Once in a lifetime every individual thinks to leave their boring job and start doing something of their own. But it’s not as simple as it looks, their are several challenges associated with a startup. This article covers some of these challenges.
When you start a business their is always competition. And it can be before or some time later, but you will always face challenges. It’s hard to have monopoly and it is not good from the users point of you. The more challenging the market will be, the more better product or services they will get. A healthy challenge is always great for you and your startup, it helps you to understand people’s response towards your product and you can get better and better while improving it.
Startups need to keep on grow rapidly. It’s not just because of the business demand but many startups are backed by investors and if you are not showing growth to them then the chances of getting further funding would be next to impossible. It may cause you to leave your position as well. Regular growth shows the potential of business and the team.
Startup environment is good as well as bad. If you are a learner and not scared of taking challenge then their is no other better place than this for you. But if you are looking for a relaxing job with a job security than it’s not a perfect place for you. Startup has lot’s of challenges involves, the team size is low, working hours are not fixed and it demands dedication. Which makes the hiring difficult for a startup because they need experienced resources and they look for peaceful job, few of them are ready to take up the challenge. Also, getting the right resources is also difficult.
Fast Paced Market
Technology is drastically changing and new technologies are keep on coming. A smart and sensible of stack is very necessary. Changing stack again and again is not possible and building the same again on a different technology will demand time and effort. Before making a choice one should critically evaluate all the pro and cons and then make a choice by keeping long term prospective.
Lack of funds
Most of the people doesn’t go for a business because of funding issue. Its quiet funny actually, people think to start business with the aim of making money, but you can’t start a business unless you have money. Most of the startups fail in their very 1st year due to lack of funds for expansion. Regular funds are very necessary for a startup as the expenses are way more than the income. And you can’t really expect a business to run in a year and start generating profit.
Growth prediction and market analysis is very tough due to the lack of information and data available for research. Without a proper analysis starting a business is like fighting a war without any weapon with the paradigm of winning the war. Specially if you won’t have data then on what basis you would convince an investor to invest in your idea.