Knowledge Gaps & Process Barriers
1) Marketing is Expensive and Time-consuming
While entrepreneurs in the study planned for marketing, the scale and costs associated with acquiring customers was surprising to entrepreneurs. Surprisingly, marketing was rated above accounting, legal, and insurance which indicates the severity of the problem for entrepreneurs.
A detailed understanding of customers is required to be effective with marketing resources (time and money). Struggling entrepreneurs often site the lack of marketing resources as the source for failing to gain traction in the marketplace.
2) Access to professional Services is a Challenge
Finding and paying for professional services is a common challenge. Often these services are local small businesses themselves that can charge high fees. Some accelerators of incubators will offer discounts on professional services in an attempt to combine purchasing power.