Entrepreneurial Challenges

“As a startup CEO, I slept like a baby…………… I woke up every 2 hours and cried.”
-Ben Horowitz

According to an article published by the TOI in July 2022, the number of recognized start-ups in India rose to 72,993. So almost 73,000 people must be relating to the words of Ben Horowitz, the co-founder of a venture capitalist firm Andreessen Horowitz. Restless nights, endless responsibilities, continuously arising complications and the need to find solutions, all put together sometimes makes you feel like there is a physical depletion of your brain. Despite having a general awareness of such a tough work life, if you are ambitious enough to go ahead with the implementation of your business idea, then this article is for you.

The moment you consider becoming self-employed, you dream of attaining enormous monetary profit, attending and hosting corporate meetings in western formals, having an infrastructure with high-end equipments, furnitures and so much more. Well, wake up! Reality is noticeably different. First and foremost, getting into the business world calls for a great threshold for failure and a greater deal of work consistency. To merely survive, you must be aware of all the possible hurdles that you may encounter. But to succeed, the knowledge of how to surpass them also proves to be mandatory. To practically understand and solve, learn the following pointers:

1.Figuring out what your product is?

Build your product based on the current market demand which requires extensive research. Choose, design and know your product with utmost detail. Only then you can make a pitch with conviction.

2.Whom should you hire?

Hiring the right talent can be one of the most tedious jobs. During the process, Steve Jobs’ words are ought to be kept in mind - “When you’re in a startup, the first 10 people will determine whether the company succeeds or not. Each is 10 percent of the company. So why wouldn’t you take as much time as necessary to find all the A players? If 3 were not so great, why would you want a company where 30 percent of your people are not so great? A small company depends on great people much more than a large company does.” Be very precise in your required skill sets and make use of online hiring platforms like LinkedIn to find apt candidates.

3.How to find capital?

The initial capital that you invest in your company is what lets you breathe till you reach your first break-even point. Optimal method of estimating and finding the amount of investment includes a very clear understanding of your needs consisting of only your utmost requirements. Take advice from experts and family to find reliable investors. Make good and well-planned use of government schemes and bank loans.

4.How to monitor cash flow?

Remember that budget planning and acting in accordance to it are two different things. Many enthusiastically build the former part but fail at the latter. This can land you in serious trouble leading to the decline of your company in a very short period of time. Usage of billing/POS solutions would be a smart idea. It can help you keep track of all finances, transactions, inventory management and also timely stock replenishment.

5.Take up or delegate?

Theodore Roosevelt said- “The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it”. A very common mistake that entrepreneurs commit- they personally get involved with every single task usually with a confident belief that they can perform the tasks better than their employees. This should be avoided and proper delegation of authority on skillful and trustworthy employees is necessary. The company heads should only focus on large scale activities such as establishing more branches, bringing in more channel partners, etc to attain all long term goals.

6.How to manage time?

Time investment is the most promising resource for a startup. Hence, it is important that you spend every minute efficiently. Stick to deadlines no matter what. Always know to organize, prioritize and simplify the levels in the operational flow. This can help you identify and minimize fruitless time consuming efforts. Taking up an ERP suitable to your business framework is highly advisable. Because, using ERP you can monitor and mediate all your business processes in a very streamlined manner.

7.How to market your product?

Digital marketing is the most direct and obvious tool to achieve your ultimate aim- reach as many people as possible. Making your product known in itself is a herculean task, let alone expanding your marketplace. Effective marketing cannot be easily afforded during initial levels. Therefore, start small and create awareness through all available platforms. Social media pages including linkedin, facebook, instagram, twitter and quora are a boon for branding. Choose the pages in accordance with your target audience. Continuous online presence is important as it will help people get acquainted with your newly launched product. Once you get enquiries and find clients, it is essential that you retain a healthy relationship with them. Get a CRM solution to organize and optimize such official relations.

Finally, it is very essential that you know one additional fact- If put to proper use, the Internet can revolutionize your business. Never in history was the attainment of global reach this convenient. Going online, through a website or mobile app, automating business operations and digitizing customer relations using high end technology has actually proved to be a win-win situation. On one end it offers the best customer experience and on the other end, the management and retention of good customer relations are also possible. In this internet era, be smart enough to utilize all digital tools including Mobile and Web application, E-commerce app, CRM solutions, Billing and POS solutions and ERP software.

Build a unique and demanding product, organize your resources, formulate your efforts and go ahead with your startup idea with conviction.