Question

K Assignment 2: Describe a Pro... Detail Submission Grade Assignment 2: Describe a Problem Due: Jan 26, 2019 at 11:59 PM Write a one page description (Times New Roman, font 12, double space) of the problem/ need you are addressing in starting your business.

Answer 1

Below are problems/needs listed that one could face in starting a new business:-

1) Money Problems:-

The biggest problem that one could face is a money problem. To start a business one needs a lot of money. The majority of the businesses fail due to lack of cash with owners. The owner's borrow money thinking that their idea will be a hit instead of borrowing money based on the worst-case scenario. Without proper cash flow, the slow business or downturn can lead to a huge loss to a new startup.

2) Marketing problems:-

The second problem is how to reach to people? How to sell your idea? Before hitting to advertise your product/service through commercials on TV one should analyze the cost associated with it. The commercials on TV can be very expensive. The marketing of the product should be done based on the target audience.

3) Business planning:-

Business planning is most essential in starting a business. A poor business plan can lead to a fall of business in the very starting year as they were not ready for the challenges to face. To start a good business one should write a business plan stating in what they are, whom are they going to serve etc.

4) Committed Team:-

Without a committed team, the business may suffer. A dedicated team with diverse skills can help a business grow faster. There should be a proper synergy, coordination between the team members.

5) Competition:-

One should be ready to face competition. Before starting for the business and during analyzing business strategy one should keep in mind who are their competitors.