Place your Ad here for $10.00 per Month!

What are the challenges facing business owners in third-world countries?

freelancermaria

freelancermaria

Discussion Guru
Literary Virtuoso
Registered Member
Guardian Angel Engagement Expert Community Favorite Popular Post
Joined
Oct 3, 2023
Reaction score
519
Trophy Points
10
D Bucks
💵10.188213
Referral Credit
0
Business operations in a third-world country can be challenging. A lack of infrastructure is one of the most pressing challenges faced by business owners in such countries. In many countries, roads and power supplies are unreliable or unavailable, which makes conducting business tough. In addition, corruption is a prevalent issue, with dishonest officials complicating the legal procedures. Further complicating matters, skilled labor is often in short supply, making it difficult to recruit qualified applicants. What else can you add?
 
Low purchasing power is really making it difficult for someone to do business in developing countries. Most people can't afford to buy products even when they really need them because they are struggling to just survive. That makes business so slow as you would hold small stock for a long time before selling out.
 
Fidelia said:
Low purchasing power is really making it difficult for someone to do business in developing countries. Most people can't afford to buy products even when they really need them because they are struggling to just survive. That makes business so slow as you would hold small stock for a long time before selling out.
Click to expand...

It is saf that many entrepreneurs in developing countries are grappling with this harsh reality. Due to the hardships of our current circumstances, people are unable to afford all the things they require.
Post automatically merged:

eLdavis said:
Another major challenge most businesses face today is their inability to reach out to their target audience.
Click to expand...

It can be challenging to connect with your target audience, especially when some of them lack the necessary resources to market their products or services effectively.
Post automatically merged:

Kross said:
Business owners in third world countries really suffer from endemic corruption. It is choking them to death. Every worker you employ wants to milk the company dry through corrupt practices and that is not good.
Click to expand...

I could not agree more. Corruption is quite common in developing countries which is why businesses suffer.
Post automatically merged:

Augusta said:
For me it will be the problem of funding. The thing is that a lot of people have brilliant business ideas but no funds to kick-start
Click to expand...

Yes, one of the biggest problems that business owners in developing countries face is a lack of funds to start their businesses. Despite their strong passion to establish a business, they are unable to do so due to financial constraints.
 
Last edited:
magnus2022 said:
The major problem most entrepreneurs use to face in developing countries is energy challenge. Another challenge is corruption and bribery. Thirdly, is tribalism and ethnicity.
Click to expand...
Nepotism is really a big deal in developing countries. You would not be offered a contract or a job that your company rightly deserves because they want to give it to their friends and relatives.
 
magnus2022 said:
The major problem most entrepreneurs use to face in developing countries is energy challenge. Another challenge is corruption and bribery. Thirdly, is tribalism and ethnicity.
Click to expand...
Yes, light situation especially in Nigeria isn't funny at all. You would be struggling to run a business with epileptic light
 
Augusta said:
Yes, light situation especially in Nigeria isn't funny at all. You would be struggling to run a business with epileptic light
Click to expand...
And when you use generator to generate power and you want to add the cost of power generation to the final price of the products, the customers would scream to high heavens, leaving you in a state if total confusion.
 
Fidelia said:
And when you use generator to generate power and you want to add the cost of power generation to the final price of the products, the customers would scream to high heavens, leaving you in a state if total confusion.
Click to expand...
That's right. The problem falls back on the buyers as the sellers would need to make profit so the sell at higher selling prices
 
Augusta said:
Yes, light situation especially in Nigeria isn't funny at all. You would be struggling to run a business with epileptic light
Click to expand...
And when you try to generate your own source of light for your business, they would just increase the price of fuel to lock you out of business.
 
King Belieal said:
And when you try to generate your own source of light for your business, they would just increase the price of fuel to lock you out of business.
Click to expand...
That's right it is not even easy at all for small and medium businesses. You struggle to succeed with your business and government is struggling to get more from you in the name of taxes
 
Things are now expensive and one of the major challenges people face is lack of enough funds
 
You must log in or register to reply here.
16,323Threads
118,785Messages
366Members
Nimibofa999Latest member
Top