How Startups Can Overcome Inevitable Challenges?

How Startups Can Overcome Inevitable Challenges?

Business Finance

“If there are challenges thrown across, then some interesting, innovative solutions are found. Without challenges, the tendency is to go the same way.” This quote by Sir Ratan Tata clearly defines the journey of startups. 

Every entrepreneur envisions growing their startup and taking it to infinite heights but a smooth sea never makes good sailors. No startup is an exception here. Every startup faces obstacles and tries to overcome them in every possible manner. The better prepared you are, the chances of handling the situation and reaching the zenith of success increase automatically. Let’s try to make it a little easier for you. 

Take a look at some of the inevitable challenges that you are going to face in your journey. 

1. Do Not Set Impracticable Expectations

Do Not Set Impracticable Expectations | How Startups Can Overcome Inevitable Challenges? |  Credit: www.teamsupport.com
Credit: www.teamsupport.com

90% of all disappointments come from setting unrealistic expectations. And you would agree 100% to it. Then why set unrealistic expectations? 

You tend to face challenges when you set unrealistic expectations but you can’t forget that expectations never end. You need to sit and think rationally about setting real expectations – expectations that can come true. Think about the available resources, the extent of growth potential, and other market factors and try to set high but controlled and practical expectations. 

Recommended Read: Why business cards are still important?

2. Gather Information Before Decision Making

Gather Information Before Decision Making | How Startups Can Overcome Inevitable Challenges? | Credit: www.shutterstock.com
Credit: www.shutterstock.com

As the owner of your business, you take dozens of decisions every day, but are they always right? Well, You know the answer! 

As an entrepreneur, you must be very passionate about what you do. When it comes to making a decision, and you’re riding high or running low, do yourself a favour – take a step back, breathe, and don’t take any decision. Before making any decisions, you first need to collect all the necessary information that impacts your business. You can’t really afford to miss critical information that could unwillingly hamper how you run your business

Whenever a crisis hits, Pause for a minute. Begin thinking of questions. Ask them one by one. Sometimes the right question asked at the right time from the right person helps you find the best-suited solution. 

3. Think Outside The Box

Think Outside The Box | How Startups Can Overcome Inevitable Challenges? | Credit: www.inc.com
Credit: www.inc.com

We are sure that you must have a habit of considering different solutions to reach the desired outcome but you need to do it quite consistently. Whenever you assess potential solutions, ask yourself: 

  • Will this solution compromise the company’s principles?
  • Will this solution just be a temporary fix and would not be a permanent solution to the problem?
  • Will this solution let the customers or clients down and hamper the reputation of the company?

If the answer to all the above-mentioned questions is Yes, then hold on! You really need to go back and think of another solution. We understand that it’s not always possible to do a SWOT Analysis when taking an immediate decision is the need of the hour but implementing a solution that is a poor fit can worsen the situation. 

That’s why you need to dig deeper, think outside the box and come up with a solution that facilitates the long-term growth of your startup.  

4. Employ The Right People

Employ The Right People | How Startups Can Overcome Inevitable Challenges? | Credit: www.istockphoto.com
Credit: www.istockphoto.com

Nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies,” once said Lawrence Bossidy. Every entrepreneur who is hiring right now can very well understand the emotions attached to this line. 

You can’t get very far if you don’t walk along with quick-witted, passionate and talented people who would help you turn your idea into a reality. The sooner you find the right pool of talent, the sooner you will be able to achieve your goals. 

Always be very patient while hiring a candidate as hasty recruitment eventually interrupts the work process of the entire team. It’s almost like ‘out of the frying fan and now into the fire’ as you have no other option but to begin finding a suitable replacement. 

5. Be Ready To Face Fierce Competition

Be Ready To Face Fierce Competition | How Startups Can Overcome Inevitable Challenges? | Credit: www.shutterstock.com
Credit: www.shutterstock.com

The first thought that would have come to your mind right now is – It is good to face competition as it pushes one to do better. Well, that’s absolutely correct! 

Competition is undoubtedly a major barrier to the survival of a startup business. Both B2B and B2C businesses feel the heat of competition. Now the challenge is to survive in the competitive market. For that, entrepreneurs must play aggressively and explore the opportunities to come up with something new that the competitors are lacking. 

SUMMING UP

As a startup entrepreneur, you are going to face a boatload of challenges but that passion to think creatively, solve every problem, embrace changes, and unwillingness to never quit will help you achieve major strides in your startup. 

Frequently Asked Questions:

1. What is the biggest challenge faced by most startups?
It is always difficult to find a solution that fits the needs and desires of every customer. 

2. Why do startups fail?
The top 5 reasons which lead to startup failure are:

  • Poor Product/Service
  • Weak business models
  • Lack of original ideas
  • Poor planning
  • Running out of funds & resources

3. How do startup founders deal with emerging challenges?
They deal with challenges by:

  • Not Setting Unrealistic Expectations
  • Gathering Information Before Decision Making
  • Thinking Outside The Box
  • Employing The Right People
  • Facing & learning through competition

To know more, read the full article 

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