Challenges Faced by Businesses
Added on 2020-10-22
10 Pages3096 Words382 Views
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CONTEMPORARYBUSINESS ISSUES
Table of ContentsINTRODUCTION...........................................................................................................................3Main body........................................................................................................................................3Ease of developing enterprising and innovative ideas................................................................3Challenges faced by the businesses at national level..................................................................4Challenges faced by businesses at global level...........................................................................6CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONBusiness organisations are formed based on an innovative idea through which theyprovides their products and services to the customers. These businesses faces various challengessuch as lack of funding, low brand awareness, customer dissatisfaction etc. which impacts theirperformance in negative manner. The management of these businesses needs to develop theirstrategies by considering the challenges so that their impact can be reduced. This essay will takethe examples of different companies who had faced the discussed challenges in both local andglobal level. This report will cover the challenges in context of sustainability, ethics andtechnology which businesses face in performing the operations at national and global level.Main bodyEase of developing enterprising and innovative ideasInnovative idea is the backbone of a business on the basis of which the business isformed. These innovative ideas are generated by the business or entrepreneurs for providingsomething new and fresh to the customers in order to satisfy their needs and demands. However,business owners or management faces several issues in implementing these innovative ideas intothe business which acts as barriers in achieving the desired growth and performance at themarketplace. The management of the business firms or entrepreneurs needs to determine theseissues or challenges which can impact the implementation of the ideas and forming the businesswhich are discussed further with the recommendation for overcoming the challenges. According to the Ali Ayyash, (2018) the major challenge faced by the entrepreneurs inimplementing the idea into business is of improper planning. Planning of different aspects suchas strategies, resource allocation etc. is essential for businesses in order to determine the requiredresources and strategies which are essential for running the business or for providing theproducts to the customers. Without proper planning, ideas could not be implemented by thebusiness owners which can lead to failure of business (Biggest challenges in converting ideasinto reality,2018). For overcoming this challenge, the companies needs to hire skilled candidateshaving proper planning and problem solving skills through which they can develop the strategiesin proper manner. For example: Elizabeth Gooch is owner of EG solution PLC who started thefirm as consultancy provide but due to improper planning the start-up failed. Later she plannedproperly and started the company by providing software services. Second challenge is associated
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