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Overview
Starting a new business should be exciting, after all, many people dream of becoming their own bosses and not answering to anyone. As thrilling as it seems, it is also one of the scariest things to do. So much so that a majority of those who consider entrepreneurship either as a side hustle or a career end up not taking the plunge.
From the onset, there are two challenges that people are bound to face – finding a profitable business idea and funding the business.
Challenge #1: Finding a Profitable Business Idea
It is simply not enough to have a business idea. Anyone can come up with those. But finding a profitable idea can be very challenging. Many businesses that fail within the first three years are products of a nice idea and not a profitable idea.
In order to avoid this pitfall, an entrepreneur needs to ensure their business idea has three components:
1. It addresses a pressing need or want – a solution that will either take away a customer’s pain or give them pleasure.
2. Customers who are able to pay – customers that have the first component and the means of paying at your offering price.
3. Customers who are willing to pay – customers who have the first two components and are willing to pay for the product or services.
Challenge #2: Funding the Business
Finding funds for a new business can put a tremendous amount of strain on even the most experienced entrepreneurs. Entrepreneurs need funds to start a business and also expand the business. Fund raising is an essential part of entrepreneurship.
There are three common ways to fund a business.
1. Personal Funds – the easiest way to fund a business is with personal funds such as savings, inheritance, and… Read More
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