Having spent more than one and a half decade in banking & financial services, i slowly realized that there is an entrepreneur thriving in me, ready to explore opportunities in the world of startups. After establishing multiple startups and overcoming the teething problems, I have learnt few important facts about initial hitches that any startup may face and here I would like to share the same for the – ENTREPRENEURS IN MAKING or the Wantrepreneurs!
Whatever your business is, teething problems would be same!
Don’t think that the teething problems for startups depend on the type of business or the experience and skillset of the founder as these problems are common and exist in all forms of startups. I am saying this based on my experience with different startups established in various domains and I strongly believe that these are the problems usually faced by the entrepreneurs and they would easily spot the similarities.
The 3M – Man, Money and Material
Sourcing the right resources is the major challenge. Money can be arranged from many government and non-government sources as the startup friendly policies are being formed to support all budding entrepreneurs. Material will matter only when your startup falls into the manufacturing domain. For me, material was never a big problem as all my startups till date were related to digital world. The teething problem that is really difficult to tackle is – MANPOWER. Yes! Getting good people to execute your idea in the way you want is not as easy as it seems to be. You may find many people ready to be hired but getting the right fit is the main catch.
Right Blend of Talents
As it is now quite apparent that the main problem faced by any startup is to get the right people who can take the idea into the desired direction, it is important to note that building a team of right blend of talents is also very crucial. An individual may suit the profile and may have desired skillset but how this individual gels in the entire team would decide the final outcome. You need a team with correct blend of talents and not just individuals good at their functions. Building the winning team calls for lot of expertise and vision to mold the future. Once you have overcome the startup hitch of hiring the right team, your next challenge would be to retain it!
Brand Building and Positioning
Many successful ventures started by experienced hands have also failed due to wrong brand positioning. If you don’t wish to get trapped in the wrong market then undertake thorough research of the market and know your customers well before positioning your brand. Classic example is Tata Nano. Tata Nano was the best thing that happened to Indian Automobile Industry, but the market segment targeted by the company was wrong and that witnessed initial slowdown in sales. The company had to rethink their brand building strategy to re-position it in the apt market in order to succeed.
All of the above teething problems can be avoided by some precautions and in-depth research. After you have tackled these initial hitches, your next difficult task would be to find the takers or customers for your idea and if you have handled that too then nobody can stop your young startup from rolling!
I'm a self confessed foodie, king of the kitchen, wannabe anthropologist, technology evangelist , curious, inquisitive & experimental entrepreneur at @DigiLands and an adrenaline junkie. Love spending time with my wife & two young children and faulty KitKats that consist purely of solid chocolate.