Article Review

“Challenges faced by new entrepreneurs”

Name: Mieshirl Vivie Daivon

Matric No: 2019451538

Group: ENT530 (4A2)

Programme:

Bachelor of Business Administration (Finance) Hons

Prepared for:

Dr. Noorziah Mohd Salleh

Date of submission:

16th November 2020

 Acknowledgement

First and foremost, I would like to thank God for giving me the strength to be able to
finish this assignment on time. Besides, not to forget my lecturers, Dr. Noorziah Mohd Salleh
for this subject. As she always give me the support and guide that I need in finishing this
assignment. Moreover, I am grateful because she support me in so many ways and without
her I would not be able to complete this assignment.

Next, I want to thank my families for their support and my friends for helping me in
contributing their ideas, inspiration and encouragement throughout completing this
assignment.

Lastly, a special thanks to my classmates for helping me out. It would not be

completed without their guidance, support and understanding.
 Table of content

1.0 Introduction …………………….. 1

2.0 Findings ………………………… 2 - 3

3.0 Conclusion ………………………. 4

4.0 References ………………………. 5

5.0 Appendices ………………………. 6 - 8

 1.0 Introduction

As we all know entrepreneur is known as a person who has the initiative, skill and
motivation to set up his/her own business. Entrepreneur always look for opportunities,
identifies and seizes them mainly for economic goods. Their number one motive is to earn
profit through the production or distribution of goods or services. Furthermore, not to forget
that entrepreneur is willing to face risks, innovative urge, and creative and find out new uses
for raw materials.

In this report, I will do an article review of “challenges faces by new entrepreneur.”

From the topic itself we know that today, in this new generation of 2020, it is that easy and
simple to be an entrepreneur. There are so many challenges faced by every new entrepreneurs.
For example, lack of patience in solving problems, lack of motivation and etc. other than that,
challenges like lack of ideas, employees, customers, competition, and expenses are also a
problem to face. Crucial part of being an entrepreneur is knowing the risk. If you want to be
an entrepreneur, you must know and be ready to the risk you will go through.
 2.0 Findings

Based on the article, the overall purpose is to study challenges that faced by new
entrepreneurs. Setting up businesses is not that easy and there is risk. In the road to success,
there will be many challenges that every entrepreneur will go through.

From the article, the important challenges faced by new entrepreneurs is developing
the vision and business idea. As Thomas Edison said “To have a great idea, have a lot of
them. And “There is far more opportunity than there is ability.” As many entrepreneurs will
faced is developing a business idea or opportunity. Envisioning an idea is not an easy task
and as entrepreneurs must have the ability to see what others cannot see such as opportunities.
Moreover, it is the duty of an entrepreneur to forecast the future or be ahead of his time. In
other words, make something that is not yet existing and bring it to be a solutions to other
people’s problem.

After developing an idea, an entrepreneur will raise capital for start-up. It is a

challenging task to convince an investors about something that does not exist yet. As an
entrepreneur, you have to convince the investors on why they should invest into your
company. What makes you different with others? Most investors want to invest in already
established business with minimal risk and they want the returns for the risk they took. And
most of the entrepreneurs is either unprepared or lack of skills. To overcome these problems,
an entrepreneurs must have the ability to sell their ideas to potential investors. For example,
good story telling, strong business plan and persuasion skills.

Next, an entrepreneur will also face assembling a business team. As an entrepreneur,

you must have leadership skills and be understanding to others. A team is important in
building a successful business. Entrepreneur must lead their team into making impossible to
possible. An efficient strategic team should include banker, financial adviser, accountant,
attorney and etc.

Finding the right business location is also not an easy task. This is because, location
that we chose must be strategic. For example, high population, good network and etc.
Furthermore, a strategic location will create a high numbers of customers. In getting a
customers, it will be hard as it have bad and good customers. So, it is important that we be
our best to provide the great services to our customers. If we maintain it that way, customers
review will be good and we get to keep our loyal customers.
 Competition will be always on our way when starting a business. If we look at the
positive side of it, competition is actually pretty good. Why? This is because, competition is a
benchmark for creativity, innovation and production of quality products at great prices. In
addition, entrepreneur should also keeping up with the industrial changes and trends. As an
entrepreneur, we should keep up with the trend and not left behind. Trends change overtime.

Lastly, entrepreneurs should focus and pay more attention to people’s needs. People is
their customers and without customers, business will go down. It is important to listen what is
customer needs. In addition, as an entrepreneur, you should be passion and have purpose on
why you start in the first place.
 3.0 Conclusion

To conclude, an entrepreneur is one who plays significant role in the economic

development of a country. I have made this report of article review based on the article of
challenges faces by new entrepreneurs. From the article, my overall findings is that as an
entrepreneur, you should know the risk you will go through before being an entrepreneur
because being an entrepreneur takes a lot of courage, discipline and commitment. It is
necessary to overcome the challenges mentioned in order to conduct an efficient business.
 4.0 References

Alton, L. (2016, January 7). the 8 biggest challenges for new entrepreneurs. Retrieved from
https://www.entrepreneur.com/article/254721

R.S.Kanchana, J. A. (2013). challenges faced by new entrepreneurs. International journal of current

research and academic research.
5.0 Appendices