Having a unique idea is one thing and do execute it, in reality, is completely a different game. So, You have a unique idea and you are thinking that you’re going to be successful in Startups then this is not a good indication for you. Millions of Startups are launching every year in the world. On average, there are 137,000 Startups are emerging today in the world. But the question is, how many Startups get successful. It has been found that about 90% of Startups fail during their initial stages. So, do you want to come to 10%, which is successful Startups? Do You want to take your startup business to the heights of success? If yes, then you must know the Startup challenges. In this blog, we are going to elaborate top 8 Startups challenge being faced by successful entrepreneurship and how to face them.
My name is Avinash Tiwari. I am the Founder and CEO of Smartech Education PVT. Ltd. I launched my Startup in 2017. We help Startups to grow more.
Although we all face a couple of problems while doing startups but the major problems have been explained in this blog in detail. So just read it with patience and compare it with your situation…
So, Let’s face it…
1. Lack of Idea Or Vision
The Startup idea is very high in India. Everyone wants to become a billionaire overnight. They think that their idea is very unique and launch their Startups. That’s why 90% of Startups fail during their initial stages due to a lack of idea or vision. Your business idea is the most important and first thing for your Startups. At first, you should ask yourself some questions before launching any Startups. Are you convinced about this idea? Are your products or services fulfilling market demands? If you were on the other side, would you invest in this idea? Is it motivate you? Are you ready to take risks? How you run your organization? Will this idea solve any real-life problems? If yes. then you should think ahead about Startups.
A vision statement is like a structure of your future business, which gives your business shape and direction. A vision provides direction and describes what you want the organization to achieve in the future. Your future business totally depends on your vision. What is your goal in the future. So, your vision should be very clear and proper. It can steer towards success. Without vision in Startups is like without the destination of a vehicle, which will not go so far.
Funding is very essential for the Startups and it is the topmost reason for failing of almost Startups. Startups mostly depend on investors who provide funding. And it is a big challenge for Startups to overcome. So, You should have enough funds to go ahead. You also have to pay to your employees, development of a product, and marketing as well and overall expenditure in the meantime. You need a proper business plan. Then only you can run your Startups successfully.
3. Branding & Marketing
It is always a challenge for Startups to find out the best ways of marketing their products or services to the targeted customers. At first, you need to keep researching and understanding the market, customer needs and realistic competitors. Your product or services should be better and different from competitors providing.
Then start your marketing whether offline or online. Now, online marketing is consider best marketing strategy that can help you to connect more and more customers. You can do digital marketing this is most popular in these days.
You can learn Digital Marketing:–http://smartechworld.in/blog/the-best-guide-to-digital-marketing/
4. Team Management
Due to the lack of proper and skilled team and team manager, any business will suffer immensely. If our team members start making excuses, not being responsible and not dedicated, Our business won’t be going to achieve any goal. A team is more important than founders because only a team can build a company successfully.
A team manager should be very much skilled, who knows how to manage a team and how to get 100% of productivity from individuals. A successful team can do everything for achieving its goal.
Competition is also a challenge that Startups have to face in this crowded world. It is very challenging to stay ahead in the competitions. So, you need to research your competitors and market to get a fair idea of trending things. Talking to your competitors is also very helpful for you. According to market trends, you can plan and make the strategy of your company.
Technology plays a very important role in the growth of Startups. Technology has changed the way of working, marketing strategies, secured and easy to use in our company that is the very good advantage of the companies. We can say that we’re heavily dependent on Technology in our lives. We can reach customers online, grow faster through Technology. We need to go with trending Technologies and get more profit whether it is hard doesn’t matter.
7. Winning the trust of customers
Winning Trust of Customers is the most important thing for any business. So, you should come up with customers-friendly loyalty, providing the best service or products. Get regular feedback from customers so that you can understand their requirements. Don’t underestimate the power of word-of-mouth.
8. Data Security
Data and Information have become the most valuable things in the digital era. Our information should be secure. We should be always ready to eliminate any security problems before any harm caused. Because the number of hackers are growing fastly.
To prevent our valuable information, we must have the highest level of security.
Remember that there is no business was built overnight. For success, we have to face multiple challenges. I have covered only the 8 most common challenges that Startups face today’s life. Let us know in the comment box that What are you facing.