Trying to start a business is a difficult and challenging process. From working on gaining funding to acquiring customers, building a startup is exhaustive. Some of the obstacles we face are expected, and then there are some obstacles that we never anticipate. For the obstacles that we can anticipate, it is easier to adopt a positive and optimistic outlook, as well as better prepare for the onset of those roadblocks. For the obstacles that we can’t anticipate, the process of recuperation becomes more complicated and difficult. Read below to discover 4 obstacles entrepreneurs may face and how to best cope with them.
1. Rise of a strong competitor
When you first start your business, you should have identified your competitive advantage – what makes you different from all of your competitors? Or, if you’re lucky, you may have entered into a market that has not yet become saturated. Either way, you start your business by being unique and different. This is until a strong competitor begins to invade your space and take some of your customers. Before your competitor wins at your own game, identify your own weaknesses. Your competitor will conduct extensive research on your business to determine how they can differentiate themselves from you. Beat them to the punch by improving upon your weaknesses before your competitor can.
2. Change in technology trends
Technology can be our biggest friend and our biggest foe. On the one hand, it makes our lives easier and allows us to connect on the global network. On the other hand, it is constantly changing and developing, making it difficult to keep up with. It only takes one engineering genius to completely change the technology industry in a matter of hours. Knowing this, keep as up-to-date with changes in technology that are occurring, and develop your own twists to improve upon your own technology.
3. Too many options
Many people never think of this as being an obstacle to growth, but with too many options, it can be extremely difficult to find a sense of direction. Without a clearly defined path for your next step, you may become stuck and unable to move forward. A disorganized mind can hinder the progression and growth of your business. To avoid this problem, bring together everyone that is working on your team. Go over all of the ideas you want to pursue and talk it out with your team. Decide which direction your business should go in and start from there.
4. Customer acquisition comes to a stop
In the beginning of starting your business, you’re constantly worried about gaining enough customers to sustain the business and help it grow. Then, customer adoption steadily increases and you get excited from the sales you’re making. All of a sudden, this steady increase of customer acquisition comes to a halt and begins to plateau. This happens to many businesses and they cannot figure out why it has occurred. While it is pretty much impossible to determine when this point will happen, start preparing for it now. Come up with several backup plans to appeal to a larger audience and continue to gain customers for your business.
How we handle the obstacles that we face says a lot about our character. While scary, these 4 obstacles do not have to mean disaster for your startup. Being aware of them now will prepare you for handling these roadblocks head-on, if they do come, and ready to continue growing your business for the future.