Challenges faced by startups
How to sell my product? – is the most talked-about challenge for early-stage startup companies.
But, before reaching that goal, it has to overcome other big challenges that come in the way!
Cash crunch with seed-stage funding, a key employee leaving your startup, challenges in recruiting and hiring, struggle to meet go-to-market timeline – These are the real obstacles that question the survival of the business or might result in the failure of startups!
A good entrepreneur knows that even the best of the best roadmap to success will have its challenges in execution!
Here, we have put together a series for the CEOs, founders, and entrepreneurs on the challenges faced while running a startup and what can be possible ways of overcoming them.
Q1. How to optimize the use of funds in startups to achieve the product-market fit?Achieving the product-market fit is an iterative process of receiving feedback from users and evolving the product. Therefore, startups need to stretch their runway until they attain the PMF. Read here how can startups optimally utilize the funds and extend the time until PMF is achieved.
Q2. How to scale a startup business without compromising on the talent?Scaling up is a milestone for a startup! Startups need to hire perfect candidates in a time-bound manner to ensure success. But, talent crunch often leads to compromising on the talent to keep up with the project deadlines, which results in failure. Here’s a way you can overcome the challenges in recruiting to build an A-team for your startup.
Q3. What is the best hiring strategy for startups amidst the ‘war of talent’/ talent crunch?The shift from employer-centric to employee-centric policies has put employees in a driver’s seat. In quest of higher salaries, numerous benefits, and a stable work culture, quality candidates prefer established organizations. This poses a challenge for startups to hire quality talent. Read here how startups can hire the best candidates in a cost-effective way.
Q4. How to enable round-the-clock operations of a startup cost-effectively?The sooner a startup enters the market, the more time it gets to improve the product according to the users’ feedback. The most effective way to achieve a faster GTM timeline without quality loss is to increase the operational hours. Here’s a proven way to increase the work hours without burning out startup’s employees and funds.