Challenges of the Next-Gen Startups
This era can be very easily said as the era of startups, a recent worldwide survey reveals that as much as 80 million people are working in jobs across various industries and about half of them i.e. 40 million are having a start-up of their own. Starting a startup is very easy, almost everyone these days from a high school student to a retired person has an idea which they think is a one-way ticket to building a unicorn start-up. But is it that simple? We recently covered the stages of a startup which if successfully tackled lays the foundation of a thriving business. Continuing in that we are going to describe the most common challenges faced by entrepreneurs these days and how to overcome them.
Lack of talent
The primary concern of not just the startups but of almost everyone these days from the prestigious institutes to the unicorn companies globally, everyone is searching for talent that beats others. But for startups, it comes at an even higher price for their need for talent is much more and the price that they can offer to them is comparatively very less. They need to overcome it by focusing where other don’t, in students who are about to finish their studies by offering them internships cum jobs package. To go with handicapped people or people with no or little formal education. They need to make do with whatever little they get.
Lack of awareness
In the era where most people know more about places that are 100 miles away as compared to their neighborhood, awareness and that too useful awareness is an issue. To succeed in the industry you need to be very much aware of the areas that you are stepping into as well as the scope you are aiming at. Being aware of your surroundings is always taught to us as being beneficial for us in life and this goes double in the startup world where things change faster than anything. Continuous exploration is the key to remain aware.
Lack of conviction
Let’s face it, running a startup is no easy task. Even seasoned entrepreneurs give up at times. With the problems and the challenges that an entrepreneur faces and the daily fight between the choice of giving up or continuing along make it very important to have a rock solid conviction. Some call it faith, others confidence but whatever you may call it it’s very important for the conviction to keep it going. But whatever you go through, it’s good to remember why you started at first place and why you will make it till the end.
Networking or Focus?
Once you have figured out everything, you face the final puzzle whether to be focused on your goal or to be realistic and network and expand. This choice depends on you, sometimes you need to focus on your product and sometimes you need to reach out to others. That’s the part which makes an entrepreneur’s life exciting as well as hunting, they need to be always focused as well as networking to connect with like minded people. This is how entrepreneurs live the world they vision of this world to be.