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The 4 Most Common Reasons a Small Business Fails
Top 10 Challenges Small Business Owners Are Facing Today - Small Business Trends
A small business loan is money borrowed from a financial institution by an entrepreneur to start, run, or expand a small business. While it might sound simple in theory to stop by your bank or credit union and fill out a small business loan application, the reality is that over four in five small business owners are denied financing from banks big and small by estimates. The difficulty in getting approved for a loan stems from a variety of unique challenges facing small business owners that go beyond the prevailing economic climate. With just a little insight, though, you can identify the unique issues that make it hard to get a small business loan, ways to overcome them, and alternative sources of funding to successfully finance your venture. Small businesses are more likely to confront the following financial and operational issues than their larger counterparts:. If you use your personal property as collateral for a loan and later default, you risk losing it because it can be sold to repay your debt to the lender.
Top 10 Challenges Small Business Owners Are Facing Today
Running a business is not for the faint of heart; entrepreneurship is inherently risky. Successful business owners must possess the ability to mitigate company-specific risks while simultaneously bringing a product or service to market at a price point that meets consumer demand levels. To safeguard a new or established business, it is necessary to understand what can lead to business failure and how each obstacle can be managed or avoided altogether. The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.
The following business plan for the fictional firm of "Acme Management Technology" AMT is an example of what a completed business plan might look like. This example is provided as part of the instructions and detailed descriptions included in the Components of a Business Plan. This business plan leads the way by renewing our vision and strategic focus of adding value to our target market segments—the small business and high-end home office users in our local market. It also provides a step-by-step plan for improving our sales, gross margin, and profitability.