5 Biggest Challenges that Any Startup Project Faces
No one ever said that business was easy. There are always going to be hiccups in even the best of plans and it’s rare for anything to be done flawlessly. Mistakes are natural and you shouldn’t be ashamed if you make them. That being said, some challenges can be avoided rather than conquered, and it’s best to avoid damage to your startup if you can. So, before you invest all of your funds into a new startup you should review the 5 biggest challenges that any startup project faces.
- The Product Research – This is the number one challenge that many startups have. You might think that your startup idea is fantastic and that no one could have ever possibly have tried it before, but you could be wrong. You need to go through the trouble to make sure that you one has had your idea before. You might think that you would have heard about it, but how often do we sit around talking about failed startups in our classrooms and around our water coolers?
- Startup Placement – Here’s one that can be tricky to avoid. Knowing where to put your startup is hard. Should you put it in the US? Should you put it in Thailand? What about Australia? You need to select a location that your product or service will thrive in. Look into potential competition in each area that you’re considering. Don’t just pick a place because you like the culture or because you know the language. Speaking of that…
- Examining the Target Culture – Learning about what is and is not offensive in your target culture can go a long way. Countless companies have placed ads that were culturally insensitive without realizing what they were doing. So find out what the local culture is all about and be sure not to upset anyone. You don’t need to know a language to learn about a culture, but it helps to have someone on hand that speaks the local language just in case. If you can find an actual local then it’s even better. Run your ads and logos by them before public release.
- Finding Good Consultants – While we’re thinking of people that you should have on hand to help you out, it’s never a bad idea to look into a good startup consultant. You might have to do a bit of research to find one, but they’re often a worthwhile addition to your startup. You don’t have to hire them full time, either. You could just keep them on retainer and call them up when you need something. Don’t be afraid to ask too many questions—that’s what they’re there for, after all.
- Balancing the Budget – So many startups get over extended in a financial sense. The people in charge get too excited with their purchases, or they spread themselves too thin, and an unexpected expense pops up, ruining everything. Have a tight budget written up and leave extra money for surprises. You’ll be glad that you did.
As Startup Specialists we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand /Asia or for a free startup consultation.
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