4 May 2017, 09:28 — 4 min read
It is said that ‘a job well begun is half done’. This saying certainly rings true for business as starting a company is often the most daunting part of becoming an entrepreneur. Numerous hurdles dotting the landscape have to be navigated in order to achieve a reasonable level of success.
GlobalLinker members share their insights on some of the challenges of a new entrepreneur.
1. Taking the first step
It is very difficult to leave what may be a decent job to venture into the uncertain and unchartered territory of starting up your own company. Geet Jalota opines that “getting the confidence to start on this journey” is the greatest challenge. Once you take that first step, sustaining the passion to build a business and weather the grind is absolutely essential in building a business. The initial enthusiasm can fade, and that can sound the death knell for many budding companies with gifted entrepreneurs. Aruna Budhiraja concurs that taking the first step is the greatest challenge.
2. Developing a vision
The development of the idea that will drive a business, the product or the service that will be provided, is essential to the process of starting up. Investing time and effort in development will yield dividends later. Poornima Shenoy says, “the idea and moving forward on it” are key to initiating a project.
3. Raising finances
Obtaining the requisite amount of finance for your company can make the difference between success or failure. It is unwise to use all your personal savings on an untested idea and it is better to make use of bank loans or hunt for other sources of funding for your startup. Sindhu D’Souza and Rashmikant Parikh both concur that ‘finance’ and ‘seed capital’ are necessary for success.
4. Building a team
Getting employees may not be that difficult for a new startup but getting a group to function as a team is extremely difficult. In the early days of a startup, it is necessary to have people who are dedicated to the cause even when funds may be scarce. Yogeswara Roy notes that “the biggest asset and the key factor in starting a business is a trustworthy team. By that I mean good manpower which will stand by you and the goals of your busines
5. Legal & compliance issues
Depending on the nature of your business, a budding entrepreneur has to obtain various licenses and clearances for starting a business. In such a scenario, it is imperative to be thoroughly aware of the compliances required. Hardik Patel reminds us that it is important to “get the necessary clearances from government.”
Starting up can be the most difficult part of an entrepreneurial journey. Make the most of the drive and enthusiasm that exists early on will set you up for success. Sustaining that enthusiasm as you move forward can give you impetus as you understand your sector better, build your brand and grow your business.
Network with SMEs mentioned in this article by clicking on the 'Invite' button on their profile. Geet Jalota, Aruna Budhiraja, Poornima Shenoy, Sindhu D’Souza, Rashmikant Parikh, Yogeswara Roy, Hardik Patel
Disclaimer: This article is based solely on the inputs shared by the featured members. GlobalLinker does not necessarily endorse the views, opinions & facts stated by the member.
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
25 Aug 2021, 10:04