The Real Challenges in Start-up!

Being an entrepreneur means becoming the host of various challenges. Entrepreneurs have to face challenges like establishing a strong brand, exceed the competition, and keeping the business profitable. But new entrepreneur faces very unique challenges which are difficult to tackle at the entrance stage or at the stage when you are thinking about becoming an entrepreneur. Startup challenges must be handled to increase the success rate. Some of these faced by the new entrepreneur are like –

• Convincing the parents

Many of the Middle class and Lower class parents do not like their children to start a business or a startup. They worry that if the startup fails then their child will not get a job anywhere else. After all, they think about the comfort and security of their child’s career. So yes, convincing them first becomes a challenging task for the entrepreneur! After all, they are the investor for their startup.

• Selecting the Partner

It is one of the very important and big startup challenges. This is the decision that keeps our startup on the way to success. Usually, entrepreneur asks their family members to become a partner for their startup, I think it’s a huge mistake which they do at the very crucial stage of their carrier. Select a partner who already has a long presence in the market and is ready to take the risk of time and money.

• Managing the funding

Initially, most of the entrepreneurs are unaware of the funding required to start a business. But when they enter into the real process, they start knowing lot of unknown figures of which they don’t have the estimate before starting. At the same time, the entrepreneur is going to face a lot of problems ahead, tackling them and moving ahead needs more funding options.

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• Unrealistic expectations

Every entrepreneur starts dreaming about faster growth in future. But when they start the business they have to set the limits for the operations till they grab the market. It takes a lot of time and effort. Setting a target before starting a business and taking efforts while running the business, becomes a huge challenge for the entrepreneur.

• Uncertainty

While working with a startup, because of the environmental and economic conditions, uncertainty is more prevalent today than the past days. Due to this uncertainty, the management has to take short term planning strategies according to the market. Decisions can fail while doing business in today’s era and it will destroy the planning done till date. To run a business successfully, the owner has to be updated to the news and changes in the market trends.

• Comfort zone

Growing a startup means pushing yourself outside the comfort zone on regular basis. It is not a quote but literally, you need to manage your important time. You will be working for a lot of hours, you won’t see your family members often, even sometimes you have to forget your lunch and dinner timings. Sitting in a chair and taking massage therapy will not make you a successful entrepreneur. You should adopt the technique of compromising your needs and tackling the circumstances.

StartupIndia is the official website by Indian Government to support young Entrepreneurs. Must visit the website and checkout the fund schemes and policies.

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