Becoming an Entrepreneur is a dream of millions, but only a few of them make the cut. And letâ€™s face it, the business world today is in continuous evolution.
From big Enterprises to well-established Startups, successful ventures, companies need to be ready to pivot for the unpredictable market as the change in the business model can be required at any time. In fact, it may seem difficult or even impossible at times to modify your business model, especially for newborn startups.
Moreover, the on-demand market has grown enormously since the launch of Uber. Entrepreneurs today are all moving into the on-demand market to establish their new ventures. And soon, in about 5-10 years, most people will be able to get anything within 5-30 minutes. So, by knowing all these, you may think about how all these successful Startups have been established. This article will help aspiring Entrepreneurs (like you) to understand and conquer the challenges to build a successful on-demand startup in 2017.
Challenges To Build A Successful Startup
Table of Contents
Preparing For The Entrepreneurial Journey
Just by having a fleeting idea that popped up in your head isnâ€™t a valid reason to quit your job, no matter how cool or innovative you think your idea is. And, before entering the world of Entrepreneurship, you need to be prepared for all the challenges that you may come across in order to build a successful startup.
And since youâ€™re reading this article, Iâ€™m going to assume that you already have a business idea. Now you may think your idea is good, but still, not all good ideas can sustain a good business, and thatâ€™s a fact.
So here, Iâ€™ll provide a list of questions that I want you to go through before you take any stupid decision and then, regret forever.
- Are you solving a BIG problem?
- Are people going to pay for what you have to offer?
- Can your business last for more than a year?
- Has anyone else ever done it or doing it?
If you can answer all of these questions with full confidence, only then you have a good chance to turn your idea into a successful Startup. However, remember that this is the only the ideation phase. And if you decide to take the leap, then thereâ€™s more to do. A lot more that includes exhaustive research, prepare a business plan, pitching your idea to investors for capital, building a team.
Developing Yourself As An Entrepreneur
Now that youâ€™ve decided to become an Entrepreneur, itâ€™s important that you prepare yourself for the role. While itâ€™s true that much of the strength of your startup will depend on the power of your idea, but itâ€™s also mandatory to develop yourself to lead an organization.
If you look at the examples of successful Entrepreneurs, who made it to the top as a big corporation, enterprise, software development company, or mobile app development company, youâ€™ll see a few similarities. For instance, their way of approaching, leading, building team, marketing, spreading brand name, timing, etc.
However, when youâ€™ll first enter the business world, youâ€™ll have no idea what to do at some point. Youâ€™ll mess up. Your plans wonâ€™t work out. And, your heart will break into little pieces after pouring all your efforts to make your idea work and still not achieving success. But, pushing yourself through this experience is what makes a person a true Entrepreneur who is ready for the next challenge.
Seeking Funding For Your Startup
Unless you sleep on a pile of cash or move around in a more expensive car, youâ€™ll need help to get your company started. Seeking funds and mentorship is what youâ€™ll need for the first few years. And for funding, youâ€™ll have to make a good impression on investors. Whether you already have a good relationship with a couple of investors or meeting an investor for the first time, youâ€™ve got about 30 seconds to make a good impression. And if you screw up, youâ€™ll be losing a lot of opportunities.
Your pitch, just like your business idea, should be good enough to evolve over time. Despite having a great idea, a well-prepared pitch is what convince an investor to fund your startup.
Developing a Team
Just admit it. You canâ€™t do everything yourself, especially when starting a new company. Youâ€™ll need help from people experts in different fields in order to make your idea work. To build a successful on-demand startup, youâ€™ll need experts from different areas, and then need them to work together during difficult times.
Youâ€™ll need â€œperfect employeesâ€. Employees who show up to work, every day, on time, do their work to the best of their ability. Employees who donâ€™t waste time, donâ€™t complain and contribute to the success of your company. Unfortunately, these â€œperfect employeesâ€ donâ€™t exist. Each employee has their own strengths and weaknesses, but itâ€™s your job to nurture them and improve the productivity of your entire organization. The point is, it is your job to cultivate and provide a productive work environment to get the result you expect.
Developing The Business
Would you keep your company small forever? Of course, you wouldnâ€™t. Nobody really wants to stay in the startup phase forever. You want to scale your business to larger, expand your workplace, start generating millions of dollars in revenue. Though, this doesnâ€™t happen overnight. It takes constant hard work, a great idea, and a good network of resources to scale a business.
Starting a company can be stressful. Whether youâ€™ve done some business before or itâ€™s your first time, generating an initial stream of revenue is quite a daunting task. But, as you expand your business to increase revenue, marketing your brand is going to be absolutely necessary. Branding and marketing are what will get you a new line of customers, new markets, and build a good relationship with your clients.
Personal Advice From Me
Failure is a part of life, especially for the Entrepreneurs, as I said in the beginning. Make sure you know what youâ€™re getting yourself into before you make the decision. Have some alone time, think about all circumstances, realize the potential risks, but donâ€™t let the fear of failure hold you back.