the lack of planning and strategy. Technically, proper way of planning could help the business to grow, this involves location,products to sell and people that suit to work with you in your business. Always find the best location to put your business to. Where in it would be accessible to the customers. Also choose the best products to sell which should be one of the people’s basic needs and lastly, picking the right people to work with you and have the same goals as yours could impact the success of your business.
    One of the main challenges in business today is Competitors. Most of the businesses today are perhaps have the same selling products. Therfore, you have yo think analytically and find alternate ways that could let the customers choose or buy your products instead. Example giving them some sort of discounts without compromising your capital.
    After i read this article about the common challenges for startups, I have learned how these things affect your business.
    Nevertheless, always focus on your goal that pretty much can make your business grow.
    Over all, Challenges are commonly occured when you first started your business and if you know how to handle and run your business? Literally, success will always follows.#etteapMM2018.

  24. Joe Marie M. Peñas

    Business is an adventure and a road to success. But, it is not as easy at it can be. For me, i have limited sources to create my own business so my big challenge would really be finding a co-founder/s to build a specific business. With it, challenges about what kind and types of business will also come up. But for me, in order to address this, I would check all possible resources to get myself enlightened with how business world works and know my select type of business’ ins and outs. It’s because if I will just go with the flow with what other people will tell me, i will have no one to blame except myself if the outcome isn’t what i am expecting.

    I would like to learn the types of businesses that generates good income and also, i would like learn more about how to possibly build a business of my own someday, a business that i can call, my own.

  25. Almark A. Yonting

    For starting the business for me the most challenges that may i encounter is the money because we know that money is the life blood of the any business without it business cant start. As business man we should have a capital to start any business even its just a small store it needs money. It like that money is the root of the business.
    Is it possible that we can start a business without any using money?
    I want to learn if a business can stand without any using of money and what can be the substitute if possible?
    #eteeapMM2018

  26. Nestlea Perez

    Having a business is like a game, you may win or lose. Based on my experience with my small business I would say that there are challenges that I am facing especially that I am just a beginner. Among those challenges are lack of planning and funds, I would admit that I’m struggling when it comes to managing my resources and making my business grow. I think this can be address if I will learn the techniques and a good strategy in business and have proper mentorship. Basically, the things that I wanted to learn from our class is on how to effectively make good and smart decisions in business. #ETEEAPMM2018

  27. Nestlea Perez

    Having a business is like a game, you may win or lose. Based on my experience with my small business I would say that there are challenges that I am facing especially that I am just a beginner. Among those challenges are lack of planning and funds, I would admit that I’m struggling when it comes to managing my resources and making my business grow. I think this can be address if I will learn the techniques and a good strategy in business and have proper mentorship. Basically, the things that I wanted to learn from our class is on how to effectively make good and smart decisions in business.

  28. CRISANTO SUAREZ

    For me if im going to start or build my own business i may encounter different range of challenges and problems. Two things that may consider as a problem “Capital (Money) and Stiff Competition” . It is not necessarily as a newly and no experience handling or run a business. As a business grows we need a big amount of capital to be able to maximize and sustain a best quality of product and services we offfer or else it may lead to business failure. In every business in all industries faces a different task of handling competition. Regardless if u are selling the product online or providing a valuable service in your community. As a business man i know that many business establishment offer similar product or services. If you really want to combat a competition, you need to build a reputation of excellence in one specific niched in which you may offer different promotions, discount coupons,and some other strategies that may approach customers. Your business may possible be known on society and sure lot of potential investors are willing to invest. Not only your sales are increasing it also lead your business in a way of growing bigger than other competitors.
    Things i want to learn on our class ,know more about handling and manage a business, know about systematic approach on how to put up business,to further enhance my knowledge for me to be able to ahead to the competition. Without the right knowledge and experience on how the business actually works in the real life may not amount much ,this may will result unsuccessful and not solid in business industry.
    #ETEEAPMM2018

  29. Dysan M. Rodriguez

    It takes a risk and a lot of trouble in managing a business. Like you choose a wrong team
    for me this is the biggest or let it say the top problem in the business industry is employee’s attitude
    first build a employee’s with positive attitude and let this people protect your business.

