Author: Reda HADDOU
Date of Publication: 29/06/2022
Launching a start-up is a crucial step in the life of an entrepreneur. So, finding the idea is excellent to get started. Also, it requires a minimum of audacity and courage to get there. In fact, taking this step requires an iron will as well as determination. Indeed, at this time, the entrepreneur has specific ideas about what is going to happen. Especially after having carried out studies and monitoring the market, they know what to do. However, they must be aware that their forecasts may turn out to be wrong. So, you have to know how to deal with the unexpected and always have a plan to get by.
As you can see, a start-up will face several challenges at the time of its launch. Here are the top 11 challenges that a start-up must overcome in order to ensure its sustainability! Actually, the idea is the essence of your start-up, but not the only one! Your idea will evolve over time, and you may end up with a product or service that is very different from your original idea. So, go ahead and let your idea evolve with you!
Success is not immediate:
Entrepreneurship means patience. Therefore, you have to keep your focus on what is important and aim for the long term.
Have the right team:
You need to know how to detect the profiles that will be indispensable to you and that will enable you to develop your business. Hence, a dedicated and serious human capital is made to succeed.
On the one hand, the team should perform well. On the other hand, it should have a sense of belonging to the company where they work. Last, there must be synergy and understanding between team members.
Time is your main resource, but it can also play tricks on you:
Sometimes your forecasts are not accurate, especially in terms of timing. So don't get discouraged and keep your focus on your primary objective. There is nothing wrong with giving yourself extra time, it could have a positive impact on your productivity.
Your business won't be profitable right away:
Give yourself time to grow your business first and establish yourself in your market.
In fact, growth means more expenses, so you need to know how to manage them so you don't succumb to the pressure.
Don't be discouraged if people around you don't understand you:
You will find it difficult to get your idea across at first and you will probably get negative feedback. Use this feedback to reinforce the direction your project is taking, and keep going!
There will probably be bad news at the start, unforeseen events or failures:
For example, there might be an unhappy customer or a demoralising remark. Also, a lack of resources, a team member not performing well enough are possible factors. Don't let it get you down and remember to keep moving forward in a positive and optimistic way. So, let go of these things and focus on the essentials, the solution is at hand.
The best feedback comes from your first customers:
The customer is the driving force of a start-up. Thus, make sure you listen to their needs and encourage them to improve your product or service with you. In particular, a customer who is involved in your project, and who feels that your team is listening to them, can quickly become an ambassador.
Competition, one of the challenges not to be neglected when you are a start-up:
Whether you are in an already established market or you are a pioneer, there is no difference. Competition will come quickly and make your life more complicated. So, you have to carve out a place in the market and be aggressive. In this way, you will survive and achieve your goals.
By launching your start-up, you have not chosen the easiest path. Everything can end at any moment. Therefore, don't go backwards and be aware of the risks you are willing to take. For this reason, set yourself a clear and quantified satisfaction target.
Synergies allow you to evolve more quickly and to pool your strengths. So keep a close eye on the players in the markets related to yours. In this way, you will identify key partnerships and build win-win relationships from the beginning.