Challenges and Opportunities for Young Startups

sumall_idea_hatch_egg_bright

It’s a bumpy road for startups down towards success. We are sharing with you some of our experiences and a few tricks to turn challenges into opportunities and grow your young startup with minimum resources.

Build an Audience Before You Build a Product

Building an audience for your product can be a daunting task for new businesses.Always remember to start building your audience even before you start building the product. Attend relevant trade shows and networking events to know influential people that can help increase your products audience.

Remember that Your Ideas Are Your Best Resource

The biggest challenge for you as a startup will be resources. You want to do massive campaigns, get coverage and do what Redbull does but your budget does the opposite for you.

The best thing you can do to maximize your resources is find similar endeavours and partner with young startups to create events and gain media attention and coverage that you want in minimal budget.

Transfer Your Hats

A startup will require you to wear many hats but with time you will have to decide on transferring some hats to the people you hire. Hiring is a challenge for startups because human resource is cost intensive and requires you to break barriers while trusting new employees. The opportunity in this case comes in the form of hiring interns who are driven to work in innovative startups. Internships will give you a good idea of the employees’ work ethics and reliability with your ideas.

Say No to Some Opportunities

Startups are always on the lookout for new opportunities however the challenge is to know which opportunities fit the constricted budget of your startup. The best move is to evaluate the return on an opportunity and stay focused on its relevance to your business. As a startup you must learn to prioritize and to say no to the opportunities that do not fit the budget.

Keep Up the Momentum

Lastly one of the toughest challenges entrepreneurs with new startups face is the ability to keep up the energy and momentum. The best measure is to associate yourself and the startup with a network of people that share similar goals. You will notice that the energy multiplies when similar ideas bounce in your ecosystem.

Always remember that building a startup is not larger than you!

Leave a Reply

Your email address will not be published. Required fields are marked *