StartUps can pose a lot of ups and downs – emotionally, physically, financially and many others. Many of them either fail to pick up or are abandoned due to lack of commitment, lack of perseverance or lack of knowledge. Gyanalok.com is happy to help the owners of such StartUps take their business to their logical conclusion and success. As this is the right time to pursue your StartUp dreams, keeping in mind, the various relaxations given by the ruling government, we at Gyanalok.com would like to support in every possible way by disseminating information, exchange of views, offering this window to showcase your venture, etc.
Gyanalok.com has come across an interesting article by one of its patrons, which we would like to share here.
Four common challenges faced by Start-ups globally –
by Darshana J
Challenge 1: Right “DIRECTION”
Setting goals and priorities. It should start with “Vision” and “Mission” of the organisation. This is most essential as Vision will set goals and Mission will set priorities for your team. Their passion will revolve around these statements. It inspires and motivates them and sets them on right path.
Challenge 2: Getting a “RIGHT” Founder Team together and keeping them together
This is most important of all as getting together a right team can be very difficult for an Entrepreneur even though they know exactly what they are looking for. It is essential to get people with similar vision and passion than someone who adds expertise. As you can always hire an expert on something but if you don’t find people with similar frequency and wavelength as yours who believe in your vision and idea, you will end up spending most of your time in unnecessary disputes and non-productive arguments.
Challenge 3: Who is my right “CUSTOMER”
Talk to your people who will use your product. Observe how they use your product. Get into their shoes and understand pros and cons of your product without becoming biased about it. You need to absolutely know for whom your product is “Good to have” and for whom its “Must have” as this will make all the difference when you go out in the market to finally sell it.
Challenge 4: Where to get starting “FINANCE”
There are many ways to get finance in your Start-up but you should know what exactly you wish to achieve. Many options of getting “Finance” leads to either getting your idea out in the market for others to copy or leads you to pivot from your “Vision” and “Mission”. Hence, you need to be clear which Financial options you prefer to take to achieve your dreams.
Note: Please do share your experiences, I would be happy to connect and interview you if you found good solutions to the above challenges in your own start-up.