Seven business challenges and their solutions

     1. LACK OF BUSINESS IDEAS

 We all know that a business has to have a niche, it has to specialize or d,v ,eal with something. However sometimes some people are capable of running business because they have the capital, but they just don't know which business to run. They lack ideas as to what business to really pursue. 

                    WHY IT IS BAD

There is no way that you can start a business if you do not know what business to pursue. Business is like a building having any types. The person intending to build has to define the kind of building he wants to pursue. Then he would take thhe process required to build it. Likewise not being able to come up with a defined or specific type of business to pursue makes it impossible to establish one. Having an idea, would let you to develop your business into a certain mold or shape.

A business idea is like a building plan, which you would give to a contractor to build your house. He would be able to build in accord with the plan and come up with the a house in accordance with the plan. You need to have a picture of a business you want to build. Its niche, structure, size and etc, to be able to build any. 

When you have the idea of a niche, you would be able to take the steps to build that particular business. Voidance of this, means not having a target as to establishment, which makes it impossible to build a business. This problem requires a solution hence our target is creation of business. 

                      SOLUTION 

If you lack business ideas, you can still run business. All you have to do is to draw advise from people. There are people that are learned on just what business would be suitable for your capital and environment. There are people that are creative that can invent a new kind of business that you can run. There are professionals that can offer you a business idea. 

You can draw from such people. Since they possess it, you can draw it from them. And chances are higher they would impart it to you. The duties of some of them is concerned with dissemination of this kind of information. So they would have no problem with performing their duties to you. 

               2. LACK OF CAPITAL 

This is a problem which one desiring to start a business can encounter. Capital means the money used to start a business. It consists of every resources used to buy the equipments and Carter to the processes and steps that results in establishment of business. It is considered an intrinsic start-up requirement, a necessity.

                  WHY IT IS BAD 

Lack of capital can have negative effect on the person desiring to start a business. Human experience and experts have proved that business cannot be started without capital. Since business cannot be started without capital, then when we lack it we cannot start business. Lack of capital cannot stop the desire to start a business by the person that has conceived the dream, but it makes the achievement of his goal impossible. He or she may have a good business idea, but because he lacks resources he cannot start business. 

                     SOLUTION 

You can solve this problem by securing capital. You lack it and cannot draw from your purse, you must seek for alternatives. Capital is money. Just that it is money you dedicate to establishment. So if you can secure money, you will use to to create. You can secure it through the very means that you secure the money you use for your day to day buying. You can through loan. You can borrow from anyone that is willing to give you. Then use the money to start a business. There are specific organisations that engages in loaning people on interest. To become a beneficiary you would consent to pay them the interest. It is the only way to collect loan from such organizations. 

You can accept their terms. When you secure the capital you would use it to create a business, and start operations. Then, the profit you would realize is where you would deduct to pay the loan. 

          3. LACK OF PATRONAGE 

By definition lack of patronage means lack of purchase of your goods and services by people. It occurs when you avail your products and services for sell to people and they do not buy it. The opposite of lack of patronage is patronage. Patronage is when people buy your brand and services. It means having success on trading; achieving turnover from customers. 

When patronage does not occur, lack of patronage surely would. It is either people buy your brand, or not. So to understand it, you have to contrast the two. Think for instance about all that could happen when sells take place. When you understand then, you would be able to understand the intricacies of lack of patronage, as the two has concepts contrasts each other. 

                  WHY IT IS BAD

There is a correlation between patronage and profit. A business is a monetized entity, not charity. A business makes money through the sells of its brands. They use capital to produce it. They attach a cost to the product, which is usually higher than the capital, then, when they sell it, they deduct their capital from the revenue, and whatever is left is their profit. 

To illustrate it, if it costs $10 to produce an item, and the business choose to sell it for $10, and succeeds, they would deduct the capital which is $10 from the business and be left with $5 as profit. 

The only way for a business to make money is through sells. When they sell, they realize revenue and profit. Without patronage it is impossible to make profit. The items produced could lose their value with the passage of time or if they are perishable perish if the customers do not buy it. 

Lack of patronage leads to business poverty. The only way a business adds to its net worth is by drawing from the profit to add up. Whenever they realize a profit, they deposit some of it into the business account. More profit means addition of it. Therefore not making profit can affect a business' capital, leading to decrease of it, because when there is no sell, and the products perishes the business would have to draw money from their reserve to produce more goods, which would lessen the existing capital, which is what every business detests. 

                     SOLUTION 

There is no conventional key to this problem. It is because the reason for lack of patronage differs from business to business, thus requiring different solutions. 

The reason a business may lack turnover may be because it has not gained recognition making it impossible for people to patronize their brand, as an unknown entity. 

It could be because of inadequacy in standard on the part of their product. 

It could be as a result of expensiveness of their cost. 

The solution to be prescribed is dependent on the reason for the problem. Discover the root of the problem to be able to solve it, since problems are solved from the root. For each of the problem, the conventional key to solve it has to be applied. It is difficult to say the reason for lack of patronage on your business. 

But to improve it's turnover a business generally has to improve the standards of its brand. People have preference for products that are of quality. Such sell more. They are willing to. Selling at a cheap cost may attract people, but no matter how cheap you make it, people would not buy if it is not up to their standard. 

