What's your greatest challenge as an entrepreneur? Here in this article, you'll read through the different challenges entrepreneur faces around the world.

Entrepreneurs Greatest Challenge In Business

EI met a young businessperson some few years back and asked him what was his greatest challenge in business. Dude went ahead and said marketing. He was with no doubt on the right track but at a profound dimension, it isn't marketing but...

But what? Competition!

As we all know that business has only two functions; Marketing and innovation. Business can be challenging when paddled with a quack marketing but nonetheless, competition is a greater challenge.

Envision that you are the main advertiser on the web or you are the only one publicizing your products online. Regardless of your showcasing approach and expertise, you will have your audience and always gain peoples attention. Marketing becomes a problem due to the fact that the computerized world has become a hybrid civilization of interdependent economy with millions of small businesses springing up daily and billions of entrepreneurs finding common ground. Everyone wants to be known and recognized, and this quest to gain an abiding relevance and popularity on the web led to an eternal struggle of endless competition.

With billions of potential businesses competing against yours, you will want to figure out a way to outperform your rivals. That's why your business either has to be competitive or anticompetitive in nature. If your business is competitive, you have to make use of good business intelligence and employ all forms of strategy such as competitive strategy & customer retention strategy, and sometimes based your competition on price factor and customers relationship management. But if your business is anticompetitive, you provide rare value and amazing qualities are already crafted at the core of your products. You wouldn't have to compete on prices because you already provide values like no one else have done. Apple, Samsung, and Microsoft are the most suitable example of befitting companies. With a smartphone and a laptop costing over $1000+, people will still cue on ground competing to buy. Meaning that if your business is anticompetitive, your customers will do the competition for you irrespective of the price attached.

Paul Sabbath

Paul Sabbath is a Nigerian computer scientist, a self-made journalist, a digital marketer and tech aficionado. In mid-2009, Sabbath started a similar media stage like newsoodles.com but it eventually failed due to logistics reason. However, Sabbath didn't give up as he decided to use his past experience and expertise in IT Solutions and content marketing to create an outstanding news platform that will not only reach out to the world but keep them informed.

Post A Comment: