The 10 biggest challenges for entrepreneurs
When it comes to securing financial support to start their business, entrepreneurs often face a challenge.
Marie-Pier Otis spoke to the commission politique de l’agglomération de Montréal about these challenges. According to an article in La Presse Affaires, this committee, composed of elected individuals, was mandated to evaluate the effectiveness of Montreal’s local development services.
Ms. Otis, who launched a television production company in April 2011, said that her entrepreneurial experience was mostly positive. However, she expressed her frustration over the obstacles she faced in order to get financial support – particularly due to the red tape and rules of eligibility for certain programs.
Marie-Pier Otis’ struggles seem to be shared by several entrepreneurs.
Based on a report from the SAJE Montreal Centre of excellence in entrepreneurship, La Presse Affaires has compiled a list of 10 common challenges faced by entrepreneurs when seeking financial support:
- Business projects that don’t correspond with investors’ priorities
- Too often, entrepreneurs aren’t eligible for financial assistance
- The process requires too much effort for little return
- Approval times are too long
- To obtain support it’s sometimes mandatory to set up a coaching process
- Entrepreneurs have to devote a lot of time to shopping subsidies and grants
- Some financing programs don’t allow entrepreneurs to defend their projects in person
- Entrepreneurs can suffer further delays at the fund disbursement stage
- Some project selection committee meetings are only held every six months
- Certain conditions that entrepreneurs must meet are not well understood
Edited on 22 December 2016