Any new tech startup gets matured through several ups & downs including many rough patches!
In its initial days/ growing stage, every new tech startup faces many hurdles & hiccups. These are the very common attributes of any startup’s road to success.
So what common difficulties most of the startups face during their journey to success? For all newbies who are planning to start their entrepreneurial journey, it’s a vital lesson!
Just have a quick read! It will not take much time of yours.
#1. Flow of projects/ clients/ cash
What about your cash flow? Have you secured it yet?
One thing you must remember that, you are not an employee anymore of a company!
As you have started your very own startup so lots of implications are there and many things you have to take care off.
One such implication is getting projects/ clients on a constant basis for maintaining the cash flow. Because if it’s a problem then very soon your company’s future will come under a deep trouble.
Many new tech startups face this hurdle. So if your’s is also like this, you have to find a way around quickly.
#2. Managing accounts & related stuffs
When a techie starts his/ her own venture, most of the time managing accounts becomes a real hurdle. It’s quite normal.
So for initial few months or years, it remains in a bit mess. But managing your accounts properly is one of the foremost requirement to run a company in a healthier way.
Otherwise, you never know what complex scenario will arise from financial standpoint!
#3. Getting Quality Resources
Have you ever thought, without quality human resources how will your new tech startup survive?
Always remember, you are operating in a knowledge-based industry & for this industry quality human resources are the top asset!
But acquiring quality resources is really a big problem for all startups if that’s not a well-known brand. Because everyone wants to work beneath a brand.
It has a flip side too. Because the availability of skilled resources is also a big problem in our country. So be ready to tackle this issue for your entrepreneurial venture.
#4. Are you ready to solve Operational Riddles
You must be thinking, what the hell is this Operational Riddles mean?
As you have started a new tech startup, so to run it smoothly and all its operations you need a solid infrastructure & expert guidance.
But due to the lack of these necessary things, instead of becoming smooth, the operational procedures become a complex riddle. That creates the main problem.
#5. Security policies
Started a Tech company but reluctant about implementing security policies in your organisation! Is it the scenario?
For many reasons a robust organisation-wide security policy is required. As you are a new entrant so you may not have adequate knowledge on this but you can always take external guidance.
So take it because it’s vital.
#6. Urge of making maximum profit
A dangerous thing. Without adding & giving values if your only objective is to make profits then in a knowledge-based industry you will never be able to survive.
You need high-quality resources but for making some profit if you always look for low paid ones then how will you be able to stand out from the crowd.
In this highly competitive age if you compromise with quality for silly profits then you have to acquire a huge lose from other sides.
#7. Lack of long term vision
You have started your venture enthusiastically but you don’t have any long-term vision. It can be very dangerous!
Remember when you are a tech entrepreneur, long-term vision is very important. Because the way tech arena is changing rapidly, to match with that pace you need a clear long term route map for survival.
Otherwise, your organisation can be extinct after a certain time.
#8. Being rigid on certain concepts
You are a techie so you have to change & adapt with time & innovation.
If you become rigid for your passion on a certain thing & stop thinking beyond that then the day is not very far when you will loose your footprint.
#9. Hiring too many resources
Due to the lack of proper expertise & experience, you have estimated in such a way that you have hired nearly double numbers of resources, which was not at all required.
From all aspects, estimation (proper) is required in a professional manner.
#10. You are getting your hands on too many things
Choose your niche first, start small, don’t jump for anything big in the very beginning that can become a boomerang for you.
So these are all. I hope you all have understood why these 10 are the burning issues for all new tech startup s.