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7 Challenges Startup Face

Barriers are part of business life cycle and it is important for a new entrepreneur to know in advance that what needs to be done in order to prevent from loss.
BY Akshay Arora
Feature Writer, BusinessEx
Nov 11,2017

In the beginning of everything, there are obstacles, but those who overcome these barriers find the success that they hoped. Being an entrepreneur is itself a challenge, and to overcome this challenge one need to put everything at risk and start a business. Another challenge for an entrepreneur is finding the idea but this can be solved if one plans to buy an established business. Finding a business opportunity is the easiest task now, all because of Business Exchange platform.

There are myriad challenges that startup face but these are the 7 most common challenges. Lets have a look:

  1. Lack of Planning:

    Planning is the most crucial element of startup way to success. The entrepreneur is the sole person who needs to focus on this challenge as no one else will be that determined to take all the responsibility on their own shoulders. It is essential to determine all the risks and requirements of a business and plan accordingly so that there is no shortage of anything in future. The plans must cover all aspects of business lifecycle like finance, marketing, sales, product development, costs, budget, etc. Lack of planning majorly affects the startup functioning.

  1. Networking:

    Networking is the key to all the problems of a startup. It is essential that entrepreneurs be active and network on daily basis. Entrepreneurs generally work in their own way, but to keep up the pace with the competitors and find success in todays world, networking is essential. Being active helps an entrepreneur in building contacts, exploring business ideas, gaining knowledge from industry experts, etc.

  1. Pitching Investors:

    In the current scenario, every month thousands of startups incorporate and are in need of investment but only a few can find a suitable investor. Generally, entrepreneurs bootstrap their business in the first year and once they have something to show for, they pitch in front of investors. But finding a right platform for them to find an investor is the most difficult part for them, for this problem Business Exchange is the right solution as it has a database of 3 Lakh+ investors ready to invest in enthusiastic entrepreneurs like you.

  1. Finding incubator:

    Incubators are like mentors they help a startup in providing funds, take right decisions, provide workspace, etc. But the challenge begins when the entrepreneur needs to find a suitable incubator for its business. There are a lot of ways that you can try to look for incubator but Business Exchange platform is the most efficient way. This platform helps startups to get access to incubators from all over the industry and select as per their convenience.

  1. Decision Making:

    It is a difficult task for a new entrepreneur to make right decisions at all time. Startups need a proper mentor and expert advice to make right choices in hard times. This is the most crucial task as everything depends on decisions that an entrepreneur takes. Mentorship is the solution to this challenge and to find a suitable mentor Business Exchange is the solution.

  1. Building Customers:

    For a business, the most significant thing is to build a customer database. Customers are the source of growth for a business. To overcome this challenge entrepreneur needs to take necessary actions like marketing, sales, promotion, advertising, innovation in product, branding, etc. These all methods will help a business to attract consumers and building relationship depends on the person who is in direct contact with the customers.

  1. Cost Management:

    Preparing a budget and managing cost helps to clarify the mindset of an entrepreneur. But most of the entrepreneurs take this task lightly and suffer the consequences afterwards. This task is essential so that a startup can use its resources optimally. Finance management can be done by bookkeeping and proper accounting. You just need to hire an accountant that will manage your transactions and you know all the cash inflow and outflow. This task is crucial to find the productivity and profitability of the business.

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