As young entrepreneur what are those unique challenges I am likely to face in the contemporary business environment? Aside the capital which I have been able to raise a modest amount as start-up.
This was a question sent to me by my young cousin. I felt I should bring it here to draw broader ideas from different minds before getting back to him with words. Feel free to share your honest ideas and experiences.
Different countries or areas have diverse challenges that Entrepreneurs would have to overcome. In my area you might face:
1. Competition: Business people in my area always copy ideas. Immediately you start a business in an area, be ready to see new businesses springing up and offering thesame services or products.
2. Double taxation: The tax system in my country is highly flured. It is common to see different tax bodies asking for almost thesame payments several times.
3. Insecurity: You should have systems that protects your business from theft and other crimes Reduce cash payment and ensure that you have security tools like burglary proofs, CCTV cameras, alarms, etc.