Published on January 16th, 2014 | by Jose Vasquez2
8 Dilemmas You Have to Deal with in Startup Tech Companies
As an entrepreneur, you’ll almost certainly face these eight dilemmas eventually.
Entrepreneurs of startup tech companies know that the road to success is challenging, if not completely intimidating. Without the proper expectations going into the venture, you’ll find yourself even more intimidated and frustrated.
Understand that entrepreneurship is a journey filled with obstacles and dilemmas; the sooner you accept this, the better prepared you’ll be to handle those complications once they come up. These eight dilemmas are some of the most common, and as an entrepreneur, you’ll almost certainly be facing them at one point or another:
- The money isn’t there. Starting out is always difficult, but it’s even worse if the investment capital you thought you needed isn’t there. Look to alternative funding sources, or shave down your necessary expenditures.
- The deadline isn’t realistic. This one is bound to hit eventually. Set deadlines as conservatively as possible so you have more wiggle room, and manage expectations by explaining delays.
- The product isn’t ready. If you feel your product isn’t ready, re-evaluate your position. Is it possible to launch with a leaner version?
- The interest isn’t there. This is often the case for those who fail to perform adequate market research. If the interest isn’t there for your product, seek alternative demographics or consider an aggressive marketing campaign.
- The people don’t fit. Your workers might not fit with the culture. If they don’t, do not be afraid to let them go—you need a superstar team if you’re going to succeed as a small business.
- The profits aren’t coming. If everything fits right but you still aren’t profitable, start looking at extra resources and monthly expenditures to cut. How can you run more efficiently?
- The growth isn’t happening. Growth often happens too fast or too slowly. Manage steady growth with consistent marketing and product improvements.
- The plan didn’t work. You’ll always have plans that don’t turn out like you thought. The best thing to do is evaluate why it didn’t work and start over with a newer, better researched attack.
These eight dilemmas are show-stoppers, but only if you allow them to be. Be prepared for these obstacles to come up, and use patience and logic to deal with them accordingly.
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