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Why do you face challenges in your business
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[QUOTE="Richee84, post: 212229, member: 42448"] Just the way life is full of challenges is the same way businesses faces one challenges or the other every day. An entrepreneur must know that his or her business will face different kind of challenges and must be ready to face the challenges and overcome the challenges for the business to survive. The challenges in business come in different stages of the business life cycle. At the introduction stage the business is face with difficult entry into the market. In this stage the business has not yet gain enough market share and is still struggling to enter into the market and compete with other competitors that are already there before it. In this stage the owner of the business will have to spend heavily on promotion and advertisement in order to gain market share. The second stage is the growth stage, here the business has gain market share and is performing very well. The profit here is very high and income and revenue is on the increase. The business here is face with the challengeof expansion. The business owner must be ready to use part of the profit been made to expand it business and for innovation in other to compete favourably wellwith it competitors. [/QUOTE]
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