Startups are the norm of the decade, with the market opening up to new dynamics, innovative products, and services. If the early 1900s were all about the industrial revolution, the early 2000s saw the arrival of ingenious ideas and projects starting to feed the brains behind them. So, while calling it an era of startup culture is not so wrong, it is not all rosy and shiny since there are challenges galore in the field.
The organizations face many unknowns and unprecedented waters before establishing themselves as survivors. And dealing with competition is just one obstacle (or a known devil) that startups face when they enter the market. While there are several challenges to counter, let us look at the three primary startup challenges you may have to conquer to stop pulling the shutter down.
According to statistics, about 90% of startups fail due to a lack of funding. However, there may be other factors that cumulatively contribute to the failure. Having said so, budget, or the lack of it, has brought down many leading players in the industry and is considered as one of the key startup challenge.
If the initial brainstorming of ideas is the first step, funding or planning for financing from different sources is the second and most crucial part of a startup. The challenge is to find the right partner or a venture capitalist firm to believe in your venture and support it wholeheartedly to make it right. Another study reveals that about 50% of startups fail to take off due to a lack of financial backing.
So, it is an established pattern that has caught the eyes of the statistics so far that a good financial backup is a way forward for any business. And that is one challenge every organization faces when they venture into the unknown.
Solution?
Even if it is pretty challenging, find a suitable partner or funding, and generate a plan that ensures the financing does not dry up before you take off!
So, you have all the funding and a brilliant idea to take it forward. But you cannot achieve your goal without a foolproof marketing plan. Taking your idea and your products to the consumer is essential to make the whole plan work.
However, while marketing looks relatively easy with all the digital marketing warfare and social media assignments, it is not as simple as it appears. Hence, we term marketing as the next most significant startup challenge to overcome.
Building a foolproof or short-term or long-term marketing goal can work in overcoming all those hurdles you face as you venture into the market.
And, while creating a canvas and ticking off the goals might work a bit, constant attention to detail can create wonders in marketing. It might involve changing strategies depending on the requirements of the consumers and even marketing products and services in the way it works. For example, during the pandemics of 2020 and 2021, the need for anything related to remote work was at its highest. Simple items like home cleaning equipment, laptops, and tablets were selling like hotcakes. An interesting phenomenon was seen during the pandemic. People who needed to focus on something other than the COVID numbers looked for distractions. That is when items such as live plants, music, and Netflix subscriptions increased tremendously.
Solution?
The pattern clearly shows that while it is challenging, creating a marketing strategy depending on market requirements can hit the target.
Another obstacle that startups need to focus on is employees. With the pandemic and the scores of resignations, hiring for startups has become a real pain. The hiring managers have coined the term "resignation era" for the way the talents and employees jump ship every hour of the day.
That creates quite a challenge for startups, which are already finding it difficult to locate talent within their budget. Hiring becomes a significant obstacle when budgets are small, and the work is vital.
Solution?
Surprisingly, the pandemic has created one good opportunity for the tech community—remote work. The need to stay at home to work has created opportunities for several tech talents worldwide, and many are still apprehensive about venturing out.
Even if not, talent platforms such as Notchup help startups hire talent within their budget range and from anywhere. So, if you are a startup in the USA looking for a NodeJS developer or a Java expert, you can hire someone directly from the platform. You can recruit or hire a permanent or freelance talent from such platforms, thereby belling the cat successfully!
Are you looking to hire a developer or a tech talent? Check out the website to know more!