    Things I want to learn in our class
    – How to make proper marketing strategies in my future business
    – How to deal different problems in my future business
    #eteeapMM2018

  30. After reading the article I came to a conclusion that in my limited experience in running a business, I have realized that I have problems to solve in order to be successful.
    In the food industry, where restaurants are emerging every month, like rats spawning in a dumpsite, the competition is actually stiff. To pull customers in, you don’t only have to put out good quality food with maximum consistency but to also market your product. Branding your business is no easy job when you are doing business in a city where there are restaurants in every corner. Also, having retained the same employees from the previous owner (which came from the negotiations ), I have to deal with their shortcomings from waiting tables to following kitchen standards. I admit that my partners and I, lacked the necessary planning and may have opted not to have a contingency plan and only deal the problem when it arise. I believe this time that my team and I, should sit down and talk about the problems we are currently facing and work on to find solutions to our problems. For example hiring a seasoned manager to guide and us and the staff, to learn from a professional and let their experience incorporate with our passion in running the business that will ensure the success of our daily operations. I would like to learn more about running a business during the remainder of the program, in order to grow more in this field and be more efficient in my future endeavors. #eeteapMM2018

  31. Beth Honey Sabanal

    To start a business you must consider you the following:

    Capital. Starting a business you must have a capital. It is difficult to find a financial institute that will lend you money. You will have to explore other alternative or other financing sources, like borrowing from friends, family or using your own savings, if you have one.

    Competition. We live in a competitive world. Other companies may offer the same product or services like you do and sometimes it can be intimidating if you compare your products and services with them. Thus, you must develop a plan or strategy that will help you better serve your customers. If you have one market locked down, feel free to expand to new markets.

    Product Quality. Quality product is essential. It helps in maintaining customer satisfaction and loyalty and reduces the risk of dealing substandard goods. Your customer will always expect for the best. If you do not meet their expectations they will quickly look for alternatives. Quality products make long-term revenues and profitability.

    Knowledge.Knowledge is the best asset in business. Understanding of what customer’s wants help your business more productive and profitable. Lessen the chances of dissatisfaction and loss opportunities. Knowledge about your business will put you ahead from your competitors.

    Location.Finding a good business location is really difficult. You must consider its accessibility, space and a good traffic for both pedestrians and vehicles. Good business location ensures market visibility and customers’ accessibility.

    I want to learn about the correct strategies to start a business, the do’s and don’ts, how to deal with the customers, how to have a successful business.

    #eeteapMM2018

  32. FRITZ G. RENDON

    Managing a business needs a tough mind & heart & a communication skills towards clients.The challenges are lack of planning & capital, it’s the most important tasks for startups.The biggest benefit of owning a rental properties is that the renter will provide direct income stream. I want to learn more on handling a business. The pros & cons on how to deal with it & to develop strategies.#ETEEAPMM2018

  33. Maycel Bacus

    Don’t find customers for your products, Instead, find products for your customers. Yes! for me in business most specially in retail, not good quality products often leads to business failure. Also poor customer service is a factor that might affect our future business. In business it is a must to consider customer satisfaction because as what they say, A satisfied customer is the best business strategy of all.For me, In order for my future business to work, I really need to work on a good and high quality products and also provide a good customer service for thier satisfaction. Because our customers/clients is the where we start our business. Find a good quality products and train your staff’s on how to build and maintain a rapport in every customers/Clients is the key to a successful business.

    What I want to learn in our class is about the marketing strategies, business planning, proper branding and on how to overcome business problems in the future.

    #ETEEAPMM2018

  34. JESSLYN ROSE T YAP

    Jesslyn Rose T Yap

    In my own insight building a business is a risk. your investing money, time & effort , and if you
    Unable to meet up the demands of growth you should always have a buck up plan or study the market in order to learn about the goods and services that can compete to the others in order to fit the consumers demands because in the business industry there always a stiff competition that you will be facing.

