16032023 Challenges Vs Problems:
- What is the appetite of Founders
- How do they feed on Problems
- Is growth linked to the magnitude of the problem
- Why do some people view issues as problems and few others as challenges
- What is the breaking point of a problem turning out into a challenge
This a million-dollar question as to when a problem emerges into a challenge and when it lures an innovative team to give an appropriate solution to address the issue. Whenever I speak at colleges, most students ask me ‘is there a book where problems are found’.
In reality, Problems are there everywhere, if it pesters a few it’s personal and if it troubles a set of people then such issues need to be addressed by innovative minds. A STARTUP is born.
Most people think problems are to be left alone and do not even put effort to analyze them. They get used to living with them. The second sets of people analyze but wait for somebody else to take the lead. Only the WANNAPRENEURS look at this situation as a challenge and probe for solutions and the successful STARTUP founders find opportunities and scale them up into market-awaited solutions.
However, banking on an idea and developing an entity is a long but sweet process. In spite of hurdles, founders find solace in achieving as they find the light at the end of a dark tunnel too.
‘Some of the challenges faced by STARTUPs include:
- Securing funding: STARTUPs often have difficulty securing adequate funding, especially in the early stages of development. This can make it difficult to get the business off the ground and achieve profitability.
- Developing a marketable product or service: A successful STARTUP must develop a product or service that is both appealing to consumers and meets their needs. This can be a daunting task, particularly in a highly competitive market.
- Building a strong team: STARTUPs require a talented and dedicated team in order to be successful. This can be difficult to assemble, particularly in the early stages of the business.
- Establishing a brand: A strong brand is essential for a successful STARTUP. This can be difficult to create and often requires a significant investment of time and money.’
- Generating traffic and sales: A STARTUP must generate a significant amount of traffic and sales in order to be successful. This can be a challenge, particularly in the early stages of the business.
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