A lack of resources and financial aid has a major impact on entrepreneurs, especially on young entrepreneurs. Starting your own business in your 20s while you are still a student, insufficient initial capital and lack of connections in high places will result in no investment in your business idea. Without initial funding you are incapable of purchasing much needed resources for you to grow your business. It’s also difficult to grow a firm when you have enough money but not enough resources.
A fresh business concept, whether for products or services, necessitates one thing: cash. A new firm may take years to break even, but it does not indicate it will fail. Every entrepreneur needs a specific amount of seed cash to cover the costs of hiring employees, renting office space, purchasing or leasing equipment, marketing, and other expenses. Also, resources are an important factor for an entrepreneur developing company. Every business that wants to succeed needs some resources such as land ,wage ,capital , raw materials etc. Even if you have enough money but the raw materials you require are unavailable, your company will be unable to continue.
Lack of funds to invest in the business on a regular basis will eventually cause it to shut down; businesses can only perform well if the owners invest in a good start-up and operating capital costs. Bank loans are one of the most common ways for entrepreneurs to obtain capital, but in order to obtain one, they must meet a set of criteria that vary from bank to bank. Unless you have a great business idea and plenty of other resources, investors are unlikely to come into your startup. Although you may have the best business idea, it is quite difficult to stable a new business without lack of resources and funds.
Jannatul Zakia Jebin
Student of North South University
E-mail: [email protected]