Business Start-Up Issues: How to sustain in the competitive business arena?
In today’s fast advancing world, the startups are booming like never before. Driven by their sheer enthusiasm, the modern entrepreneurs are leaving no stones unturned to make their mark in the modern world of innovation and technology. The business startups are a force to be reckoned with their motivation inspiring them to challenge the pedigree of predominant supremacy of big businesses who have been in the market for a longer span of time.
Although many of these startups succeeded in establishing their presence successfully in the business arena, others have not. As most of us know, establishing a startup and fostering it to thrive is not a smooth ride. Thus, it becomes increasingly important to understand the different reasons startups fail to be better prepared to sustain and succeed in today’s highly competitive world of business.
'Survival of the fittest' business startup
This popular adage of Darwin's theory is not limited to evolution but can relate to the startup boom the world is currently witnessing. For a startup to survive and emerge successfully, it becomes important for the entrepreneurs to execute their business startup idea in ways that bring value and merit to their existence. As an emerging startup, it is essential to have a focused approach by anticipating the most common startup issues to determine the probable solutions to get your business venture going. Thus, forestalling the challenges and problems one may encounter in their start-up would help them prepare for the unanticipated and further aiding them to avoid facing these common issues.
Poor marketing or the lack of a proper marketing strategy
Poor marketing is one of the most common business startup issues resulting from making and executing hasty marketing decisions without knowing your target market/audience and not conducting or accumulating enough research. As marketing is a costly affair, getting it right is very important while ensuring it reaches the target market is crucial. Once you have figured your target market, the next step is to finalize the best ways to market your startup or its services. Hence, having a proper marketing strategy determines the success of your business startup measured in its profits or return on investment.
A broad spectrum of avenues for marketing using digital technology is available for business startups to make an impact and to make their presence known. Further providing you with a scope to frame the best marketing strategy and to implement it successfully. The key to a good marketing strategy is to have a clear vision, mission, and goals pertaining to your startup. The right marketing strategy essentially involves its effectiveness and efficiency further encouraging the target market to seek your startup or services while you earn their loyalty towards your brand.
Lack of a dedicated management team
A weak management team or the lack of a dedicated management team is quite a common problem resulting in the failure of the startup. It is the other important startup issue that needs to be taken care of in the primary or initial levels both before and after establishing your startup. An efficient management team can avoid other integrated startup issues like product problems, arising from poorly priced products or poor service; poor business model or failing of your business plan; lack of finances or funds. Thus, ensuring your startup has an efficient and committed management team facilitates smooth functioning resulting in profit.
The solution or the key is to establish a proper collaboration, communication to favor effective coordination. Though the individuals exhibit a diverse skill set in a team, they share an identical focus which is the startup's success. In fact, it is the diversity and dedication of a team’s drives innovation.
Look out for your competitors
Anticipating fierce competition is a given as it one of the most unavoidable challenges or issues faced by startups. It is an essential way to stay afloat when numerous startups make their debut in the market while keeping up with the successful businesses who have already made a mark in the arena.
Looking out for the competition will keep you motivated to come out with your best or to have that extra edge. The key is to market research to come out with the best service or product which is unique to the market. When your products or services are battling out with that of your competitor’s product, ensure your approach is unique which requires a proper marketing strategy.
The challenges and problems are unavoidable as far as the success journey of a startup is concerned. They need to be resilient and focused on keeping their values intact no matter what the circumstances are. It is, therefore, to anticipate the business startup issues, difficulties and drawbacks are the keys to sustain in the competitive business arena. The best B-school that supports the entrepreneurial talents of their students pursuing Management Studies are very few. As aspiring entrepreneurs stepping on to the right path you requires the right foundation in education along with real-world business knowledge delivered through a practical hands-on approach to Management Studiesat the top B-school.