    Looking forward to learn more about Marketing Strategy that i could apply in my carrier. #ETEEAPMM2018

  35. Jan Kevin Ordoñez

    There are a lot of good suppliers like I do but it depends on how you adjust and balance the prices to win the bidding. Many of us suppliers are apprehensive about the situations, because it’s scary and hard also nerve wracking. Sometimes your patience will put onto the test. It can be also fun, beneficial and yield amazing results. It’s all in the mindset going through business experiences, regardless of your personality type. Supplier of any business should be thoughtful, purposeful, strategic,tactical and also risky. You have to be very considerate in every work you are handling because, sometimes I struggle on the stocks if when it is be available. Remote area’s are very hard to deliver because you don’t know where to find the place. I want to learn from this class is to have more brilliant idea’s in marketing and know more powerful knowledge so that I’m capable in handling things in my future ventures. #ETEEAPMM2018

  36. Jan Kevin Ordoñez

    There are a lot of good suppliers like I do but it depends on how you adjust and balance the prices to win the bidding. Many of us suppliers are apprehensive about the situations, because it’s scary and hard also nerve wracking. Sometimes your patience will put onto the test. It can be also fun, beneficial and yield amazing results. It’s all in the mindset going through business experiences, regardless of your personality type. Supplier of any business should be thoughtful, purposeful, strategic,tactical and also risky. You have to be very considerate in every work you are handling because, sometimes I struggle on the stocks if when it is be available. Remote area’s are very hard to deliver because you don’t know where to find the place. I want to learn from this class is to have more brilliant idea’s in marketing and know more powerful knowledge so that I’m capable in handling things in my future ventures. #ETEEAP2018

  37. Ma. Catherine Hazel L. Zulueta

    In managing a business, there are many challenges to face. As I will have to put up my own business, there are many challenges approaching just like: 1. Money – without having an enough money or capital in your business you cannot start. ; 2. Wrong Team – this is the people or your staffs that is unlikely to help herself/himself as well as the company yo grow. ; 3. Insufficient Planning – In starting a business, this is the most common challenges along the way, because of the lacking/insufficient plan for the business. These challenges would be overcome if you manage well your business. There must be strict budgeting. Find a team or employee that is willing to grow both for herseld/himself and to the company also. Make a plan from the start up to the future or plot a 5 years plan and monitor it weekly, monthly or quarterly. I wanted to learn in our class on how to make a good strategic plannif and what kind of business is a good one to start with.
    #eteeapMM2018

  38. ROMILYN T. VALLECER

    One of the challenges that we encounter when we put up a business would be money/capital. make sure that you have enough capital to sustain the business expenses to buy goods to be able to compete with the market. I have learned some strategies on how to manage a business. #etteapMM2018

  39. ROMILYN T. VALLECER

    One of the challenges that we encounter when we put up a business would be money or capital. Make sure that you have enough capital to sustain the business expenses to buy goods to be able to compete with the market. I have learned some strategies on how to manage a business.
    #etteapMM2018

  40. Jann Christine Tupas

    As a young entrepreneur, I can definitely say that putting up your own business especially if your a first timer is a bit challenging. I have a 16 months old restorbar at 18th Lacson St. And in that said time span, it has indeed already been a hell of a roller coaster ride! You need to do a lot of research, pros and cons before taking a step in entering the business world. One of the challenges I am currently encountering is on how to handle/polish and manage your team especially that my current staff is composed with in-laws. That’s one of the few more things I want to learn from our class. #etteapMM2018

  41. The challenges that we encounter now in managing our own business now a days is the need to cope with the rising of technology, in our society today. Before when we were looking for clients or customers, it was very old school and we do it the traditional way. But now since we cannot do away with technology or Internet. We need to further explore the benefits of technology and learn more on how to utilize the internet to its full potential. Therefore by adapting learn and be willing to move out to our comfort zones we must utilize the proper use of technology so that our business will not be left behind to the demand of the market. People now a days look to the internet when buying things or stuff. Because now a days advertising online should be your marketing mix, and Internet now a days is the lifeblood of your business.
    #ETEEAPMM2018

