Challenges To Look Out For As A New Startup Business
Challenges to look out for as a new startup business. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs. Now is the time to create your startup, whether it be a product people buy, a service people hire; and as depicted in the words by Steve Jobs, the beauty of it all lies in the ability to create opportunity in the form of something you love.
However, there are a number of challenges all startups will face along the way, some of them which have been worsened by the current Covid-19 pandemic. Here are 5 of these challenges;
1.Coming Up With A Winning Idea
The world’s biggest successes put out multiple ideas yearly that didn’t work our before they hit the jackpot. In the startup stage, overcoming the failed execution of your ideas can be staggering, both financially and emotionally for everyone involved. This can make it hard for startups to move on to the next idea quickly, to keep reaching to find those winners. But business requires a heart of steel because everything is a game of trial and error until you get it right. Some will hit it off the first time, others not so much, it could months or years!
2. Spotting A Gap In The Market
Often the biggest challenge in launching a startup is finding a way to differentiate yourself from the competition. The main question will always be what makes your business better? This question can make or break your marketing ability and eventual success if you can’t find a way to meet people’s critical needs while being unique and memorable. Fortunately the line of your business you are trying to venture in probably has others like yourself before you, whom you can take notes from as you setup your own.
3.Finding investors
Finding someone to pump money into your business idea should definitely fall on a startup’s top three list of mountains to climb. The problem with finding investors often falls on companies that aren’t very successful in bootstrapping the company long enough to prove their concept in the marketplace, and secure a viable customer base to approach ever-skeptical investors with. The challenge can equally be the same with funding institutions, but fortunately there is a long list of funding opportunities to choose from in Botswana and with a feasible business plan, you can secure a big chunk of money to have your startup running.
4.Putting Together A Winning Team
The startup team doesn’t need to be filled with the best of the best in their given specialty. However, you do have to find the right people to make a team that’s perfect for your specific company to thrive. Your people are your company and it is important for the team to be in sync in order to yield tangible results.
5.Maintaining Vision When Trends Keep Changing
Everyone in business quickly learns the importance of adapting to market trends, giving the buying public what they’re looking for now, and doing away with that which they don’t. However, it’s just as bad when a startup allows their vision to get distracted with every little change happening in the market, to the point where they’re trying to be a one-size-fits-all; or worse, a company suffering from analysis paralysis. Startups need to have a solid vision and capture a niche for themselves before attempting to diversify.
