In this week’s post, we ask Dr. Business to identify some of the barriers new entrepreneurs encounter.
Dr. Business says:
“The biggest challenge facing entrepreneurs is not squandering their scarce start-up resources. Since most entrepreneurs have not developed a business plan before they start their business, they cannot anticipate the typical cash consuming pitfalls that could have been avoided by having a plan. This is followed by the need to find investors to begin marketing their unique value proposition. The majority of any entrepreneur’s start-up cash is usually consumed in the process of getting ready to do business. For example, starting a bagel shop, pizzeria, or developing an App, requires time and money before you sell anything.