Entrepreneurship and start-up concepts are not new in India. When a start-up founder or business owner initially starts their business, they are responsible for many activities ranging from long working hours to juggling numerous tasks. They are generally regarded as the One-Man Army. However, as soon as you learn to overcome these challenges, you will enjoy the incentives.
Starting a new company can be exciting. However, getting caught up in the excitement as well as ignoring the details can lead to failure. With various schemes being launched by the Government of India to promote small-scale industries in India, local businesses have been booming across the country with many startups in the last few years. But it is not easy, there are a lot of problems faced by entrepreneurs.
What are the most common pitfalls seen by startups?
- Facing Criticism: One of the constant problems faced by entrepreneurs is criticism. an entrepreneur, you would possibly face it more and would be constantly warned about the assorted ways your business can fail. The key to accepting criticism is to separate waste from really helpful feedback that can prove valuable. Once you’ve evaluated the critique for its validity, you can also ask follow-up questions that can help you better understand the critique. You can also praise for this or get some useful insights.
- Financial Security: For a start-up to be a successful enterprise one must answer two most vital questions – ‘Do I’ve got enough savings to make sure my family’s financial security?’ and ‘Does the corporate have enough funds to make sure a minimum of a year’s runway?’ If you recognize you’ve got enough savings for the family, then you’ll be able to easily concentrate on the start-up that you simply are building. together with it, if your start-up has enough assets, then you’ll be able to take bigger risks.
- Hiring people: Hiring the correct people to figure out for you is incredibly crucial for the success of your business. you’ll want to rent the most effective people to figure out for you. However, hiring the proper people isn’t the sole factor that you just are required to think about. But you may need to manage the expense of getting employees. The people who you’ll hire should be ready to fill different roles. after you are building a business, you’d need those that can work extra hours and are willing to place their 100% effort to require your business to the peak of success.
- Marketing: Once you’ve got founded your business and have a product or service to supply, the following thing that you simply are required to try to do is the right marketing of your business. Marketing encompasses a vital role to play in the success of a business. Proper marketing can make your business hit overnight, whereas incorrect marketing can ruin your business’s image.
- Time Management: Time could be a very precious factor for an entrepreneur. While it should appear to be money is that the only thing that will affect your business. The time comes as a surprise factor. it’s a limited resource that you just can use. Therefore, time management is crucial. you must effectively manage time. Invest each minute of yours to confirm that you simpler getting everything done that you have to do.
The courage to start your own business:
Starting your venture isn’t a simple task. you would like plenty of courage and strength to depart your job and begin your own business. One has to be determined and assured towards his / her goals. you only must be more discriminating with the assistance you render toward people.
What people lack most is the courage to leave everything behind to get what they are passionate about. Especially if you have a business plan that most people don’t trust. It is easier to follow a specific plan than to venture into something new. In this world, it is harder to find courage than intelligence.
Solutions to the problems faced by entrepreneurs
Proper planning and budgeting can be a great help in maintaining proper cash flow. However, this may not always save you from the stress on the bill. Entrepreneurs can improve their cash flow by demanding a down payment for the services and products provided. The required down payment should cover all related expenses except the guarantee of profit margin. Accelerating the invoice payment process can also improve the cash flow process.
Problems related to time management can be solved by creating a goal list divided into annual, monthly, and weekly objectives. Tasks that are not synchronized with your goals need to be removed while those that do not require entrepreneurial intervention can be assigned.
Probably the biggest challenge for entrepreneurship is finding out what kind of product or service to offer. This is not an easy question because being wrong means that your business will fail no matter how well designed and set up it is.
Entrepreneurs should understand the customer who is likely to buy their product, what market they want to serve, what the competition looks like, and what they can offer to give themselves a competitive advantage if their target market is big enough to support the product. If their target market is too broad, there are many other issues.
Entrepreneurs face many challenges. Perseverance and intelligence are your companions; Use them to your advantage to continue working towards your goals. There are many resources available to help you go through your dark days as an entrepreneur so that you can reap the immeasurable rewards that come with building your own successful business.
– Amrin Ahmed