Top challenges for startups & How to overcome?

Last decade or so we all are seeing this startup boom.Most of them are unique and innovative trying to solve bigger problems like transportation,food delivery,electric vehicle apps,shared economy,eCommerce business,changing ideas from traditional banking to with new fin tech products and ideas.No doubt there is tremendous change in the traditional business models and even top fortune 500 companies moving to lean startup model to create innovation departments in their businesses for new ideas and products to beat the market competition and sustain,grow their businesses.In this article we discuss startups challenges and how to overcome them.

The startup culture and awareness has been created successfully by governments in US,Europe,Israel,Singapore and India.It has taken to the root level to colleges and institutes as well.The startup ecosystem is now very matured in terms of quality deal flow and unique product ideas etc.Even though we see some startup success stories like flipkart,ola and oyo rooms etc,but there are some challenges for other startups who are trying to raise funds or grow their companies.

The main challenges startups face is finding the right teams,lack of funding,me too ideas,unable to scale up bigger with their own funds,not utilising outsourcing services like technology,digital marketing. Also startups have no experience in selling and marketing.Unable to scale to other Geo and markets for expansion.Not only funding solves every problem,they should have good paying customers,repeated business then only startup can survive.

How to solve,overcome startup challenges and plan your journey towards success

• In general we see Startup founders try to solve everything on own and end up loosing precious time.So start delegating some of low priority works and start outsourcing technology services to the experts in the specific field.This works very well for non tech founders and co founders.
• Have clear plan for funding for at least 18 months or so,And start looking to generate revenues and look to raise funding of another round to hire best team members,product enhancements,sales,marketing expenses.
• Surround with best knowledgeable mentors,advisers who can walk and be part of your startup journey.Take their help and start learning from experts in their field.
• Hire Best Team,So it will be easy for a founder to scale business
• Start networking and meet people in your industry,ecosystem and understand the problems,solutions already available,see what value you can provide to the market.

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