So the key is to let your brand stand out. Let it be that one that is the best. And then people would enormously patronize it. 

               4. LACK OF STAFF

Lack of staff means it having people that could work as staffs in your business. 

This could occur because your company is new and people are unaware and could not apply to work in an unknown company. 

This could occur because people do not want to work with your company, due to its negative reputation. 

It could be they do not find the salary profitable and choose not to work with you. 

Lack of staff also means lacking people of virtue to work with you, because you would have preference for such. And as they are rare it is difficult to get them.

                   WHY IT IS BAD

 Business is a Chariot that cannot operate on its own. It involves many activities, that requires people to perform. 

Lack of workers to indulge in those activities makes the business unable to function. The only way a business can be productive is if people work by performing the activities it carries out which would lead it to produce. A business cannot be idle. The activities involved in it must always be carried out.

Lack of workers, makes it impossible for the business to move.

                         SOLUTION 

Make it easier for people to work with your company. If the work is tedious, let them work as their strength could carry them; grant them liberty to choose to work for brief periods like one hour. They would opt to work with you, knowing that they won't have to work from morning till night, doing a difficult job, which could affect their health badly. 

Make sure your companies reputation is good. Always protect it from being soiled, so that people would want to work with it. People like to work with only companies that have good reputation. The kind that pays their staff when due. The type that does not do dirty deals. The type that has good record with government in tax payment. 

Most importantly make working with you more enticing by making the wage you can offer luxurious. People work with business as a route to wealth securement. Therefore if you offer more wealth they cannot resist you.

              5. LACK OF SECURITY 

This kind of challenge is the type that involves security. It simply means a business being affected by insecurity. People prefer to cite their business in places where there is adequate security, so that their business could be protected. 

 It could occur in numerous ways.

It includes anything that could happen to a business when there is no security. One such thing as we know is robbery. Robbery has a higher chance of occuring when there is insecurity. This is because robbers may fear being caught when there is security, and refrain, due to the fact that there chances of being caught is high. So when a business lacks security, for instance a supermarket or shop could be attacked by robbers who do away with all the profits they realized. 

Another way it could affect them is the lose of office or building due to burning by mobs, during crisis. During war, or crisis, business staffs could even lose their lives, as a result of conflict. The shootings could affect anyone. 

                   WHY IT IS BAD

If a business is in an insecure environment customers could stop going anywhere around the business, so that they do not become harmed. This as a result could affect the business negatively, they risk not making sells.

Insecurity is particularly bad due to the fact that it could lead to the harm of the business which would prevent the achievement of its goal in the first place.

                     SOLUTION 

You can solve this problem by building your business in places that have food security measures.

If the security system of the place is weak, you can arrange for your own personal security. 

Keep money aside, that you can use to compensate for any loss that could occur to you due to insecurity, so that when it occurs you could use it to cover up for any loss. That way you would not have to shut down your business but continue to run it.

When the place your business is cited becomes very insecure, without hope of getting better soon, stop doing business there, and look for another place, so that you do not risk being affected in the future. 

Take local security measures that would be prescribed by the authorities. By taking caution you can lessen your chances of attack by insecurity. 

              6. LACK OF RECOGNITION 

Lack of recognition simply means a business not being known by the public. It is when they are ignorant of the existence of a brand. It is when people are yet to know a out the existence of a brand. 

               WHY IT IS BAD SOLUTION

The only way people could patronize a business is if they know it exists. They could not patronize a brand that is unknown. They cannot possibly go to the market and ask for a brand that does not exist. To them a brand is not existing if they know it not.

So, when they know a brand not, they would not patronize it. Lack of patronage on their part, makes it impossible for the business to generate revenue and profit.

                       SOLUTION 

The reason a business lacks recognition may be due to the fact that it started not long ago. It takes time before a newly opened company gains recognition. So, time may have to solve this problem.

A better way to solve it is to advertise. Take measures to create awareness about the existence of your product. When you advertise, you would reach a large audience with information about your brands existence and benefits, and also urge them to patronize it. Then you succeed in giving them information a out it's existence. And they would very likely patronize you. 

Another efficient way to advertise is to stand out. Believe me when your brand has no inadequacy in terms of standard, news about it would spread from person to person. Those who purchase it would always recommend it to others, which would increase its fame.

        7.LACK OF MANAGERIAL SKILLS 

Lack of managerial skills simply means lacking the skills and experience needed to run a business. 

Some may employ others to manage business for them. But some may want to manage their business by themselves. One reason for such preference may be due to the fact that their business is a sole-proprietorship. And such may lack the experience to manage their business. 

It is like wanting to buy a Car, but does not know how to ride it.

                     WHY IT IS BAD

The only way the goal of a business could be achieved is through management. Infact good management has been considered as the efficient step to actualizing objectives. When one lacks this quality he cannot manage a business, and due to the fact that a business cannot manage itself, the business is certainly going to fall.

                       SOLUTION 

 There is not a thing that cannot be learned. All skills and values are learnable. Business management skills is not something anyone is born with. It is something that one learns. Those who possess it, learnt or acquired it. We can, learn the skills by imitating them. When we take the vital steps needed to acquire managerial skills, we certainly would. For the person desiring to run the business himself, he or she may have to acquire the skill before establishing the business. When he does he would be better in position to manage his business