ENTREPRENEURSHIP
Reasons We Struggle To Start A Business And How To Navigate Through
By Jan Okonji
Starting a new business , a dream of many of us , is an exciting and challenging journey , but let me tell you , it is not for the faint at heart . As a startup founder , you will come across a number of obstacles that you will need to overcome in order to be successful in staying the course , and if you are not careful , you might just find yourself on the brink of insanity .
But fear not , for I am here to guide you through the trials and tribulations of the murky startup world from the very basics . Shared here-under are some of the main obstacles to starting a new business you may have come across .
Lack of funding or even using crowdfunding .
Finding the right team
Building a team of skilled and motivated individuals is essential to the success of any startup . But let us face it , finding the right people can be like trying to find a needle in a haystack . That said , it is no secret that one of the top reasons for small business failure is the inability to manage and develop a cohesive team .
To overcome this challenge , try networking , using online platforms like LinkedIn , Indeed , or Upwork to find the right people , and offering equity in the company as an incentive . creating a unique value proposition and finding ways to stand out in your market of choice . What you are selling , how you are selling it , the people you are selling to , and even who you are using to sell etc ., should be niched and specific , otherwise you stand the tragedy of getting lost in all the online noise .
Time management
Starting a business takes a lot of time and effort , and it can be easy to get overwhelmed . It ’ s like trying to juggle ten balls at once . According to a survey by RescueTime , the average worker is only productive for about 2 hours and 53 minutes out of an 8-hour workday .
One of the biggest challenges that startup founders face is securing funding to get their business off the ground . According to a study by the National Small Business Association , 82 % of small businesses fail due to cash flow problems .
Some available solutions for funding are : seeking out investors , applying for grants ,
Competition
With millions of viable and market worthy startups being launched every year , competition can be quite fierce ( think surviving in a jungle full of hungry lions ).
To overcome this challenge , focus on
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If you fail ? Put your ego aside , learn from the experience and try again , this time much wiser . And if all your best efforts still don ’ t work time and time again ? Well , then maybe it ’ s time to consider a new career as a professional juggler , or a stand-up comedian , as both require similar skills of quick thinking and resilience in the face of failure .
To overcome this challenge of simply having ‘ no time ’, try setting clear goals , prioritizing tasks , and delegating responsibilities as much as possible .
Legal and regulatory compliance
Complying with legal and regulatory requirements can be a daunting task for any startup founder . But having a legal advisor is a life saver , failure to which you may as well be trying to navigate the startup maze blindfolded . In fact , 63 % of small businesses usually fail due to legal and regulatory issues .
Solutions to this challenge include seeking out legal and regulatory advisors and staying informed about the latest laws and regulations .
Failure
Failure is a common part of the startup
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