Startups opportunities, in India, have flourished with time. Irrespective of what fields they fall into, innumerable startups have become the success motivation for the young generation. With a dream in your heart and a basic strategy in mind, will help you start your journey. But is it that simple? No, this is just the first step, There are Many Startup Challenges that you have to face in 2021.
For a startup to actually fall into place, a lot of things need to be taken care of. A lot of market research, product study, customer preference, industry analysis, etc. is to be carried out. The list does not end here, there are a lot of Startup Challenges that can stand in the way of your success.
Startup Challenges 2021
Lack of Financial Backing
The issue of raising funding for your business is one that every business faces and has to deal with in order to survive. Although you may have some money set aside to start a business, they don’t last forever, and you cannot rely on the next check you receive to cover your bills and take care of the next step. To grow and survive, small businesses need a steady supply of cash, and extra funds should always be available to cover rainy and between days.
It’s not uncommon for entrepreneurs to struggle to make ends meet, and at times they do not even pay themselves so their invoices can be paid. Your best option is to plan your finances so there are no delays in invoices, and you have enough time between getting paid, paying the invoice, and paying your employees (including yourself). Ideally, you should have a well-prepared business plan in advance that includes funds set aside to weather any worst-case scenarios.
At one point or another, we have all faced interviews and for many, it has been one of the most stressful moments in their lives. Most of us have been in the above situation at some point, but very few have had to deal with it on a regular basis conducting interviews and it is equally hard if not more as the majority you have not done it before and thus have no idea how to go about it.
In addition, the situation is even more stressful since a new entrepreneur wants to pick the best candidate that not only fits their budget, but is also proficient at the job they’re being hired for. Even though the candidates are right on paper and efficient alone or on their own, hiring the right team for a startup is equally stressful because you do not know how they will work together.
As a result, it is advisable to be selective and look beyond resumes and job descriptions. Provide specific details about the job requirements, budget, and benefits you seek when posting a job posting. Provide the qualifications that candidates must possess, as well as the specific job duties that will be required, as well as the hours and days that they will work.
Lack of Self confidence
Many entrepreneurs, especially those who are just starting out, doubt themselves and wonder if their business will work, be profitable and survive. Often, they also doubt if their product will succeed and if the customers will accept it. Until you are in that position, there is no solid, reliable answer to these questions.
The long-term plans of many people often remain in flux as new developments take place and many unknown factors arise. A new entrepreneur has to deal with this volatility every day, and all they can do is remain calm and deal with them as they come.
Promote and follow work relaxation and instead of getting discouraged, ask yourself what you can do right now to motivate you rather than worrying about the unknown future.
Decision-making is among the most Important Startup Challenges and stressful tasks for entrepreneurs. New business owners often have a difficult time making decisions because even the smallest decisions are seen as impacting the business and the budget. They are also frequently filled with self-doubt regarding the choices they have already made and if it was the right one. Once they are used to hundreds of decisions a day, big and small, they stop worrying about feeling overwhelmed and start taking them without question.
A company that is just starting out will find it hard to attract customers, especially if they have a limited marketing budget. Every entrepreneur faces this problem, and businesses can’t compete with well-known brands because people usually stick with brands they know and trust.
However, new companies have a big advantage over established brands, and that is their pricing is much lower than those of their competitors.
They can attract new customers if they provide a quality product at a much cheaper price than their rival and retain their loyal customers over time if they provide a good product at a low price.
Related Article: Startup Funding in India