Problems faced by Startups in First year of operations
The budding startup culture is taking the country by the storm but it is not easy starting up a business in India. This post is not to list the generic problems in the process, like the ecosystem or government policies, but inherent issues faced when you are just getting started. The problems arise from day one of getting the idea, such as:
1. Finding the Right Co-Founders; it is not about how best of friends you are with the person. You might have been batch mates or colleagues but to run a successful business the most important thing one should keep in mind is that the co-founders bringing complementary skills on the table. The chemistry between the co-founders is a vital ingredient in your startup success formula. Ideally, there should be two to three founders, everything above it is a crowd.
2. Building the right team; The Founders need to build a team which complement their skills and are
more inclined to problem-solving. It is important to hire the right talent which can be filtered through a tough interview screening instead of referrals.
3. Building a Prototype Before Starting the Work: This will help clarify your and the team’s thoughts about the product and get everyone in sync.
4. Product-Market Fit: Start with asking the right questions like, “Does your product perfectly solves the problem or it’s a market need because of the changing ecosystem?” Be true to yourself, and analyse the market, competitors & look for the opportunities to find the right definition of your product. Most founders just fall prey to the size of the opportunity and come up with a seemingly gainful idea and rush to execute it.
5. Understand Who is the Customer and Who is the User: This step is rather basic and self-explanatory, someone who will pay for your product or service is a customer and someone who uses your product or service is a user.
6. Validate your Product Idea with Others and Talk to the End Users: Don’t be secretive about
your product. Trust me, no one will copy it. Talk to industry experts and analyze their views even if they are negative. It could just work in your favor as constructive criticism. Most importantly, talk to your end users/customers, and understand how they are managing their needs in the present and what they think about your product.
7. Think About the Bigger Picture but Start Small: Your vision should be clear to everyone in the team. The communication of the step by step guide on how you would want to accomplish your goal should be clear. Your day to day activities should be aligned towards larger goals. It is okay if you want to have millions of customers for your product as your end game but first, give an amazing experience to ten customers.
8. Experiment enough; Fail Fast and Execute-Faster(alt: It is okay to fail): As a startup, you need to execute fast to stay ahead of the curve. Experimentation will lead to a lot of failures but you have to learn quickly and get to the execution of a solution fast enough to stay on the correct course. Biggest asset or resource for startups is TIME.
9. Stay Focused: Don’t do too many things at once unless it supports your vision. Pivoting is needed but diversification should be avoided in the early stage. Stay put to your original idea if your gut feeling says so.
Conclusion: If you have started your own venture, be rest assured there will be problems and challenges. There will be lot of ups and down, and be prepared to face everything. There will be suggestions and advice from all corners. Just stay put, and take one day at a time and try making it most productive. Starting a venture is like a test match in cricket, and you have to win session by session. Not every ball needs to be hit out of the park, main thing is keep hanging in there.
Being an entrepreneur is all about the hustle and “can do” attitude. Being a thinker who is always on his toes works in your favor. It is important that the obstacles do not overwhelm you and you find a solution in time to achieve great success.
Author : SpiderG Knowledge Hub
SpiderG is platform for startups and SMEs to automate their bookkeeping, employee management and increase productivity.