Business

1. Identify at least three challenges when setting up a business. Explain why they are challenges.

Independently starting a business is not an easy task, initially the most difficult responsibilities entrepreneurs face with include funding, finding employees, and keeping up with technology. Once all expenses are payed and the product is developed, businesses can focus more on marketing, selling, and earning profit but the cost to start up a business is why most businesses never make it off the ground. An entrepreneur by definition is a owner of a business who takes financial risk in an attempt to earn profit. (Collins English Dictionary 2011)As a business strategy some owners take out loans or multiple credit cards without being sure it will ever be back. A safer but much more difficult way would be to find an investor interested in the idea and is able to provide finances. This would be difficult because not many business men are willing to give away their money to an often times younger and inexperienced person. Also accepting a persons money may come with limitations or conditions, they may want to become an equal partner, and also may expect to see positive results quickly. keeping a full time job and running a business may be the safest option but it leaves almost no time to manage the business it self. An up and coming business requires the full attention of a manager

While everything is still in the process of stabilizing it self a manager will realize that they need help producing and running the company. Assuming that funding is very limited an employer is looking for someone who is willing to work unsteady hours, cares about the success of the company and, willing to work for minimum wage or even as a volunteer. Labor laws can limit an employers options and for some, minimum wage at an hourly rate is too expensive.

Every type of industry requires heavy duty, costly appliances in order to mass produce a product. Weather it be a clothing company that...