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basic startups challenges faces by new syartups

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basic startups challenges faces by new syartups

  1. 1. BASIC START UP CHALLENGES ENTREPRENEURSHIP SOURAV MATHUR 4/22/2020 EXPLAIN DIFFERENTEXECUTION CHALLENGES FACED BY A NEW ENTERPRISE.
  2. 2. EXECUTION CHALLENGES FACED BY A NEW ENTERPRISE Startup companies are newly born companies which struggle for existence.These entities are mostly formed based on brilliant ideas and grow to succeed. Every newly setup enterprise have to face some challenges to make theircompanyor enterprise in existence. Let’s discuss about these challenges one by one The challenges faced by a new enterprise are following: 1.Financial challenges : first challenge faced by the new setup enterprise is raising capital .There is more to raising capital than just simply asking for money. Most investors want to invest in already established businesses with minimal risk and they want to be sure that they get returns for the risk they took. Most brilliant business ideas never scale through the venture capital stage because the entrepreneur is either not prepared or lacks what it takes to raise the needed capital. To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and vision to potential investors.. In the game of raising capital, an entrepreneurmust havea good story to tell; backed by a strong business plan and good persuasion skills. All newly setup enterprise required some initial investment for keeping their business in existence.Challenge is that from where and how enterprise going to raise capital. 2.Human resources : Startups normally start with one founder and/or some cofounders. As time goes by, founder needs more experts to develop the prototype,
  3. 3. MVP, etc. Then, he/she has to negotiate with people, make team and finally hire employees. This process is so critical to succeed and if the founder lacks enough knowledge of the field,the startup might fail due to human resource management issues.As an entrepreneur bound to have strengths and weaknesses. That is the more reason an entrepreneur needs a business team to cover up or compliment their weaknesses. A team is a necessity for building a successful business. It s the duty of an entrepreneur to make sure that their team sees the future as the entrepreneur see. They must believe in possibilities and must also be passionate about making that possibility a reality. If they can t grasp the vision,if they can t see the future with business,then theyare not worthy being business team. An efficient strategic business team should comprise as banker, financial adviser, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to the business. That’s why for an successful startup human resource (a team ) is very important for compensate the weakness of each other and comes together as the strength of the enterprise. 3.Environmental element : Many startups fail due to lack of attention to environmental elements, such as the existing trends, limitations in the markets, legal issues, etc. While a supportive environment facilitates the success of startups, a maleficent one could result is failure. Lacking information in marketing systems. In India, each state is interested in culture, food, and customs, language, outfit, etc. ignorance of which may lead to end up in failure. Change in trends is also a big challenge an entrepreneur must be prepared for when starting a small business. Trends have made and broken lot of businesses.profitable businesses that have been wiped out by slight industrial changes and trends. A typical example is the Dot com trend, where many established industrial based businesses were wiped
  4. 4. out by new web based dot com companies. Seasoned entrepreneurs know that trend is a friend and are always willing to swiftly adjust their business to the current trend. 4. Legitimate Mentoring : You may have a great product or idea, but lack the necessary guidance, market experience, or knowledge to take it to the next level.That’s where a mentor comes in, with the wisdom and confidence to help you clear those roadblocks that are holdingyour startup back. Having the business sharpness dependably keeps one a stage in front of others. This is, maybe, significantly more serious issue than the gathering of financing. Cash can’t concede you vision and shrewdness, however, its essential for different things. So watchful and little strides at once can enable you to assemble energy in the end over the long haul. Ability, persistence, and strategies are the 3 aspects to remember. 5. Management : One thing startups definitely can’t afford is ineffective management. A management team that worked well in the initial stages may find itself strugglingas the startup expands,as they’retested by anythingfrom poor sales to market conditions. As the business starts to take shape, it requires every bit of awareness to sustain the flow. Indeed, even from the beginning, an unmistakable outline ought to be as a top priorityto maintain a strategic distance from any irregularity in the inflow which can enhance itself medium-term to make things wild.
  5. 5. It’s amazing how many startups falter because they “forgot” to plan. Or maybe they really did plan, but they just didn’t cover all the bases.Key areas like sales, development,staffing,skills shortage, and funding aren’t afterthoughts.Theyshould all be a part of your business plan right from the beginning.Not onlythat,but you need to plan for the things you can’t plan for, too.That is, even if you can’t prepare for every eventuality, you need to know what you’re going to do when (not if) events take an unexpected turn. Poor or mismanagement as regard to planning and timing is also a challenge faced by the newly setup enterprise because of which the chances of failure increases. 6. Competitors : Competitionis the next challenge an entrepreneurwill face when starting a business.Most individuals see competition as a plague but competition as a good challenge.Competitionis a benchmarkfor creativity,the main engine that stimulates innovationand production ofqualityproducts at great prices. Without competition,there will be no innovation and without innovation,the world will be stagnant. No matter how great your products orservices are, it’s a crowded marketplace.And it’s growing all the time: you won’t be the new kid on the blockfor long,and new rivals can quicklyalter the playingfield. So you need to put yourself in a potential customer’s place and see how you stack up.What makes yourcompanydifferent? What makes your products special?What makes your brand unique?Whywould someone choose you over your competitors?When it comes to your competitors, you need to hit the right balance between “us” and “them.” Don’t define yourselfsolelyin relation to yourcompetitors: you need to be confident about what you’re bringingto the table, too.
  6. 6. But you also need to keep youreye on the competition and the (rapidly- changing) landscape.Havingthe right strategy, being able to thinkon your feet, and being able to adapt to the new realitywill define your success — or failure.
  7. 7. Conclusion As we have discuss the major challenges that faced by almost each and every start up enterprise the only difference between the successful enterprise and the enterprise who fails is they treated these challenges in different manners those who are able enough to tackle these challenges are become successful rest become failure. The most important challenges faced by new entrepreneurs are financial, human resource, mentoring, management, competitors, environment. These challenges are not the only challenges faced by the new enterprise but these are some major and most important challenges that almost every start up faced. To make an startup successful we must keep these challenges in our mind and work toward facing this challenges.

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