You might have a fantastic idea for a tech-based startup, but remember, there is a big difference between having a fantastic idea and creating a successful startup. Every year, around 100 million startups launch across the globe, which is about three startups per second. These are huge numbers by any standards, but the question is, how many startups survive in the market.
Though the success rate of startups is not favorable, if you can recognize your challenges and overcome them, your entrepreneurial venture will have a good chance of success.
Here is my experience with the 4 biggest challenges I bumped into while creating my tech-based startup.
- Fierce Competition
Competition is everywhere. However, when it comes to tech-based industries, it is more vibrant than it looks. The competition in the tech industry is ferocious in comparison to any other, says rediff.com.
Your rivals can make it tougher for you to focus on the growth, but, facing these challenges pushes you to work harder and beat the competition. Remember, “A smooth sea never makes good sailors,” so find your strengths to stay ahead in the game.
Along with focusing on your brand and consumers, also get to know what your competitors are doing. Are they offering new technology to their customers? Will that strategy work for you? These are a few questions you should continuously be asking yourself. If you have no idea about what your competitors are doing, you will be unable to make progress and lead the race.
2. Constant Change in Technology
It is another major issue that you will perpetually be dealing with being a tech-based entrepreneur. Since technological advancements are happening all the time, there is a continual pressure to come up with something innovative and adapt.
My suggestion to cope with this challenge is to keep research and development a continuous process. The process of research shouldn’t cease, regardless of the maturity of your product. Gain awareness of some ideas that can improve the experience of your target audience. Proper execution of a product or service is another crucial aspect you can’t afford to ignore when building a tech-based startup.
3. Making People Believe in Your Idea
Since my business is product-centric, it wasn’t a piece of cake for my sales team to convince clients to use our product. And it definitely isn’t easy to convince investors to work their magic either. However, thorough research based around the target audience, market situation, and product feasibility helped us through this successfully.
I would advise you to scrutinize every attribute of your product and deduce the benefits pertaining to your target audience, and how the product resolves certain issues or simplifies any process.
4. Building a Team
Building a team of experts can be nerve-wracking for any business, but for tech startups, it is an even bigger challenge. When it comes to professional profiles, every company has to select employees from a limited pool of experts with relevant experience.
Usually, most professionals don’t prefer switching to startups from corporates because of the lack of certain benefits. Moreover, job security is another primary concern for them.
So, you should look for employees that believe in your business idea. I find websites like Indeed and Linkedin, quite helpful in searching for candidates who can sell on your business idea. It is essential to only hire when you are convinced of their dedication towards your company.
From beating the competition and hiring the right team to providing better customer experience, as a tech-based startup, you may face several issues. However, with proper planning and constant effort, you can overcome them readily.
This Article written By Saumya Bhatnagar