Top 6 challenges faced by tech startups and ways to overcome them
Challenges are all around for every thriving startup. Hence, the theory of “survival of the fittest” is the best fitted one to describe the violent world of startups. In the recent times, there have been some radial changes in the practices and concepts of the overall operation of startups that have added to the increasing number of challenges faced by them.
Let us talk a little more in details about those challenges:
Challenges of Financial Management
The first and foremost challenge faced by almost all startups is financial management. Most startups goof up their finance in spite of raising funds or having a good business plan. Our blog “Why startups fail despite a good plan and funds?” gives you a deep insight about this challenge. You can manage this challenge if you stay tuned to the receivables, payables, net position, balance sheet, profit and loss, and cash flow statements at a regular interval.
1. Challenges of Building the Right Team
It is very important to have the right set of people with right attitude and willingness to execute. The most common startup challenge is building the right team. You can refer back to our previous blog, “How Ringelmann Effect negatively impacts the growing startups?” to understand the importance of building the right team with positive attitude.
2. Putting less emphasis on marketing and sales
Startups generally have the tendency of putting sales and marketing on the backseat. However, you need to understand that these play major role in gaining market traction and thus eventually help in generating revenue. Collaborating with external tech partners or digital marketing agencies or onboarding dedicated software development team can help you overcome this challenge with ease.
3. Aggressive Competition
The competition every startup needs to face in this corporate world is fierce and aggressive. It is more so with online tech startups. Hence, to stay in the competition, you need to be well abreast of the market trend and be aware of the in and out of the trade. There are several software outsourcing companies in India who backed with their years of experience and expertise are willing to help budding startups. Your challenge is to find and hire the right one.
4. Impractical Expectations
Impractical, unrealistic, and unworkable expectations of achieving booming success at the very onset of the business can ruin your future goals. Remember success and expectations should always be backed by sustainability and consistency in whatever you do. Alliance with dedicated software development teamcan make things run as smoothly as ever. They can guide you from the very basic project development plan to the final go to the market strategy.
5.Last but not the least: Taking the Right Partnership Decision Step
This is perhaps the most challenging yet crucial part of any business project be it a startup or a global enterprise. Taking the partnership decision can make or break your business goal. So you need to be extra vigilant while doing so. To hire developers for startup may sound simple but takes a lot of crucial understanding and judicious thinking when selecting one.
6. Be unsurpassable with the right partnership
The above mentioned points are well explanatory and should be emphasized on by any budding startup who wishes to win in this competitive world. Having said so, we at Dreamztech have made a niche for ourselves in the field of software outsourcing companies in India. We are here to provide end to end support to all startups. Our success stories of supporting nearly 100 startups in the past one decade speak galore of our experience and expertise. We are here to provide support for project management, product development, operation supervision, designing, debugging, product road map, task management, etc. It is evident why working in partnership with us in this turbulent world of startup is inevitable to reap the benefits of success. Come and team up with us today!!!