Problems Startup Business Owners Have

What are some problems startup business owners have?

The greatest businesses are started because of an emotion. Whether it be for a greater cause or something small and personal, an entrepreneur is born the moment an idea becomes true to life.

The entire journey can be exciting and rewarding and at the same time daunting and unforgiving. The biggest challenge most startup business owners face is simply getting started and creating function and feasibility to survive.

There can be a mixture of elements that can halt a startup business from starting, here in this article are a few things that need to exist in order to get things up and running.

Not enough business resources for the startup

The exciting parts of becoming a business owner is being able to charge customers what you truly deserve in comparison to negotiating for a salary. The stark difference that will become evident is that you must be responsible for several expenditures that you may not be used to accomodating such as resources.

Every single business entity has costs for resources, whether it be physical tools, digital software, hiring staff or even renting a warehouse. This balance of investments all of a sudden outweighs the glorified earning potential that new business owners are fooled by.

The initial phase of business may yield minimal to no returns simply because you need to invest in your business.

A lack of startup experience in business

Launching a startup and running a business are two different beasts. To be great a launching a startup you need to be resourceful but also have an incredible amount of skills and experience in your field. The environment of a startup requires an individual or a team that is strong in all aspects of the business from acquisition of prospects all the way through to managing cashflow.

Without the fundamental skills that a business will require the reality is that there will be slow progression and growth as the critical time that needs to be spent operating the business is spent learning skills that the business is lacking and needs.

A common trend that most business owners overlook is marketing which is the door that opens potential sales to your business.

Time management for the startup business

The one thing that all solo operators will say to themselves at some point in time is simply wishing that the day had more hours or the week had more days. This is a key indicator that plentiful time is being spent on the business but the success in return is not satisfactory.

A simple analysis from afar indicates that time is not being spent in the right departments and there may be a lack of skills that is required for the business to grow more functionally and feasibly.

The quickest remedy to this situation is to take a step back and understand what your business needs and ensuring adequate time is being placed in that area of need.

There are plenty of time management software available to help you keep things in order, take a look at Trello or Asana to help you organise your time management!

Startup business environments are full of uncertainty

New business owners launching startups are full of confidence and ego an a territory they have never travelled. Optimism is a definite requirement however resilience and learning how to fail fast yields faster results for growth.

The world of startups is full of uncertainty regardless of what you are pursuing and more so if you have a unique offering. To clarify the journey think of it as a combination of the business owner, the offering, the industry and the market you are operating within. These four elements combined together will determine a trajectory to your growth.

The most underrated and overlooked skill to conquer uncertainty is personal development. A business will take the business owner through a journey of trauma and celebration at the ends of each spectrum and the individuals that survive always strive through the down times and don’t break when the ups arrive.

Despite all of this, for every problem or setback is a skill to be learnt. If you’ve got a burning desire to succeed and are tired of waiting head over to our contact form and send us a message today!