I’m guessing most of you have watched Crackle’s latest TV drama series “Startup” starring Martin Freeman, Adam Brody and Kenyan born actor Edi Gathegi. The 10-episode, hour long series, set among the unconstrained yet opportunist streets of Miami and Haiti, focuses on the high-stakes struggle of what one will do to reach ultimate success. ‘Startup’ is about the emergence of ‘GenCoin’, a brilliant yet controversial tech idea centered on digital currency — an idea that gets incubated on the wrong side of the tracks by three strangers who don’t necessarily fit the mold of “tech entrepreneurs” and a crooked FBI agent who will go to any lengths to take them down.
Just like in the movie ‘Startup’, starting a business in not a walk in the park. Starting a business can be exhilarating and wildly fulfilling. However, it can be quite complicated, and may challenge you in ways you had not imagined. Many of the startup companies created experience a myriad of challenges. Some of them survive and end up to be business empires while some simply succumb to the various pressures and become obsolete .Well not many of the startups will have law enforcement agencies or gangsters after them to complicate their lives but these challenges are real. They include;
A major reason why companies fail is that they run into the problem of there being little or no market for the product that they have built. This is because they lack compelling enough value propositions, or compelling events, to cause the buyer to actually commit to purchasing the product or services offered by the startup. Sometimes they enter into a market at the wrong time where the market is not yet ready for a startups particular solution because it is way ahead of their time.
Trying to Do It Alone
A common problem for most entrepreneurs is the belief that they can handle all of the start-up’s operations single handedly. It may be a cost-effective way to run the business, but operating the entire business on your own may not be a wise decision or the best use of your time. Many small-business start-ups may not require full-time employees. You should create master alliances with people who empower you and not energy suckers .An entrepreneur could choose to have at least two teammates, a lawyer and an accountant, ready to help.
Little or No capital
The majority of small businesses that fail do so because of lack of cash. A recent survey shows that 79 percent of small business failures cited “starting out with too little money” as one of the reasons for the business downfall. . Inadequate cash flow, slow sales or a downturn in the market can end the business before it has a chance to gain momentum .This happens mainly because start-ups borrow capital based on their ideas of a successful business, instead of borrowing on a worst-case scenario basis. A start-up business owner needs to be optimistic on the future outcome of their business. An entrepreneur should strive to maintain a positive mentality despite what everyone other person might say to discourage them.
Poor work-life balance
A business start-up requires a tremendous time commitment and a strong will. Start-up business owners often have problems balancing the overwhelming demands of the company with the needs of a family. This is mainly because of the all the various stresses involved in managing a fledgling business. If the stress of the workplace spreads into the home, the business owner may feel pressure around the clock. This might also spread to the work place and impact negatively on the business.
No one would want to start a business that may not survive. An entrepreneur should do their homework, validate their idea and make sure they have a real market for their startup ideas. Don’t just start another business, solve a real problem and people may actually increase your chances of success.