Challenges of A Startup
New talent is coming with new ideas, this is the time when startups are exploding everywhere. These individuals are leaving no opportunity go by to prove their worth in this thriving culture of innovation and technology. They Have tried to challenge big businessmen with their new ideas. But 90% of startups fail after some time of starting. What is the reason for this? Let us discuss the reasons behind the failure of StartUp.
Lack Of Investment
Funds are the major challenge faced by entrepreneurs. Cash flow is very essential for startups to survive. One of the key challenges that small businesses face today relates to investment. Startups rely on investors who provide them with strong financial support. Although startups are emerging rapidly in India, investors mobilization is a difficult task for startup in India; Government help is not easily available in India compared to any other country. So investment is the first and big challenge for startups.
Poor Business Planning
Proper planning is the key of startups for good performances. Due to poor planning, many businesses fail in the very first year because they are not ready to face any challenge. Startups have innovative ideas and ambitions, but their business plans lack perspective
Lack Of Proper Marketing Strategy
After Finances and Poor Business Planning lack of proper marketing strategy is a big challenge for startup. It’s always a challenge for startups to figure out best ways to sell their products or services. So a good marketing strategy is needed for startup. They must check out their market segment in the early stage.
Finding a Dedicated Team
Another major challenge faced by the startup is creating a good team full of dedication. Due to lack of a dedicated and good team, any business will suffer immensely. Lack of commitment aggravates frustration in the organization which quickly escalates into an open conflict. If the team members start making under commitments due to the fear of being responsible or blamed for failure, businesses will never achieve their goals.