Eliminate Startup Problems The journey of a startup is daunting as well as exhilarating. As per a survey, “Around the globe, about 300 million people are trying to set up a business of their own and almost 137,000 startups are launched everyday!”
From arranging finances to spearheading the successful transformation of your idea into a product, there are number of obstacles that you may face as an entrepreneur. While pursuing your dream has many benefits like contentment, independence and potential financial success, there are certain obstacles which you would have to overcome in order to make your startup successful.
We have compiled a list of challenges that entrepreneurs face in their start-up journey along with their probable solutions.
Most businesses will need adequate financial backing to get the resources it needs. While most entrepreneurs look for an investor for the funding, not everyone is provided the capital for innovative ideas. The good news is, an investor is not the only option for raising money. In the digital age, one has a plethora of options to get the funding. Thus, entrepreneurs can also opt for crowdfunding and donations via fundraiser.
2. Hiring the right people for your startup
The recruiting process is time consuming. Fistly, a typical recruitment cycle starts with the process of going through many resumes and identifying the person with the right skill set for the job. The main task commences after that as shortlisted candidates would have to undergo the interview process to assess their technical and non-technical capabilities.
The solution lies in being very choosy. Pick the best from the lot and try and retain them for long term. You may seek help from recruitment agencies which will can assist you with the background check and document verification tasks. Alternatively, you could partner with a strong technical candidate to cater to your requirements which will save you from the hassle of recruiting and training.
Technology is of utmost importance, it is the key to success for your startup. From security to software updates, every aspect has to be addressed with utmost care.
As an entrepreneur, you have multiple hats to wear and overlooking the technological aspect could adversely affect the growth of your startup. Therefore, you need to be up to speed with latest technological advancements. You can also join hands with a strong technical team or individual to keep your product up to date as per the technological trends.
4. Time management
Your time should be judiciously used because just like money it doesn’t grow on trees and once wasted it cannot be claimed back.Some tips for effective time management are:
Create a list of all tasks to be done in descending order of priority
Remove the tasks that do not meet your startup goals
Delegate some tasks
5. Choosing right people to partner with and delegate work to them
There are many trust factors associated when it comes to delegating tasks. Always prefer people who would share your vision and put their 100% to convert your dream into reality.
Give them a clear understanding of your expectations by being very specific in giving instructions. Choose the right technology and right people to partner with as this choice will be instrumental in deciding the success of your start-up.
6. Market research & startup marketing strategy
Every business owner should have a good marketing strategy in place that positions and brands the startup. The first step would be conducting extensive market research and identifying specific niche to target, SWOT analysis, potential profit and risk margin.
Secondly, a marketing plan should be constructively made. A good plan will identify the obstacles and would help the business owner to come up with alternative solutions for them beforehand. Moreover, it will also provide a holistic view of the vision, market research results, competition analysis and target customer base.
Now that you know what may be the hurdles that you would have cross in your startup journey ensure that you plan well. Give it some time and do thorough brainstorming. Stay motivated and adopt a positive outlook. Ultimately it is your attitude that will help you gain the altitude in your business.