4 Startup Challenges (And How To Overcome Them)
By: Tim McElroy 08/19/2015
Starting a company is one of the most exciting and challenging things an entrepreneur can do. It’s not for everyone, and the sheer number of challenges every startup faces is staggering. However, these challenges can be overcome, and keeping the dream alive is entirely possible. Here are four particular challenges and how you can overcome them.
1. Building The Right Team
One of the biggest challenges startups face is building the right team. It’s drastically more difficult than it sounds, and finding the right group of people dedicated enough to stick with the company through thick and thin is a massive challenge. It’s not impossible, though, and while it’s never easy, it’s important to constantly bear in mind the direction the company is taking and hire (and fire) based on associated values and entrepreneurial beliefs. When interviewing, remember that there’s more to a person than their qualifications - they should be a proper cultural fit and share a similar entrepreneurial vision.
2. Finding The Right Workspace
Finding the perfect office is daunting. During a time of growth and unpredictable turns at a moment’s notice, investing in a space, even temporarily, is a huge undertaking that understandably frightens a lot of entrepreneurs. Location is important, as is the size of the office - will it still function well a few years down the line? Remember to stay within a realistic budget, but invest in a workspace that will encourage a great culture and productivity. As with any big step, it’s daunting, but moving forward is impossible without it, and the payoff can be absolutely tremendous.
3. Standing Out From Competitors
Even with an excellent idea, standing out amongst a sea of competitors is a task that seems virtually impossible to overcome. How can a startup expect to make a name for themselves when there are countless other companies attempting to do the same thing? It’s not easy, but it’s possible, and it all starts with how clients are treated. With an excellent culture, top-notch workmanship, and a lot of hard work, you’ll immediately stand out to potential clients, and high growth becomes an achievable and realistic goal.
4. Staying Motivated
The startup life is exciting, but with the sheer amount of factors that can go wrong, it’s no wonder that it’s not for everyone. It’s a high risk/high reward career path, and staying motivated isn’t always easy. Every entrepreneur on the face of the earth has struggled with this issue, which is important to keep in mind when it happens. In the face of so many challenges, how is one to stay motivated? Ultimately, it’s up to each individual person to know what makes them tick, but keeping your sight on your passion is absolutely crucial. Always remember why you do what you do, put your best foot forward, and motivation will cease to be a barrier.