5 challenges to founding a startup – and how to overcome them
05 challenges to founding a startup – and how to overcome them.
For many of us, the idea of founding our own startup sounds glamorous. It means pursuing our own vision, the way we want to pursue it. It means striking it rich. It means making our own rules and hiring our own team. It means turning our passions and ideals into a tangible reality.
Still, the road to get there is rarely, if ever, easy or comfortable. Even maintaining your own business, once successfully established, requires hard work and dedication for continuous upkeep and growth.
Studies from the past few years have shown that 90% of startups fail. There are a few reasons for this and, while some of them have to do with the lack of market need for the product itself, most stem entirely from poor execution and operational strategy.
For example, some founders might lack good mentorship, or be so focused on their precise vision that they fail to take advice from potential teachers and peers. Others lack knowledge of basic business operations, such as marketing, finance, or tech, and could easily have resolved these issues had they listened to experts and hired the right team. And many, unfortunately, lack motivation or passion for their company’s product or service, instead founding a startup for the sake of founding a startup and failing to give the process the dedication it needs to thrive.