Question

Study the following case/situation and express your opinion.

Mr. Rahim is keenly interested in starting the Small Scale business. But he is worried about the challenges before Small Scale business. Guide him about the solutions to face these challenges.

Answer 1

Starting a business is a significant accomplishment for any entrepreneur, but maintaining and growing it properly can be a difficult task. However, there are some precautions that an entrepreneur can take to ensure that they survive all of the challenges. Like,

It is always critical for a businessman to strike the right balance between working long hours and achieving business success. He should not get carried away with his company's single accomplishment. Furthermore, you should not be reliant on a single client. The business should maintain a healthy raw material so as to face uncertain situations. The business should maintain a positive productivity and efficiency.

Finance management is as important to a business as it is to its continuation and growth. So money management can be a difficult task at times, but if all accounts are maintained separately and properly, and if such accounts and handling taxes are within a businessman's capabilities, then managing money will not be a problem.