How Many Difficulties are Faced by an Entrepreneur & Startup?
Every organization was once a start-up in initial years. Start-ups are started by entrepreneurs and later on if that organization sustains for long then they become established an organization. The World is changing rapidly so if the company wants to sustain in this market they need to be competitive. Companies want every employee to take ownership and they should think like entrepreneurs. Big companies like Godrej and Unilever looks for candidates who possess entrepreneurship skills. In this article, i will explain you about “How Many difficulties are Faced by an Entrepreneur & Startup?”
Getting a funding is one of the toughest works for start-ups. Very few start-ups are able to sustain in this highly competitive market. Most of them are failed because they are not able to get funding, they are not able to face competition or because of several issues. So, it is very necessary for start-ups to be associated with their parent company or get backing from the big company.
As you know, Machine learning and Artificial Intelligence is on high peak in the IT Market. Webtunix Solutions , a startup company based on Machine learning is growing day by day. This is self funded startup running by 4 Company Directors, who has their background in Computer Science and Electronics and Communication.
“Webtunix is about a team of bright minds connected by a common goal to use data in order to help organizations to solve most sophisticated business problems. We are one of the best Machine Learning Company in India serving Deep Learning services based on huge amount of historical data.”
Source: www.webtunix.com
Jio is start-up for Reliance under Mukesh Ambani. If Jio would have been operational without any support from Reliance they would not have been able to tackle competition. There is cut-throat competition with Airtel and Vodafone have large market share. Jio is able to compete in this market because they are getting support from billion dollar Reliance Company. So, start-ups always want to associate with those companies from where they can get funding.
Entrepreneur & Startup
If start-ups want to sustain for long they need goodwill and funding from parent companies. Start-ups find really difficult to create awareness about their product or services in the market. So, if they are associated with any big company or with their parent company they will be able to take advantage of their parent’s goodwill. We would have noticed in various promotions start-ups use the name of their parent company to grab attention. It is truly said the child will remain the child till he makes his name in the market. So, start-up can’t evolve without the backing of the parent company.
Some of the big problems which are faced by Entrepreneur & Startup and for which they need support from their parent companies are:-
1. Getting investment
Every company needs investment to grow. Investors generally don’t invest in start-ups because their future is uncertain. The company may succeed in future but chances of failure are high so the risk is quite high.
2. Hiring Right Talent
This is one of the biggest challenges faced by start-ups. Very few want to work with start-ups because they don’t know whether that company is going to sustain in future is not. They are also not sure whether they will get their wages on time or not. Even their work is not defined clearly.
3. Sustaining in the market
It is seen that some start-ups grow very good in the market but they are not able to sustain in the market for long. Big companies show their money power so either they acquire that company or force them to sell it. WhatsApp was doing very well but was acquired by Facebook.
4. Defining work and maintain proper work culture
Start-ups are not able to design the proper job description for their employees. Work culture is also not well established. Work is quite difficult and sometimes not distributed so sometimes everybody needs to perform something extra for which he/she is not hired.
5. Creating Awareness
As start-ups are new so a lot of times it takes a lot of time to create the brand for that product or service. It also requires the tedious advertisement to create awareness among people.
Conclusion: – It depends upon start-ups whether they want to be with the parent company or remain alone. The main objective of any organization is to earn profits so whichever way start-ups think they will earn money they will go for that way.
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Wrap-Up
I think, I provided all information in this article “How Many difficulties are Faced by an Entrepreneur & Startup”. If you want to ask any question regarding this post, feel free to ask via. Comments.
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