1. BUSINESS BASIC FOR ENTREPRENEUR
(U19MEP71)
Presented by,
M.ABINASH
19TB0101
SRI MANAKULAR VINAYAGAR ENGINEERING
COLLEGE (AN AUTONOMOUS INSTITUTION)
(an autonomous institution)
DEPARTMENT OF MECHANICAL ENGINEERING
3. Challenges to Entrepreneurs
• Cash Flow Management
• Time Management
• Hiring Of Employees
• Choosing The Product
• Delegation Of Tasks
4.
5. Cash Flow Management
Cash flow as we all know is an integral part of all business
venture.
However, instances are not rare when entrepreneurs
struggle with bill payment while waiting for to bills get
cleared.
Delayed invoicing is a major trigger of these challenges of
entrepreneurs.
6. Time Management
This is the biggest challenge faced by multi-tasking
entrepreneurs who often fall short of time while
accomplishing their objective
7. Hiring Of Employees
In reality, entrepreneurs dread job interviews more than the
prospective candidates as it is usually very time-consuming.
Entrepreneurs need to review resumes, conduct interviews and
filter out unqualified candidates for finding the ones who are best
suited for the job.
Once the screening process is completed, entrepreneurs need to
negotiate on the salary aspect for retaining those candidates
without bleeding the company’s exchequer.
8. Choosing The Product
Entrepreneurs are often unsure about the products
and they wish to sell. However, it is imperative to take the
right pick which can determine the ultimate success and
failure in a competitive scenario.
9. Delegation Of Tasks
The successful delegation comprises of building the right
process apart from providing
the resources and authority required for its enactment.
However, finding the right resources and choosing the
delegation drive can be a very complicated task.
10. Solutions to Problems faced by
Entrepreneurs
Proper planning and budgeting can be of great assistance
in maintaining proper cash flow.
These, however, cannot save you at all times from having
to stress over bills. Entrepreneurs can improve their cash
flow by demanding a down payment for services and
products provided.
11. Critical Challenges Faced by Entrepreneurs
MONEY:
While there are some types of businesses that can be started on a
small budget, one will need access to capital to fund the business ,
whether that money comes from another source of household
income or from some type of loan , there is a need to be realistic
about startup costs.
New entrepreneurs often underestimate the length of time it takes
for a business to become profitable and the amount of money they
will need to invest in the business before it’s profitable.
12. Skill and Knowledge:
Employee’s responsibilities are limited to a narrow job
description.
However, at the launch of a business, one become’s
responsible for everything from to product research and
development delivery to bookkeeping. That means there
will definitely be some tasks that will be beyond the owner’s
area of expertise. Depending upon the scope of the
business, the owner may or may not have staff on board to
handle different responsibilities.
