The Many Problems Faced By Startup Founders
Today's Most Read
Before You Delete Your Account, Uber Wants You to Know It's 'Deeply Hurting' 7 Things You Must Do Before Quitting Your Job or You're Screwed Warren Buffett and Bill Gates's Top Secret to Success Watch Incredible Oscars Ending Best Picture Mess Up The Simple But Vital Lesson From the Oscars' Best Picture Flub
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.In the age of emerging start-ups, when the competition is at it's peak, it becomes quite difficult for companies to rise.
For the ups and downs of the company, the founder(s) face a lot of difficulties and challenges.
It is a well known fact that for a startup to flourish only 20% of the idea is required and rest 80% of the work is of execution. It is up to the founder how well can he execute his business plan like no other, because the ideas can be duplicated but work on grounds cannot.
One of the main challenges faced by the founder is that there are lack of resources, but to this also, an established entrepreneur quoted, "there is more need of resourcefulness rather than resources". Another challenge is family support; this also plays a crucial role in business as people need a push of encouragement and backup support.
After that, hiring of the human capital i.e. Hiring the right set of people who respect your ideas and are ready to work for you. But, getting the right expert talent in a startup with comparatively lower income as expected in corporate sector is difficult. It is on the founding head how to draw people's attention towards their company. Also, finding a trustworthy and passionate co-founder who shares the same dreams and is enthusiastic is also important as it reduces stress and delivers output.
Then comes the most difficult task or the challenge to choose and/or convince the investor. Your investor could be anyone- a company head, an ex -banker, or even your dad. But the first question any investor would ask you that," why should he invest in you?", "what different you have it in you that none other has?" And "how can you assure them a positive return?". Well, this is quite obvious that if someone is investing in you then then you should be good enough and better than anyone else.
To convince an investor can take a lot of time, but it's worth it if you as a founder do your perfect job of having a proper business plan with you. It doesn't have to be long and boring. It should be short and descriptive. Moreover, how you explain it to him matters the most. You, as a founder, should sound excited and have well researched about your plan. Raising unrealistic expectations is also wrong both, for you and for him. You should have a power of convincing people, after all you'll be becoming an entrepreneur.
If you have all of this then any heights of success can be reached, provided your luck stands by your side, and for that, you will have to work super hard. Only then can you see wonders happening.