The entrepreneurial journey is filled with many ups and downs. The initial years, especially, are filled with many downs i.e. challenges and crises. Many startups shut their gates in the initial years because of these crises. The entrepreneurs who sail through these challenges guide their organisations in the right way. Let’s take a look at the 5 major challenges that startups face:
The majority of the youth do not start their dream projects just because of the absence of investment. It actually plays an important role in starting a venture and thus is considered to be the first step in the process. Investment ensures that you have enough finance to buy or rent a good workplace, hire employees, etc.
However, there are startups who have built their ventures on zero investment basis. The recent story published on Next2Entrepreneur features Avega, an organisation built on the zero investment model. Bhushan Patil, the co-founder of the digital marketing and advertising agency, says, “You don’t need investors. Firstly, your mindset should be ready to take up this challenge. There are many sectors which you can accomplish with zero investment. Everything is going on the digital platform, there are many free softwares you can use which can cut your costs down. Free accounting softwares, free Linux softwares, free invoicing softwares. Almost everything is available on the digital platform. We, the founders, took help from our friends to search for clients. Most people think that to gain clients you should go out and connect with hundreds of people, but asking for help from your network can help you extensively.
Each and every market is cluttered now. Every field you chose, there already leading players existing there. Competing with these big players is a difficult thing. At a certain point, the new players have to replace the key players in the minds of consumers. Using the right marketing tools, to the right extent can help you to tackle this problem.
Marketing a recognised brand is comparatively simpler than marketing a newly introduced brand. As there already are key players and recognised brands, introducing the new one and replacing the existing one can be difficult. At the initial stages, an entrepreneur has to use every single marketing tool available and possible to market his/her brand.
Hiring content creators or content marketers can ease the load off the entrepreneur’s shoulder.
Starting from the scratch:
The mindset that ‘you have to start from scratch’ repels many youngsters from turning entrepreneurs. However, you never start from scratch. When the first thought of having your own venture hit your head, the process was already started.
This is one of the many unheard startup problems faced by entrepreneurs. In the initial years, startups come across many challenges. The founders need to trust their ideas and remain positive in spite of the crises.
So, these were the business problems and how to solve them. There also are other challenges that startups face, but these are the most important ones. Every day is a new challenge in the life of an entrepreneur. Sail through them, and get going.