Common challenges for a Startup business

By admin | July 26th, 2019 | General

“The Struggle you are in today, is developing the strength you need for tomorrow. Don’t give up”

– Robert Tew

Every startups struggle for various reasons. Some face the challenges and obstacles and overcome them to reach their destination and some succumb.

Lets look into few of the challenges the Startups face:

Money – Yes, it is one of the most important things. You need money, unless your bank accounts are over flowing with cash straight away from sales or investors. You need to manage your finances well to fund your software/product advancement, staff, office space, proper marketing (essential part).

Marketing/Sales – Few startups face problems because they haven’t focused enough on marketing and sales. Sometimes they are under this belief that customers will hear and discover them, which seldom happens. There requires to be adequate effort and structured plans to promote your startup and that can only happen with abundant Marketing and Sales.

Inadequacy in planning – Many startups falter due to lack of planning or maybe because they forgot to plan. Major areas like sales, development, staffing, funding should be the primary part of your business plan. Its important to always get the details right.

 Finding the appropriate people – It’s important to know how to get the necessary people with the right skills for the startup. Its crucial for the business and may regulate how your startup thrives. If there is a delay in searching for the right people, then not only it eats up your valuable time but also leads to unnecessary setback maybe to launch a new product, etc. Also, if you have hired the wrong people then the defect will be much more apparent.

Time Management and Right Decisions – There might be hundreds of decisions to be made in the next 5 minutes. Yes! there’s never ample time. Plan your day properly, plan your tasks accordingly. Start by exterminating or ignoring your distractors – anything that’s getting in your way. Prioritize on your decision making and Time management.

Push yourself – Think outside your comfort zone. Someone aptly said – ‘Great things never come from Comfort zone’.Your products and services are scaling up, it also causes a lot of headaches. You might require a new administration, support, extra employees, or anything. So, be prepared for Hard days and plan to work them out.

Competitors – There will be many. Did anyone ever say that its going to be a smooth journey? It’s a crowded market place. The opponents might have already laid their pitch. So, take a deep breathe, every time if there is a failure so that you can stand on your feet quickly to act on time.

Lack of Mentor – You have everything working good at your end, but judgement, wisdom and guidance is required to move your stage further. This is where the role of a Mentor comes, who has got proper knowledge to help you strategizebetter. A confident mentor makes the journey easy.

 With all these in mind, let’s say –

“Whatever the struggle, continue the climb. It may be only one step to the summit.”

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