What are the most critical issues you faced when first starting a business?

Discussion in 'Starting a Business' started by Remotestaff, Jun 30, 2010.

  1. Remotestaff

    Remotestaff
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    My thoughts here would be:

    • outdated business plan (that is, business plan is lagging behind rapidly evolving market)
    • bad or weak product/service
    • ineffective branding efforts
    • weak promotion efforts
    • insufficient visibility of product or service in places of distribution
    • lukewarm or cold market demand
    • weak or lagging supply
    • lack of capital
    • lack of right personnel

    Any of these issues could trip up your company's productivity and profitability.
     
  2. SledgeHammer

    SledgeHammer
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    For me it was bureaucratic inefficiency & corruption.
     
  3. residual

    residual
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    capital

    I'm amazed how many businesses are actually successful because they had A LOT of capital. I personally know several companies where I thought "man, these guys aren't very good decision makers and their business will never work" but several months later I was surprised to learn that they were very successful because they had enough cash to correct their mistakes.
     
  4. Tecknowoman

    Tecknowoman
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    Me? Mindset. Myself.
     
  5. Fergal

    Fergal
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    I'd agree with that 100%. If you are hard-working, focused, motivated, clear on your goals and willing to act on feedback along the way, you can achieve almost anything. The first step to success is getting your head right.
     
  6. Lingua21

    Lingua21
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    I would say obtaining a good working business model and targeting the right market areas.
     
  7. 50Cent

    50Cent
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    I would say mindset and capital. Without a capital, you can't start a business and you also need to include all the hosting and etc..
     
  8. youngkia1

    youngkia1
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    On my first business on my car shop I never think about the place that i least. At first it was good but when rainy season comes out I found out that I rented a very low space where in flooded prone area. It was really put mess on my business. That was the cruelest thing for me. It took me more than 2months to reorganized it again.
     
  9. LA Electrician

    LA Electrician
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    I agree with some of the above. Definitely mindset..
     

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