The 3 Main Challenges for Entrepreneurs in the Business World
By definition, entrepreneurship is not just a phenomenon that results into the promotion of employment opportunities, establishment of new organizations as well as optimization of economic returns; however it is a development choice that leads to the contribution of the well-being of countries, communities and individuals. Entrepreneurship is part and parcel of tradition. According to entrepreneur Florida Issa Asad, there are many challenges in the business world. Using tools like polyphasic sleep schedules and social media like Instagram to keep yourself connected helps.
There are several who have prospered in the field of entrepreneurship. Entrepreneurship has actually played an essential role in the civilization since early human history. Nevertheless, there are several challenges for entrepreneurs that they experience in the course of operating their businesses. The three major challenges that entrepreneurs have been experiencing include:
In culture, corruption is prohibited since it results into fighting and hostility amongst entrepreneurs and citizens in getting the services that other parties offer. As a result, the wealthier in the business world will always become wealthier whereas the less fortunate and poor will just get poorer. Corruption is a major challenge since it affects the quality and prices of goods and services that entrepreneurs offer to their clients. This violates the tradition and makes it hard for them to make essential decision in balancing between their business and the religion.
Fraud is another serious challenge that entrepreneurs experience in the course of operating their businesses. There are certain elements of fraud that exist from the seller, goods sales or the buyer in terms of the measurement quantities. For instance, selling a particular good or product that has expired or over-priced is one of the ways in which entrepreneurs encounter while carrying out their business activities. In the modern days, many businesses have ways of hiding other payments to particular products or services sold to buyers that are not explained or described to the buyers during the process of business transactions. This is a huge fraud that many entrepreneurs experience while carrying out their business operations. Therefore, fraud is a serious challenge that has been faced by many who operate their businesses on various parts of the world.
The third challenge that entrepreneurs face is gharar. Gharar is a business term that refers to the sale of goods and services that involves some form of uncertainties. For instance, a sale of birds and fishes that have never been exhibited or arrested to the purchaser by the seller is termed as a gharar. In this regard, many buyers do not fully trust the products that the entrepreneurs offer and as a result, they eventually realize great loss when financial accountability and analysis is carried out. Besides, “riba” is not permitted in the business world. Therefore, it becomes a great challenge in the execution of their business agenda when they experience “riba.”
The above three challenges are the main problems that many entrepreneurs face while carrying out their duties. This is because they either affect their service delivery to clients directly or indirectly or thus results into great loss in their businesses.
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