Robert Adams

Communications Manager @ Wave Growth

Robert Adams

Communications Manager @ Wave Growth

3 Biggest Challenges Startups Face and How to Overcome Them

HINT: It is not about money?

Whatever stage you are in with your startup from initial concept to expansion phase, you can bet your life you are facing the challenges that most, if not ALL startups face.

This being said, how can we face these challenges head-on? What can we do to prepare ourselves better and inevitably overcome them?Unfortunately, money is not always the answer and the earlier a startup is looking for equity funding the riskier it is for both parties. The equation is easy?

The earlier the startup= the more risk for seed/angel funders
The more risk to funders = the more equity you have to give up.

So, If money is not the answer to a successful startup, what is?

Sales In Your Software Development

Your Goals

The first thing that is holding you back is your goal! What do you actually want to achieve?

Are you are looking for a “lifestyle business”, a business that will keep you in the lifestyle that you have been accustomed to or are you looking for a business that will make you your first Million Dollars and then your second, and third. 

If you are looking for the latter, you need to set higher goals, push harder, and dominate your market. Only Blood, Sweat, Tears, and Commitment to your success will help you achieve this. 

Set your goals higher, work harder, commit more and your startup will be a glowing success.

Your Business Acumen

You are a specialist, an ideas person, an innovator but do you have the skills to build a successful business?

Many startups do not reach success, not because the idea isn’t innovative or the early adopters are not acquired but, because they do not have the business skills to transition from ideation to becoming a fully-fledged company servicing clients to the highest standards expected.

Brush up on your business skills, read, read and read some more. Failing that, make sure you have your business supported by the right, knowledgeable people.

For more info on help with business support check out #OMGKRK database of business service providers: https://www.omgkrk.com/service-providers/

 

Your Support Network

It is really encouraging to have your friends and family tell you how great your product or service is, that you are going to be successful and you should definitely give up your full-time job in pursuit of your dream, but, are they really helping you?

The reality is, you need people who are supportive but also those who will give you unbiased, realistic and sound advice. People who have experienced the same challenges, been through the same processes, people who have failed and learned from their mistakes. You need these people to learn from their wisdom, to learn from their mistakes so you don’t have to fall at the same hurdles. 

Build a support network that is varied, experienced and not just there to boost your ego. 

If any the above rings true to you, get in touch and join Wave Growth’s World Cafe Event on November 27th which is aimed at addressing all these pain-points and more. 

Register for the Event. https://www.wavegrowth.com/events/wave-growth-world-cafe-event/

 

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