Difficulties faced by Startups

These problems hold you back

Let

Let’s face it. Starting your own business is by no means an easy feat. Here, we list the most common difficulties by startups in today’s world.

1. Funds- The first and foremost challenge for startups is money. Unless they get the cash inflow from investors or from sales or from some other source they miss out on many opportunities like hiring key staff, new product roll or even fitting out of new offices. You will need money to fund software or product development, office space, marketing, and all the things that help you sustain the business. But getting a good inflow of money early on is a major concern for startups.
2. Hiring the right people- Startups are like freshers, the way big companies hesitate in hiring fresh college graduates, graduates from reputed colleges also hesitate in joining the startups early on. Also, the funds' problem comes here as well because if there is a lack of funds then it will be hard to pay the hefty salaries that “right” people demand. When hiring a suitable candidate, organizations must remember one golden rule: Birds of a feather flock together.
3. Poor Planning- It’s intriguing how many startups falter because they forgot to set up a proper course of the plan. Or maybe they do, but just never cover all the different bases. Key areas like sales, development, staffing, skills shortage and funding should be part of your business plan or be flexible enough to cope if events take an unexpected turn. Emergency planning is vital but the business plan might just top it cause without a proper business plan you will need to have a lot of contingency plans.
4. Lack of Focus- Before launching your business, you should first decide your focus points. Just because you are a startup, that doesn’t mean you should switch your focus and be flexible to all the environment changes. You should be flexible but not so much that you change your focus entirely if your strategy fails. That is why it is always important to have a vision and mission for your startup to keep you on track.
5. Competitors- Well let’s face it. The population on Earth has crossed 7 billion and obviously with more population, there are more requirements and with more requirements, there are more businesses to serve those requirements of people, and as a result, the competition bar in today's world is never going down. No one ever said it was going to be easy, and despite your product or services being great, it’s a crowded marketplace.
6. Lack of Mentor- You may have a great product/idea, but lack the necessary guidance needed market experience, and knowledge to move a stage further. That’s where a mentor comes in, with the wisdom and confidence to help you clear those roadblocks that are holding your startup back. Mentors can also help you strategize better. Even though mentors can be approached in the cities but for rural areas, this idea of approaching the mentors is farfetched and hurts them the most.
7. Founders-Yes this may be hard to believe, but your co-founders may be part of your startup’s woes. They may have helped develop a great product, but lack the skills needed to help run the business. Startups may need new executives to spread the workload. Failure to recognize the problem may exacerbate your woes. Delegation of work is needed. Sometimes the caption of the ship is the reason that the ship is sinking. Founders sometimes set unrealistic expectations and when these expectations are not met, they are only to blame themselves

        MentorBox

1.