1. Government policies: Government changes its policies all the time most especially when it is a new government, and these policies sometimes affect some businesses. For instance, when the Nigerian government placed a ban on the importation of goods like foreign rice, fairly used clothes, shoes, and bags which also known as Okrika and so on, people in these lines of businesses were badly affected. So government policies are one of the challenges in business.
2. Pandemic: Am going to use covid-19 as a case study. During and after the pandemic, many businesses shut down. Right now, some of the businesses that managed to survive are struggling to still be in business.
3. Natural disaster: Natural disasters like flood, earthquakes, hurricane, Tsunami, etc. is one of the major causes of business challenges. When they are natural disasters, nobody thinks of doing business all they think about then is how to save lives and properties.
4. Debt: Debt is one of the major challenges most businessmen are facing. People buy on credits and sometimes they don’t want to pay back. Most businesses have crashed as a result of this.
5. Change in technology: let’s use a typewriter and computer as a case study. Before computers were invented, people used typewriters, but as soon as computers were introduced, people stopped using typewriters. People who could afford computers bought them, but it became a major challenge for those who could not afford them. Another case study is the invention of android phones and photography. Before the invention of phones with cameras, people use to go to photography studios to take pictures. But today the invention of camera phones has made photographers irrelevant.
6. Increase in currencies: Increase in currencies is also a factor that affects business, most especially imported goods. This affects the prices of the goods and does not only makes it difficult for business owners to import goods but also for customers to be able to purchase them.
7. Increase in the prices of goods: When they are an increase in the prices of goods, people turn to cheaper alternative products and this can also be a challenge to the manufacturers of those goods. You can not be in business when customers refuse to buy your products and this can be a problem.
8. Lack of adequate finance: This is the number one cause of a business challenge. Money is the backbone of every business, so without money, you can not do much.
9. Lack of transportation means: Transportation plays a vital role in business. So lack of transportation means may affect most businesses, most especially those who are into supplies of goods. When there is no means of transporting your goods it becomes a problem as you will not be able to get your goods across to your customers.
10. Increase in tax: When there is a tax increase, some businesses are affected as a result of this.
11. Taskforce: It is in countries like Nigeria that you experience a task force. These guys claim to be working for the government and always attack business owners. So many businesses have shut down as a result of this. So some business owners have formed a union to enable them to fight these guys.
12. Lack of power: This is a challenge for most businesses, most especially businesses that depends solely on power. So they are forced to use a generator which is very expensive to maintain. So many promising businesses have crashed as a result of a lack of power.
13. Location: The location of your business matters a lot. Bad locations can affect your business greatly. Just imagine setting up a Bistro in a ghetto. Apart from the fact that the people within the vicinity won’t be able to patronize you, no prominent and responsible person would want to come to that area to buy from you. Also if your business is located in an area that is full of thieves and hoodlums, it will affect your business greatly most especially if there is no security.
14. Bad road: A business located on a bad road hardly thrives. Nobody wants to drive through a bad road to purchase goods, so this is can be a challenge