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Top 5 Startup Problems in 2020

Published date: 2020-12-09 | Author: David Osunsanya

Top 5 Startup Problems in 2020

Many startups are springing up lately. Startups are flooding everywhere today. Most often fresh graduating students to rather come up with a startup they can implement rather looking for a white collar job. They should preoccupy themselves with startup businesses they can do. They can invest their time in startups and many innovative ideas.

Startup news comes out frequest on the frontpages of newspapers and magazines. This may somewhat serve as an encouragement for people to think of how to innovate and bring out new ideas that are worth investing in.

There has been so much hype about technology as revolutionary and may change the way we do things globally. It may bring abundant opportunities to business minded people. Many governments of the world are now releasing funds for commencement of feasible startups and small businesses.

Launching and maintaining startup may seem pretty easy. However, in reality this is not the case. Startups pose much challenge and difficult which some successful entrepreneurs don’t usually disclose. Some challenges persist despite the numerous opportunities and avenues for the startups to come up strong and bloom. As a startup entreprenuer, expect challenges and some forms of roadblocks. Startup issues differ widely depending of their situation and stages of operations and also their goals and objectives. The success may somehow depend on the capability of the entrepreneur to handle to these challenges.

The following are some top 5 challenges that most startup face. How the entrepreneurs manage these problems will determine the success or failure of the business.

Funding

This is about the biggest issue when it comes to commencing a startup business. These challenge is much and widespread. Investor prefer to put their money in the safest business. Yeah, nobody actually wants to lose money. As a result, investors will put their money in companies that have weathered the storm and are established with little chances if the business goind awry.

This is pretty logical. Nevertheless, it make sourcing fund for startup business quite difficult. There are lots of startup today that wallowing in the situation of lack fund and so are naturally retarded from the outset.
No Innovative Ideas

The desire to make money quick and has sadly robbed our societies of good startup. It makes innovation somehow lacking and today entrepreneurs being not very creative are only coming up the remake of the old failed businesses. This is why some entrepreneur will not just want to invest since there are no visible differences from the old ones.

One point of attraction of investor is for the startup to have at least one unique feature that stands it out from others. Otherwise, investors will stear clear and the startup will be strangled of cash.

Not Feasible Goals

It is quite good to set goals. Goals give your business a sense of direction. It is also an excellent yardstick to measure the growth of the business over a period of time. However, you set goals that are not feasible, the opposite happens, people are discouraged and not motivated to run with the goals. Most startups do this, they set unrealistic goals in their quest to be successful at early stages. Though that’s not to say that setting high goals is bad. Nevertheless, let the goals be objective and attainable. Always make available necessary resources to attain the goals.

Making Decisions

When there are multiple owners, making decisions becomes extremely slow and difficult. The advantage of many co-founders is the availability of fund to run the business. Moreover, when owners have differing backgrounds and sometimes conflicting business orientations, running the business and taking urgent decisions to seize great opportunities may not be feasible.

Personnel Selection

As your business picks up, you will need a team of skilled personnel to work with you. This is very true. Even when you run a small business. Finding the right team may be challenging. Searching for people that have the same passion as you do is not easy. The right personnel will be a great advantage to your business. Their skills will assist you and give a sort of relieving you of some work. The exercise of selecting the right personnel must therefore be done utmost sincerity and impartially.

If you are ardent to starting a new business, our team will offer a helping hand and will be ready to discuss crafting and developing a precision perfect startup business plan for your business.

We are also ready to assist you to secure funding by preparing a professional business plan that will convince the investor or the bank to grant you the necessary for your business take off.


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Comments


Johnson Brown | 2020-12-30

Thank you for this great article. It has definitely given me a new orientation. Bravo!



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