Challenges of starting a small business
People with proactive personality and leadership skills always like to be in control of their situations; hence, these people are perfect entrepreneur material. Small businesses make up a large economy of a country and create jobs. However, is setting up a small business as easy as it is to dream about it? The answer is no. You have to befriend obstacles, hurdles, challenges, and problems if you want to be successful as an entrepreneur. Cash flow is one of the primary problems a new business with limited investment faces. Customers may delay payments, or unexpected bad debts may arise. Can you put off payment of outstanding bills or employee salary for that? No. Sometimes you may find it difficult to cut off unnecessary overheads because you failed to identify them. You may have to risk a lot of money, so, cash flow management is very important. If you are running low on capital, you may take loans or invest from your savings. Working long hours and adminis...