We live in a rapidly-fluctuating economy and business marketplace where short term success is favored over versus long term success! Reflect, that in a single generation, businesses have had to adapt to totally new indirect sales channels (web and social), invest, utilize, and embed emerging technologies, and confront competition on a global stage — things that were inconceivable in the recent past.
Entrepreneurs commonly face an array of significant challenges that could result in either success or failure based on how their handling and supporting decisions! Market intelligence reveals that for the 2016-2017 period, about 90% of start-ups failed. While many causes of failure relate to the lack of market need for the product, others are concerned with poor execution and operational strategy.
One key takeaway from entrepreneurial start-up history is that no single founder or can be an expert in all required business and technology disciplines.
In the current economy, the array of significant facing challenges entrepreneurs includes:
- Infatuation with the “shiny object syndrome.”
- Funding and investment
- Strategizing and planning
- Staying passionate and dedicated
- Developing and testing product prototype
- Compliance with governmental regulations
- Promoting and selling products
- Manufacturing, warehousing, and delivery logistics
- Hiring and resource management
- Building corporate business and technology infrastructure
How start-up entrepreneurs respond directly to these challenges will change the “game,” as they become more experienced and successful, thereby obtaining competitive advantages that will drive the business forward. It’s vital to appreciate that these challenges are just that – challenges and people do overcome with dedicated professional competencies, experience, and knowledge.
The quick elimination of start-up business weaknesses and threats and smart leveraging and exploiting strengths and opportunities should create the framework for a successful launch and sustained growth in the targeted market.