  42. Regie Pabalinas

    They say that the best way to become rich is to become a businessman. That is so true provided you will overcome all the challenges that your business may encounter. Starting up a business is not a walk in the park, it needs perseverance, ten folds of hardwork, patience and good planning especially if your capital is limited. As i started my Pisonet Business, Money and Stiff Competition are the big challenges that i will be facing. There are pisonet suppliers already in the area that offers affordable prices however i am confident that I can get a share of the market by making sure that I can meet the demands of my customers. I will look for suppliers who can provide me with quality units in a lower price that way i will have my edge. What I am targeting is repeat customers, providing them with good customer service, fast and effecient technical support and quality units will assure me of it. Meeting my customers demands means that I need to stock up units and that entails money. Since my capital is limited, I will have to talk with my suppliers so they can give me a credit line this way I dont need to secure a loan from any financing institution. I also update myself of the new innovations in technology that has something to do with the business. I am enforcing my knowledge through reading articles especially with the new games and other technological upgrades. I am looking forward to learn more on how I can widen my market, learn more strategic plannings and bring my business to a different level. I can’t wait to absorb all the knowledge that this class would give me and so I can use it for my business to thrive. #etteapMM2018

  43. Aileen Kris Villar

    Challenges are inevitable whether personal or business related issues. In my own insight, for putting up a business, capital, brand concepts and insufficient planning are the usual challenges an entrepreneur encounters. In the business industry, you must always have innovation. Yes, budget is already given but we must concentrate more in establishing new ideas. It will also include proper planning and working with an excellent team. What I would like to learn from the class are the proper strategies on how to build and handle a business. As well as time management and choosing the right people to work with. #eteeapMM2018

  44. Aileen Kris Villar

    Challenges are inevitable whether personal or business related issues. In my own insight, for putting up a business, capital, brand concept and insufficient planning are the usual challenges an entrepreneur encounters. In the business industry, you must always have innovation. Yes, budget is given but we must concentrate more in establishing new ideas. It will also include proper planning and working with an excellent team. What I would like to learn from the class are the proper strategies on how to build and handle a business. As well as time management and choosing the right people to work with. #eteeapMM2018

  45. Judan Danico Rosal

    In my own opinion, if I’m going to build my own business, money and stiff competition are the hardest challenges I’ll be facing. Nowadays, business can’t last long with less income and so many competitors. To address these problems, I’ll be using cheap materials but with good quality. Make use of my imagination, think of unique things that are new to the customers eyes that your competitors don’t have.

    Things I want to learn from our class.
    – how to make good strategies and plans for the business
    – solve problems that the business will encounter in the future.
    – Pros and cons of a certain business. #etteapMM2018

  46. Aljon Talacay

    It takes a lot of courage and hardwork to start a business. Among those challenges, I am seeing that branding and stiff competition are just few of those that I may encounter if I put up my own business. In the market today, there are a lot of existing brands which people have known for so long and would also mean that they are my biggest competitor. There should be an effective strategic planning for me to stay in the game. I will ensure that my products are competitive enough by maintaining a high quality standards, reasonable pricing and guaranteed satisfaction. This will also be supported by delivering excellent customer experience as it would help me acquire more customers and later on gain their loyalty. What I wanted to learn from this class, is to have a proper understanding on how I can make a successful business with the guidance of different marketing strategies and real-life experiences in running a business from those with existing ones. #eteeapMM2018

  47. Romel C. Parcon

    In managing my business, this are the usual dilemmas in handling my business as I go along through it. Stiff Competition and Unable to meet up with the demand of growth. Nowadays Business Industries have more demands that come up in the market. I usually do in encountering this problem by making economical pricing and quality standards that could overcome the competition in the market. I usually used bulk ordering and price discounting compare to the competitor that I could still have profit and expanding my contacts, networks especially in my line of business for easier and faster transactions for my clients that could benefit me and my business. I want to learn from our class that could help me with my business is to know more deeper in Marketing especially the strategies, proper planning, expanding the target market and a best place that could benefit my clients and customer and also for my business. #ETEEAPMM2018.

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