To be an entrepreneur is an exciting term, but a difficult exercise to built-inn, as the profile is challenging and needs a rigorous focussed approach in their actions. Nowadays trend of startups, has an increasing hit in the economy with the rigour of MAKE IN INDIA and other government schemes, have given a boost in their initiation, and sets biggest challenges for startups which usually a business enterprise faces at the time of incorporation of the company and even with the new company registration process. If we talk about registering a startup company, one should go for private limited company registration as, in this case, raising funds is an easier task due to easy credibility and due to limited liability, owner personal assets are safe.
Following are the points which are highlighting the 7 biggest challenges for startups in the first year of execution and incorporation of a company -
1. Identify the right founder with right market research complemented towards the challenges for startups - To face the biggest challenge for startups, it is important to identify the right founder with the right skills catering to a right industry or good with market needs and requirements which is in the best fit for a startup company formation.
2. To build the right team with common vision and Conceptual approach to run a startup - To search for the right people in their startup company is one of the most challenging thrusts faced by startups, as the founder and the team together with combined efforts can put the business strategy into execution to have a positive business impact.
3. Vast Difference between idea and execution - If we talk about challenges for startups, it lies mostly at the time of execution when there is a vast distinction lies between what is the vision and business goals and how it is getting implemented, hence to think that whatever implemented and analysis is right, one should share it wholly with an interactive approach to drag better and validated results.
4. Talent insufficiency tends to be the biggest challenge for startup - If we talk about startups, then there is a limited financial resource hence success of startups totally depends on multi-skilled manpower, which is a rare affair, and if we talk about expertise manpower in a specific area, then it is difficult to afford for a startup.
5. Focus on vanity metrics rather than on metrics that directly correlate with the impact of business or hit business goal- The major challenge for startups is to give focus on metrics such as page visits, which are direct impact to business rather than focus on vanity metrics, such as page visits on Facebook or app development, hence startups should have a vision of creating a user base business which directly correlates with business goals.
6. To evolve a bigger picture in your mindset - It is very important for a startup, to take a bigger vision in your mind at the time of execution of a startup so that with every fall down, one has a rigour to strive a specific business goal that is initially set up and one can go in that direction by aligning all the powerful forces which is one of the foremost biggest challenges for startups which one has to face at the time of execution of a company, usually as a private limited company registration.
7. Accepting failures at the time of execution of a startup- For startups, with a big visionary approach and self-dependency, to accept failures is the other important challenge for startup that one needs to face, with an equal rigour and will-do approach, as failures are a part of success, hence with every grown ladder, a fall should be anticipated, provide a boost to your business. Hence, understanding and anticipating barriers is the most difficult task to be faced by a startup, in the process of incorporation of a company.
I am Digital Marketing Expert and work at DigiDir (Search Engine Optimization Agency). I am also a content strategist, blogger, and write about education, business, digital marketing, fashion
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