Internal and External Challenges After Having Established a Start Up Business…
RD Bertsch, MSM, Consultant, United States, Member
It is a great feeling to be a small business owner starting out on a great journey with endless opportunities. Every small business owner has dreams and hopes for success, as should be the case.
However, as the business begins to flourish, it will outgrow its organic structure, and this is where challenges begin to surface for many new start up enterprises. The objective of every business is to remain competitive in the face of changing trends, and new businesses must have the ability to grasp new opportunities while hedging risks and threats. Along with growth comes the need for evaluation of INTERNAL FACTORS that influence the very nature of success. So, why should small business owners be cognizant of internal factors that affect the business organization, and what are they?
Some critical internal factors affecting a business organization are:
• Resources (both financial and human)
• Values, mission, and vision