Founder Struggles: The Startup Obstacles You Have To Overcome

We at IdeaCafe have been fortunate to work with hundreds of entrepreneurs all over the worlds. One of the striking things to me is that entrepreneurs everywhere face the same types of challenges. What I have learned is that translating any great idea into a successful business takes hard work, laser focus, perseverance, and a little luck.

Super successful entrepreneurs figure out the major obstacles that can inhibit their success and work to eliminate them from the start.

Defining Your Product and Your Niche Market

For many new entrepreneurs, deciding what kind of product or service to focus on is the first major hurdle in launching a business. Here are some things to consider when defining your product and market:

- What kind of customer do you want to do business with?

- What are your interests, areas of expertise and experience? Your niche should come from an area you are naturally interested in.

- What are the emerging trends you can capitalize on?

Understanding Your Customers

No startup will sell to all customers. Not everyone will be interested in purchasing your product or buying your service. In order to be successful, you have to know who your customers are and how to best reach them.

It’s not enough to know the demographic of your customers - age, gender or education level. You have to understand what it is that inspiress them, what they hope to achieve, and what challenges or barriers they face. The best way to get to know them is by spending time talking to them, to really get a sense of who they are. This will help you see who your customer is, so it’s easier to find them.

Marketing and Branding Yourself

Every company has a personality. It’s what that company stands for, how customers see it and what draws people to it. But startups often miss out on this because they overlook the importance of advertising and marketing.

Marketing, branding and advertising play a big role in how a company creates its identity and how the outside world perceives it.

For large brands with large budgets for marketing and advertising, one hundred dollars is just a drop in the bucket. But for entrepreneurs and small business owners, every dollar counts -- and investments need to pay off immediately. So you need to be strategical with your marketing plan and execution.

What were the obstacles you had to overcome in your entrepreneurial journey? Write in the comment