An idea can start a wildfire but in some cases, it triggers a series of businesses that are determined to leave their legacies, even before they are settled in the landscape of existing ones. A startup is no juvenile endeavor; a lot of energy and skin goes into such a daunting task that most entrepreneurs barely make it with everything intact. As of the publication of this blog piece, there are over 77,000 startups in India, each fighting tooth and nail to turn up on the bright side, making India the third-largest hub for startups. There are a lot of things that go behind the scenes. Here are some of the unsolved problems for startups that we’ve decided to outline, as a means of one overcoming them as a whole. And if not, it still makes for a worthy, informative blog.
Showing up with no blueprint.
Now, while saying you have a solution to a problem, does not solve the problem; the solution must be implemented. A lot of startups seem to unsee this fact, which usually works out poorly for them. Planning is important and must be done with the fine print in mind. Planning shows and adheres to the fact that people, by that we mean employees and consumers alike, love to show up to a company that has its sales, distributors, managers, developers, and staff, as well as skills and funding, ready. A lack there off is a caution for everyone.
You can also check this out A Guide To Risk Management In Startups
The right person, in the right place.
More often, nepotism runs in our veins. Founders become loose with employment, bringing in people they know or can afford rather than the skill set needed for that particular job. Resource management is the thing that escapes a lot of startups. A valuable employee in the wrong department can make or break the outcome, thus creating one of the unsolved problems for startups
Look out for competitors!
That exclamation isn’t included without reason; competitor research is maybe one of the first things that one should do before even opening up the shack. The market is crowded and diluted with the same services or products you have in mind. Without proper intel on that, it’s like riding a bicycle with no handles, hoping for the best.
A founder is a double-edged sword
The very founder who incubates, nurtures, and grows an idea, may very well at times be a neglectful caregiver. Sometimes it’s ego, sometimes it’s lack of accepting the new, & almost all the time it’s bad for business. There is a great deal of distinction between a founder and a leader, that is you should always be the latter.
No one at the helm
There is always that person that has seen the market turn from the inside. Not often, these people are not at the founder’s table. This person, a mentor, guides everything based on the fact that they have seen all the outcomes, good or bad, come to light, and has dealt with them. Learning is imperative; a veteran entrepreneur is a must.