The phrase “the survival of the fittest” captures the challenges startups face in the early days of the business. In fact, the struggle to survive makes many startups collapse within 5 years. To start with, one out of every 5 persons is either owning a business or planning to start one. Today, we have more than 150 million startups with about 157,000 emerging every day. The higher the increase in the number of startup businesses, the more challenges. The question remains, how many startups can withstand the violent change and challenges of owning and running a business?
Having a business of your own is a good thing but sometimes the challenges can become so overwhelming that you feel like quitting. If you are planning to start a business or have one already, this article explains the challenges startups face.
Competition
The business world is a fierce one. The competition is to snatch the next available customer before another business does that is not an easy feat. Competition gets tougher if you have an online presence. You suddenly find out that more than a thousand startups are into what you are selling. For one, it is advisable not to depend on one method of getting leads. Use both the traditional method and the online method. As a startup, ensure to play aggressively to get to the top but play smartly.
Setting unrealistic target
What most startups fail to understand is that they are just getting started. As such, instead of expecting the business to start booming immediately, be ready to invest all you have, and even borrow to invest. Only in a very rare case will your business not need more investment, especially at the beginning stage. You need to get your business into the limelight as earlier as possible. Let people get to know what your business is all about. Achieving this means you would be spending.
The fear of hacking
We are in the digital age where information not properly guided can be hacked and revealed to the public. The rate at which startup information is getting hacked is increasing, startups that are actively online will continue to face threats. The simple way out of this is to secure your digital information. A virtual private network is a good place to start.
Customers
The real force behind the success of startups is customers. Customers are king. When a startup is able to get a good customer database, the business is on its way to excelling. Without customers, no matter how well the startup get every other thing right, the business will crumble.
Matchmaking and partnership
One of the quickest ways to minimize the challenges you’ll face as a startup is to partner with other businesses for deals and transactions. This way you are able to meet interested investors, learn the strategy of the other business and increase your business audience. B2B Matchmaking is an ideal mechanism all startups looking forward to growing should embrace. Go online and search for sites that offer B2B matchmaking. One of such sites is Bixex. Bixex is a growing professional platform designed to help business professionals, entrepreneurs, and starts up break even in the business world. The platform is designed with B2B Matchmaking tools aimed at bridging the gap between business to business connection. If you own a startup all you need to do is click here to register on Bixex. When you do, go to the B2B section and register your business.
Bixex is simple, safe, and secure
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