There are a few hurdles which every entrepreneur experiences at the start of their journey. These obstructions create roadblocks and prevent you from becoming bigger as a company. However, once you have conquered these, you double the chances of succeeding.
The core team
It is important for you to pick the correct core team as they are your founding members. The initial employees can make or break your company’s chances of being successful as their contribution is extremely necessary. You share your vision with your team which means that they have to be aligned to it as well in order to work in cooperation. Also, disagreements between employees in the initial stage can prove to be detrimental to your company.
The size of the market
It is important to have takers for your product/service without which your company is doomed to tank. Unless, there is a demand for your product, there is no way you’ll make profits. The problem with a lot of start-ups is that despite having a beautiful idea and a great team, they fail because the product is too niche which appeals to a very small segment of the market. Thus, it is necessary to conduct research and find out the number of people who are willing to purchase your product.
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The launch of the product is a crucial hurdle which needs to be conquered smartly. Even if your product isn’t perfect, it makes sense to launch it failing to do which your competitor might launch a similar product which appeals to the customers more. In that case, you will end up looking like a “company which copied” and have very few or no customers.
Also, you need to make sure that during the launch, your product gets enough coverage to create awareness around it in order to appeal to more people.
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Most companies have started out merely as brilliant ideas which could materialise only because they received the requisite funding. However, to even be able to actually make an idea work, you need some cash. For this, you can bank on small savings which you have accumulated over time to just get the project going. Later, you can propose your business plan to Venture Capitalists and angel investors for more funding.
However, this is one hurdle you need to keep in mind because without money, your company is going nowhere.
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