They say that starting a company is 20% ideation, and 80% execution. In this process, a startup is sure to have challenges coming at it from any and every direction. And if you are looking to start up your own business, here is a list of struggles you might endure:
As an entrepreneur, it’s difficult to remember that the fruit of hard work isn’t always sweet. You might put in months of work into something, expecting the greatest possible result, only to find yourself let down. So practice objectivity when it comes to your company’s future. Identify your ideal clientele, and actively reassess your product to match their needs. Regularly identify what works and what doesn’t, and get rid of the latter. Make realistic business plans, outlining the time and money it will take to bring it to fruition. Ask your employees to chip in on your ideas, and take their criticism seriously. Making excuses for a slump and not being open to change in the workplace might just be what’s holding your startup back from greatness.
Hiring the right people:
The perfect team of employees is everything, but is hard to put together. Hiring the first mediocre candidate who comes your way can be mindless and simple, but it’s certainly not the best thing for your company. Your team should be full of individuals who you feel passionate about, and who feel passionate about their work as well. Though you might have to interview multiples of people who are simply not right for the job, don’t let your standards go. You know best what your startup needs, and don’t rest until you find it.
Making yourself known:
In a world where startups are blooming around every corner, you might find it difficult to make yours stand out. To combat this, make sure that your team is willing to go above and beyond the basics. Learn how to make the most of your social media channels, but take to offline marketing to get the word about your company out too. Establish rapports with the influencers of your field, and observe their growth trajectories. Learning from the greats can help you identify holes in your business plan, and
The fast-paced market:
The pressure to move quickly and beat competitors to a solution is evergreen in the startup world. Be it technology, marketing strategy, or investor lay-of-land, your startup has to rapidly and efficiently adapt to changing markets. To do this, you have to develop an alertness for what’s going on in your field, and an astuteness for where things are going. But, remember that creating a product or service that doesn’t yet exist, comes with a price. It takes time and capital to blaze new trails, and oftentimes, the money won’t roll in to your company the way it does into your successor’s. But don’t be fooled, this task is not as daunting as it sounds. With time and experience, your CEO instincts will kick into full gear.
As you can probably tell, starting up a new company doesn’t come easy to anyone. These four challenges are not small by any means, but are crucial to your startup’s growth. So be warned of stranger tides, and be sure to use our tips to work through them!