If you’re looking to start your own business, now seems to be a good time to strike out. Statistics indicate a potentially favorable clime for people seeking to join the startup train. According to data cited in Fortune.com, 7.4% of job seekers in the U.S. started their own businesses in the final quarter of 2016. In comparative terms, this provides a highly optimistic picture as the percentage for the corresponding quarter of the preceding year was 4.8%.
While this surely encourages many people to dive right into the pool, the fact is many intending entrepreneurs are still trying to come up with easy startup business ideas. However, for those already in the pool, there are some challenges to be surmounted. Here are three:
You’re probably surprised that financing did not make it to the number one position. Well, the fact is decision-making will affect finance. Many entrepreneurs suffer from decision fatigue resulting from having to make small and big decisions continually on a daily basis. What to do? Develop trust in your intuition and learn fast from other people. Don’t be afraid of making mistakes.
2. Raising finances
Most budding entrepreneurs will view this as the toughest challenge in the journey. Undoubtedly, it’s critical, but many other things also need to be in place. Options open to startups include angel investors, crowdfunding, and soft loans, among others. One of the most popular alternatives to external funding is bootstrapping wherein the founder uses own funds. While this isn’t very easy, it has been described as the best option. Regardless of the financing model, you’ll need a clear, detailed, and actionable plan for your business.
3. Team building
This is also very critical, as it contributes to the building of organizational culture. Perhaps obedience to the golden rule pays off here; birds of a feather flock together. Avoid going for the glam factor. Stick to what works.
Challenges are hardly ever surmounted by isolation. One of the best tactics for dealing with issues with startups is to network with others in that space and pick their brains.