As a company that was once a start-up itself, we know all too well the challenges of creating a new business. No matter how great you think your product or service is there are certain challenges that are inevitable when creating a start-up, although there is a great deal of advice online on how to create a start-up- In this article we list out common challenges new founders and those working within a start-up environment can face early and how to stay ahead of the curve (these are of course tried and tested) read on below.
Do your research!
Simply put, you can never know too much about your chosen market, being aware of current trends or what your consumer desires can keep you ahead of your competition. We recommend doing as much market and consumer research as possible, even if your venture is successful. Knowing your consumer segments well will benefit you in both the short and long run of your business.
Align yourself with the right people
Mentors and strategic partners are crucial during the initial growth phase of your start-up and the right team can help you accomplish more than if you were to do so alone, likewise, they can also help in finding you the right investors.
Embrace failure and setbacks – you will learn from them
This is not to state that rejections and failures are desirable outcomes, however, if your able to analyse setbacks this can help in finding out which areas you and your team can improve and do better. What is currently not working and why is this not working? and how can we change the way we do this? Are useful in evaluating constructive feedback. Challenging these failures can also provide insight into which facets of your business model are working and which areas are not serving you and can be removed.
Having the right knowledge can be useless if no action is taken, many successful founders have stated that much of their success was owed to luck and being in the right place and the right time, so don’t be afraid to be bold and try new things, the important thing is to not be afraid to try something different, your boldness can be very thing that launches your-start up.
Many longstanding businesses also face the pressure to keep up with new and emerging trends, shifts in consumer behavior have made many big brands more receptive to working with smaller brands within the same field, so do not be afraid to reach out and collaborate on both short-term and long-term projects.
Resilience – entrepreneurship is no easy feat
In closing, as any striving entrepreneur knows creating something is no easy task, statistics show that around 90% of start-ups fail in the first five years, so take that with a pinch of salt! This is not to deter you at all, but to note that the start-up environment is not for the faint hearted which is why resilience is your strongest asset.
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