Challenges That We Faced When Developing a Business

Discipline: Business Studies

Type of Paper: Creative writing

Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 13 Words: 4060

Question

QUESTION

I need these challenges to be adjusted to this reflective essay

Challenges faced

1. Challenge faced was mainly on deciding the business product or service itself. Once the business idea was decided, the other challenge was to create the right market segment and decide the level of market penetration for the first year and the next 4 years bearing in mind the 2022 FIFA World Cup.

2. With regard to the key activities and resources, challenge was some members voted for importing the fabric whist others wanted to import raw materials in Qatar, and then manufacture the product in Qatar. Costing for both these options were calculated, and import the finished product was found to be a cheaper option. As only one team member had accounting background, the other 5 members had to rely on his expertise and judgement. This again, led to some arguments if we need investors or mere advertisement sponsors. Owing to the cost involved, it was later decided that both were needed. 

3. This product was one of a kind, no guidelines were readily available in the country’s legal regulations for its import and selling in Qatar, which again led the team to think if this product would be approved by Ministry of Public Health and Ministry of Commerce and Trade. 

4. Creating the brand image was the other challenge. As the fabric was being imported from a SME in France, our branding had to incorporate the feel of European market as well as Qatar, to give the public the instant trust and feel. Though commercial, the name of the product was keenly decided to have a medical feel. The colors of the logo had to be decided in a manner to give it also an environmental sustainability feel.