What New Challenges are Startups Facing in These Progressive Times?
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Feb 20,2020
- 20 Mins Read
The genesis of all startup ideas is a problem that an aspiring entrepreneur or existing businessman tries to address through a solution and tinge of innovation. While actualising their business idea, the situation becomes lopsided as the business may reach to crest or fall to trough. Ideally, startup owners should create tactics to overcome each obstacle. However, at the same time, they need to keep a tab on their company’s sustainability and strategy implementation.
From laying the foundation stone to getting a big deal, the trajectory is bumpy and full of hassles. Owing to this, many startups are not able to make it to the end and thus, a handful of companies are left behind who manage to sustain pressure and prove their mettle.
Every Challenge Has a Unique Solution
When a product is launched, that moment entails bounties of happiness, excitement, and anticipation for an entrepreneur. To ensure that the offered product or service meets consumers’ demands, it goes through testing or pilot tests. Following this, there is an endless process of strategizing done to manage costing, manufacturing, and promotion, etc. So, the entrepreneur’s role is truly breath-taking but what makes it more distinctive is his risk-taking ability and problem-solving skills.
With the onset of the business, entrepreneurs start facing challenges whether small or big. Although, a burning passion to make things turn into one’s favors help businessmen attain success.
Gaining Trust and Recognition in Highly Competitive Market
When a company steps into a highly competitive industry, it toils to make a separate niche for itself within that ecosystem. In such a market, every other competitor sells a similar product to the customers that leave an end question in the consumer’s mind--How is this product different from its competitors?
To prove his competency, the entrepreneur has to employ his expertise and knowledge to turn things into his favor.
“Initially, Eupheus strived to get recognition and trust as several other companies were running in the domain (edtech industry). This gave rise to the challenge of how the company will differentiate itself from others. As the founding team carries years of experience in the same sector, it became easy to tackle this problem. There was one level of trust that individuals already had on our teams and thus, it helped build trust and goodwill in the market,” Amit Kapoor, Co-founder of Eupheus Learning revealed.
After achieving recognition in the market, the edtech startup did not halt but continued enlarging its business. At present, the company has partnered with 10 international, as well as a few Indian players, to optimise its product. Sanako, ETS, which conducts TOEFL for junior kids, and Cubetto are some of its partners.
Constant Attempts Can Help Invent the Right Product
When a company is built, an entrepreneur has an anchor point that directs him to move toward a destination. However, on that path, there are different waypoints and some of those waypoints make the businessman feel apprehensive that he has taken a wrong turn. Even so, many times such a course eventually becomes the ideal road for an invention.
“We started the business about five years ago, which was a home setup earlier. In the beginning, we relied on our savings and bootstrapped the business for three years. Our investment formed into negative working capital and in turn, allowed us to create the right product as well as the right market,” CEO and Founder of the US-based software building firm, Builder.ai, Sachin Dev Duggal disclosed his challenge while founding Builder.ai
If Outsourcing Not Possible, Then Indiginise the Product
When a startup decides to serve the general masses rather than targeting a small community, then there are various barriers that it has to jump over. In such conditions, its product help becomes its forerunner, as well as the downside, if it fails to create an impact.
“Through our product, we (Pulse Active) make health checkups more convenient and accessible to the masses. While creating health kiosks, our first challenge was to indigenize the product. Instead of importing parts from anywhere else, we made a complete ‘Make in India’ product. While indigenizing it, there were certain things that we could not find in India so we have to develop those components ourselves. Besides this, finding the right location was another hassle for us. We overcome both challenges by proper strategic indigenization and also, putting together the right team,” Joginder Tanikella, founder of Pulse Active Stations Network, told his product-specific problems.
The company is currently making people aware of their changing body and aid in diagnosing NCD risk factors.
Addressing the Market Needs Can Be a Prime Motive
While working on a business model, a startup dives deep to understand the market and comes face-to-face with the prevalent problems. This sometimes arises a eureka moment when the entrepreneur discovers an untapped niche and knows how he can hit the market by serving the much-need product.
“During the initial days, the founding team was striving to find the right source to work on the then-business idea. Ascertaining the right tech people was not easy, considering our small financial savings. While screening various tech professionals and freelancers, we realized loopholes in the process and witnessed a gap between skilled professionals and companies finding seasoned personnel at a nominal cost. The primary vision of the founding team could not be fulfilled but it gave rise to another idea--BuildPan, a platform that solves the problem of the mobile app development industry,’’ Shantanu Sharma, Co-founder at BuildPan, shared his vision.
The business-related problems and failures are a part of every journey today. It is vital to understand how an entrepreneur learns from it or accepts his defeat and halts the journey midwa
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