The Challenges Of Small Businesses Essay - 1428 Words

ABSTRACT The main objective of this research is to analyse and study the challenges that lead to dereliction of some small businesses in Potchefstroom. The study aims to understand and find ways or improved strategies that could assist small businesses to succeed in the future. According to SBA (Cited by Anon., 2016), 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10.This usually takes place because of common factors such as owners lacking the necessary knowledge and management techniques to drive the business through every obstacle it comes across. An individual may have an idea to start a business, although it requires more than just an idea to start and manage a business successfully. Research also shows that the government does not provide small businesses with sufficient support. This means that the government should make financing more accessible, provide more training programmes that are necessary for small businesses, and make policies more flexible to accommodate small businesses. The study will use semi-structured interviews and questionnaires for data collection. Table of contents Abstract 2 List of abbreviations 4 1. INTRODUCTIONShow MoreRelatedChallenges Faced By Small Businesses902 Words   |  4 PagesThe Problems and Challenges that Small Business in the UK Face Small businesses face a number of problems and challenges on a daily basis, both in the local and international markets. In the UK, Small businesses face a myriad challenges and issues on a day-to-day basis. The internal and external problems are countless. Some of these issues include high cost of insurance, financial problems, high taxes, competition, transport issues, employee skills gaps, and health safety issues among others. 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