The Crisis that you would likely face as a Startup Founder
What are they, and how to prepare
When you are building a Startup, you will most likely have the pressure of having to present your product in front of the world.
As an example, when we went to an accelerator program, we had to present our idea in front of all the partners, and even though they were the ones that accepted us into the program, it was still nerve-wracking. However, as long as you can be confident and sell your idea with enthusiasm and passion you will do just fine.
Growth
This is one of the biggest issues that many startups face. They have great ideas and a great business plan, but when it comes to actually getting people to sign up for their product or service they fall short. We faced this issue many times while developing our first product at Cudy Technologies, but after trying out many different marketing strategies we eventually found one that worked for us. There are countless strategies that work for different products and services, so just keep trying until you find one that works for you!
Competition
You are going to face a lot of competition. There are going to be companies out there that have the same idea as you, and there are going to be companies that already have their product or service out in the market. I have always been a fan of competing against big companies, because they are more likely to spend more money on marketing than a startup would. You may also find some competitors that do not even offer what you do, but just say they do so they can make more money off of unsuspecting customers.
Funding
You will also have to worry about funding at some point. Many people start up with their own personal funds, but as your company grows you will need outside sources of funding in order to keep up with the growth. You will need more people on your team, and you will need bigger facilities so you can grow your business faster than before.
Customers
Another issue that many startups face is getting new customers for their product or service. It is very hard to convince people to sign up for something they have never heard of before, especially if it is a new type of product or service (a revolutionary one). Just like anything else though, if you want to make money from your product or service then you are going to have to work hard at getting customers for it!
Employees
You will also have to worry about finding new employees for your company. If you are starting a small business, you may be able to get by with only hiring a few people, but if you are starting a larger company then you will need more people on your team. This is one of the reasons why so many startups hire people from other countries, because they can pay them less and still get quality work from them.
Legal
You will also have to worry about the legal side of your business. There are many different laws that apply to every type of business, and you will need to follow them in order to stay out of trouble with the government. If you fail to follow these laws then it could result in fines or even prison time.
Product/Service
Finally, as an entrepreneur, there is always going to be the issue of having a good product or service. This is why it is so important for startups to test their product or service out on the market before releasing it for everyone else to use.
If you do not test your product or service before release then there is no way for you to know if it works correctly or not! It may sound silly, but some companies do not test their products at all before releasing them on the market!
Here are some tips that I have learned throughout my years as an entrepreneur
Be Patient
The main thing that I have learned as an entrepreneur is to be patient. It is very easy to get excited about your idea and want to release it right away, but if you rush into things then you will end up messing up your product or service! The best thing to do is spend a lot of time on your product or service before releasing it, and then release it once you are sure that it works properly.
Keep Focused
There are many strategies that work for getting customers, but if you try too many at once then they will not work!
For example, we tried different marketing strategies for Cudy Technologies before we found one that worked for us. We tried creating partnerships with companies, we tried posting on social media sites, and we even went out and gave out free samples of our product at a local education centre.
If we had tried all of these things at once then none of them would have worked because the customers would have become confused by all the different options available to them.
Be Prepared
I also learned that being prepared is one of the most important things when starting a business. You should always have an emergency fund set aside in case something goes wrong with your business or if you lose some money due to unforeseen circumstances (like a storm). You should also be prepared for legal issues by hiring a lawyer who specializes in your type of business. This way you can ensure that everything is going according to the law and nothing will go wrong with your company!
About Me
I am the Founder of Cudy Technologies — http://www.cudy.co, a full-stack EdTech startup helping teachers and students teach and learn better. I am also a daily writer on Medium, covering topics relating to Education, Startups, Founder Advice and Fundraising — https://alexanderlhk.medium.com/
I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces and SaaS). You can connect with me on Linkedin — https://www.linkedin.com/in/alexanderlhk and let me know that you are a reader of my Quora posts in your invitation message.
