Challenges are everywhere. As a founder, you might have dozens of brilliant ideas on your mind when starting your own business. However, turning those abstract concepts into real and valuable products is not just a piece of cake. There are times when your plans cannot be carried out smoothly because of various challenges. Be it the lack of funding, failure in the making of prototype, incompetent employees, or even impossible clients, problems seem to always exist in everyday life of a startup.While it seems that those challenges are threatening your organisation and blocking your path to success, you should know that that many business giants with headquarters all over the world often came from small startups consisting of very few employees. The key to tackling startup challenges is to prepare yourself on how to deal with them even before you launch the business. If you are the leader of a newly-born startup or an aspiring entrepreneur, here are 4 common challenges you will face when establishing a business and how to overcome them:
Finding the right team members
While the viral hashtag #startuplife seems to be on the rise, not many people are actually interested to live up the idea. With financial insecurity and unfamiliar employer brand, some people might be reluctant to apply for a startup job because it seems like a risky move. Fetching talents to join the team is hard enough, let alone finding those who have the right skills and share the same visions and values as yours.
To tackle this challenge, you should tap into your network of families or friends to identify potential talents you can work with. You might want to recruit more Millennials too, as they tend to seek passionate and meaningful jobs instead of mere money. Not to mention, flexible work style in startup suits best with this generation.
Executing the plans
Everything seems to be a masterpiece when it is still in your head. The biggest challenge for every startup founder is how to realise an idea to be an actual product. Not to mention, there are many startups with similar idea and concept out there, so you need to develop a strategic plan in order to win the fierce business competition.
If you want your products or services accepted by people, you should ensure that you offer something that will help them have a better life. It is crucial to optimise the design and feature based on target users’ necessities.
Marketing the products
The goal of starting a startup is to make some money out of it. The problem lies in the fact that as a business newbie, you might find that marketing your products or services to the public is quite challenging. There are many bigger brands out there offering similar products, then why should people choose yours? How do you attract people to use your yet-to-be-known brand?
To answer this question, first you should come up with a mature and well-thought marketing strategy can be the solution for this challenge. Do your homework to conduct market research and implement a data-driven marketing plan. You should leverage the advancement of technology, such as learning in details about how to create appealing contents on social media promotion, attract target customers through events.
Dealing with competitors
Competition in startup environment is one of hardest. You might think that you have kept your market under control, but somehow there are competitors that stay one step ahead and win the sales competition by offering similar products with better feature and cheaper price.
To overcome this challenge, you need to come up with both short- and long-term strategy for your startup. For example, for the first months of product launching, you can focus on how to attract customer and get your products recognised by public. Then, you can plan how you will maintain your market position for the next two to five years. Additionally, you should always upgrade your product quality and improve the service so your startup gain more tractions.
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