1. FinancingFinancing is one of the key aspects to have when starting a small business. But this is the hardest feature to get. Small businesses struggle to find capital to start their business. In an economy like South Africa, the cost of capital can change instantly depending on your business. This goes for large and small businesses. Large companies are always looking for investors to provide them with the right recourses and will face a loss which will force them to invest more capital. Small businesses and business owners may not have enough money to start and will need to take out a loan. or find partners. Having a loan is very risky. In the sense that the company could go bankrupt and you will have to repay the loan with interest, and with increasing interest rates you will be in debt for a very long time. Financing provides a solid and essential foundation for any business. Failure to provide the adequate amount falls into one of several categories. If you provide too little capital to the business, you put yourself at risk of running out of resources very quickly. This comes into play in managing the recourses you have so that you know exactly how much financing you need. But always having the right amount of money may not change anything. As the economy grows or prices rise and fall, you may need to invest more money in the business. This is not an exact number, but one that you can work around. Financing is one of the many challenges any new business faces. The challenge of taking the risk of investing your own money in the business and losing it all, or finding partners who will take a cut of your income. This challenge actually causes many owners to not go into business or fail overnight and may face many challenges that they are not aware of which may lead to dysfunction in the business. management team means poor execution. This can lead to loss of profits as the products produced are not developed quickly on time due to lack of productivity. Productivity is a major challenge that small business startups face. This can be overcome by increasing the efficiency of time used in good management. Hiring a weak team will weaken your business. There is a well-known saying: "A players hire A players and B players only hire C players (because B players don't want to work for other B players)." A strong team will lead to a strong business. The challenges faced in team management can depend on the people you hire and the leader in charge. To be the best, you have to be with the best. And lead as best you can.